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Bye Bye Billables?
The concept of value-based fees for legal services is generating a steady buzz in the legal marketplace. Debate, discussion, reports and articles abound as attorneys and their law firms try to figure out if there is a better compensation model than the billable hour.
The billable hour model has strong roots in the legal industry, dating back to the 1960s. While the billable hour still has its place with certain legal matters, it does not take into account the value of the legal matter or the results achieved. Because the billable hour charges for time and not results, the attorney's incentive could appear to be in direct conflict with the client's goal. Furthermore, there's no incentive for a law firm to invest in technology or to try to improve efficiency because any improvements could reduce the hours spent working on a case. Last, but not least, take into consideration the unproductive time spent reviewing, justifying and adjusting bills and it's understandable that corporate counsel and attorneys alike are interested in exploring alternatives.
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