We’re talking flat fees, subscription services, and the hourly rate, and we talk to lawyer & synth legend, Jonathan Tobin, of Counsel for Creators, about his reasons for different billing options, technology in the law firm, customer service and more!
Flat Fee or Hourly? Pros and Cons of Billing Options
Today’s Hot Take is from AttorneyAtWork.com,”Flat Fee or Hourly? Pros and Cons of Billing Options,”
by Ruth Carter. She writes:
“I’ve been practicing law for nearly seven years, both as a solo and with a firm. During this time, I’ve tried different billing arrangements with varying degrees of success and learned plenty of lessons (often about what not to do). Here is my take on the pros and cons of various billing options I’ve used.”
She goes on to detail her experiences with the various options and gives her honest assessments of each method/system. While specifics are good, we think there is a larger idea that needs to be addressed, and it’s that what gets measured, gets managed. Regardless of the calls to innovation and the calls to better lawyering and the cries for more marketing, and on and on, what guides behavior and choices is money, and the energy and mindset is FIXED on hitting the metric.
But how you get to that metric – how you get the true value for your work and ensure you are still providing exceptional service to your clients without being blinded by the billable hour or a profit margin goal or whatever your magic number is – that’s the trick.Or as Ruth puts it:
“There’s no one way to bill for your time. My suggestion is to respect the value you bring to clients and clearly state the requirements and expectations for payment in your engagement agreement.”
Making Law User Friendly By Changing the Experience of Hiring and Working With a Lawyer
Jonathan Tobin is an author, technologist, and lawyer whose goal is to redesign the law firm experience from the ground up while helping his clients grow successful businesses. He’s a force on Twitter, he’s a force on the page, and now he brings his force in alignment with the LAWsome podcast!
Get More Information About Innovation, Billing Models, Creativity and Tech for Law Firms
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