We’ve been covering alternative fee arrangements this season because we want to explore every option we can for improving your firm. If there’s been any unifying lesson for the series, what we’ve seen is that every firm is different, and there isn’t a one-size-fits-all billing model that works for every firm.
Flat-rate or fixed-fee billing was how attorneys charged their clients before the advent of the billable hour. Now, t’s making a comeback among both clients and lawyers as the billable hour is under increased criticism for overworking and underpaying attorneys.
Where a decade ago the idea of legal subscription services would have sounded absurd to all but the most in-the-know attorneys, there are now more than a few law firms out there making a name for themselves in subscription-based billing.
This fall, we’ll be covering alternative fee arrangements. But before we get to the alternatives, we have to talk about the biggest fee arrangement: the billable hour model. Why is it the most common fee arrangement? And are there better options out there?