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For sure, the incentives aren't lined up quite right. I know of a couple attorneys who have switched to some standard rates for stuff (perhaps called value-bas
by froindt 10y ago
For sure, the incentives aren't lined up quite right. I know of a couple attorneys who have switched to some standard rates for stuff (perhaps called value-based billing, or I might be making that name up).
It works well for lots of things. After a 30 minute consultation with a new client, the attorney can estimate the documents which will be required and can give a reasonably close estimate of the total cost. It also encourages the attorneys to still track time on a per-task basis and actually look for ways to improve.
Unfortunately for one attorney I know, the bankruptcy court still requires hourly billing, so he can only do value-based billing on the stuff he can get resolved outside of court.