Alternative Billing -- Win Win Strategies

Alternative Billing -- Win Win Strategies

Better Legal Billing: Time Slips for the Future
Options Abound, But It's Often Up to Clients to Suggest Them
In the old days of legal billing, lawyer's invoices — usually a single page of elegant letterhead—contained only the phrase, "legal services rendered," and a hefty dollar amount. No time breakdowns, no list of activities performed or equipment and supplies used—just a final, usually shocking, charge.
But client demands and the evolution of sophisticated billing software have led to more detailed invoices today. Itemized statements have triggered discussion among businesses about whether hourly billing is the best way to be charged for legal services. As the legal profession becomes more competitive and dependent on high quality customer service, lawyers need to embrace alternate billing methods.
Fixed or flat fees, contingency fees, non-refundable retainers with discounted hourly fees, blended hourly fees and variations on those themes are becoming increasingly common. But many law firms have been slow to join this trend — lawyers still perform approximately 95 percent of their corporate legal work on an hourly basis.

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