The financial crisis means the lawyer's billable hour has had its day

The Telegraph ^ | 25 October 2010 | Sir Nigel Knowles

[managusta]

Bankers are facing new rules over bonus payments. Within hedge funds there has been a move away from the previously entrenched "two and 20" system; and financial advisers are moving towards a fee-based, rather than transactional, model as a result of the Retail Distribution Review.

It might seem an odd statement from the chief executive of one of the world's largest law firms, but the legal profession is well behind the curve; lawyers and legal firms need to evolve and embrace the changed market conditions. While there will remain some circumstances where the billable hour is justified, my firm conviction is that its relevance is shrinking considerably and it will rapidly become an anachronism.

[managusta]

Looking forward to next years Shark week!

More problems at Messrs.Sue,Grabbit and Runne.

[April Lexington]

The amount of time it takes to do a tack is no metric to measure the value of the task. The billable hours scam has gone on long enough! Pay lawyers for the value of the services provided. As the Second oldest Profession, they should take a look at how the Oldest Profession historically charges for value! Time is time and value is value!

[stubernx98]

Now we need to get Lawyers on ‘Legalcaid’. That's where they are forced to take clients at $15.00 per hour, and will be considered felons if they turn them down.

Also the Government agency in charge of regulating Lawyers fees will establish fixed amounts for services. i.e., $10.00 for incorporation, $25.00 for divorce, $50.00 for court appearance etc.

[April Lexington]

Forget that! I’m switching to medicine where I can make $16.50 per hour!