Death of the Billable Hour?

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The video above is from the WSJ and accompanies this interesting  article on how law firms are having to restructure their fees and billing.

In many respects this is probably long overdue.

However, capped and fixed fee structures have become much more common in many areas of consulting and professional services, including law firms.

As the article notes firms are having to explore more efficient and effective ways of doing things. That in my view is a good thing.

There were some interesting comments in the video on co-operation and new metrics, which I for one would be interested in knowing more about in a general sense.


3 responses to “Death of the Billable Hour?

  1. Peter

    this might just force those providing “by-the-hour” services to really understand and articulate their value propositions. This assumes of course that those requiring the service are clear on the deliverables they are purchasing.

  2. I think you have hit part of the issue squarely on the head Steve. The need to ensure that service purchasers are clear on what they want and what they have contracted for. Similarly service providers need to ensure thay have a meeting of the minds.

  3. Pingback: Twitted by MaryFlaherty

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