When lawyers first adopted an hours-based billing model in the mid-twentieth century, most lawyers billed around 1,300 hours per year at modest rates. No one foresaw logging 2,000+ hours per year at fees of $500, $1,000, or more per hour, which has become the norm at most large and mid-sized law firms. There’s a limit,…
Most law firms, unlike other businesses, categorize associates by law school graduation year rather than level of expertise for purposes of hiring, compensation, and promotion. Until recently, the traditional lockstep model made some sense, assuming that associates who enter law practice at the same time gain like experience at similar firms. Class year designation, therefore,…
When making a lateral move as a partner-level attorney, your primary consideration should be whether the new firm can provide a better platform to enhance your ability to attract and service clients. Just as hiring firms conduct due diligence when acquiring a lateral partner, it’s equally important that you, the candidate, do your homework before…
Billing by the hour remains central to private law practice despite its adverse impact on client service and lawyers’ quality of life. More than a decade ago, a 2002 ABA Commission on Billable Hours study discussed the negative effects of hourly billing and urged alternative billing arrangements. Most lawyers in practice today consider hourly billing…
