Tag: billablehours

Categories
Firm Culture

Twenty-Four Hundred Hours

A young woman lying down and propping her head up, next to a giant pink alarm clock.
Photo by Koolshooters at Pexels.

I spoke to two law firm partners this week, both of whom told me that their hourly expectation was 2,400 hours per year, consisting of 2,000 billable hours and 400 non-billable hours (administration, firm events, continuing education, business promotion, and mentoring).

I set about to do some math and determine how many hours these people have to spend on their mental and physical health and personal relationships. The law firms are all advertising their  mental health initiatives, so I knew that it would be substantial!

read more about why working 2400 hours is impossible unless you are working on weekends and holidays “Twenty-Four Hundred Hours”
Categories
Legal Fees

In Defense of the Billable Hour

Woman holding a clock.
Photo by Victoria Rain at Pexels.

The other day I heard a story about a furniture store in Toronto that was known to cater to the wealthy. The owner purchased an unusual item in Vietnam for twenty dollars. He brought it back to his store and promoted it as a one-of-a-kind item from an exotic destination. He sold it to someone with more money than brains for $10,000. The person who told me the story swears that she has fifth-hand knowledge of the incident and that it is absolutely true. Having shopped in that store once, I do not doubt it.

Welcome to the concept of value billing. Things are worth what people are willing to pay for them.

read more about why fixed fees wiill not save the legal world “In Defense of the Billable Hour”
Categories
Law Firm Management

Targets (On Our Backs)

A target with lots of holes but no arrows
Pixabay at Pexels

Law firms give lawyers minimum billable hours targets to meet. There is nothing wrong with setting expectations, I guess. The theory is that you make the lawyers aware of the firm’s expectations, and they then work to achieve them. Transparency is good.

read more about the problems inherent in setting billable hours targets “Targets (On Our Backs)”