Lawyers Undervalue Their Services

The New York Times reports today here that economic hard times are putting pressure on high-priced lawyers.  Some ask whether it is time to end the practice of the billable hour. This is a really interesting question.

The “best” lawyers bill hundreds of dollars per hour. In the Times article, one firm is reported to regularly charge $800 per hour for their most senior partners. Even these firms (or especially?) are apparently accepting fixed fee arrangements with some clients.

This trend would actually be a great thing for the legal industry, but maybe not for the reason that you might think. Read more