Is time keeping important when alternative fee agreements are in place? My experience has shown that smaller practices without much leverage benefit less from time accounting. These practices tend to deduct overhead from the fees collected, and if the yield is reasonable, they leave it there. Alternatively, time metrics are more useful in larger practices where incentives are necessary for rewarding efforts of team members. In one example, the rewards system is set up to compensate for accomplishing certain definable tasks within target time frames.
What is a billing rate strategy? Shouldn't firms simply try to achieve the highest possible billing rate in a given situation? How often are firms granted rate increases only to see rate adjusted volume drop? While it is hard to argue with a firm trying to achieve the highest billing rates possible, setting billing rates should be considered in the context of several factors including:Read More
Billing rate increases are a challenge for almost all law firms and lawyers. There are a number of factors that affect a client's decision to grant a rate increase or not. Some of these factors include the perceived or real value of a firm's existing offering, a client's financial health, internal client initiatives that may impact legal spending decisions, competition and the comparative levels of existing rates.