Law Firm's 'Empty Hourglass' Bill Model Offers Unlimited Advice for a Set Monthly Price
Lawyers who charge by the hour tend to discourage clients from seeking advice that can potentially prevent bigger problems from developing in the long run.
So Eliot Wagonheim has come up with what he says is a better idea for his small and medium-sized business clients. Under an “empty hourglass” approach, a client pays a flat fee of either $350 or $550 per month, depending on the scope of the counseling they need, for unlimited access by phone, e-mail and letter, reports the Baltimore Sun.
If a file is opened for a specific new matter, however, such as the defense of a lawsuit or drafting a document, there is an extra charge.
Under the traditional, billable-hour system, “there are times, I’m sure, when people don’t pick up the phone, thinking, ‘I think I know the answer, but I don’t want to get the meter running,’ ” says Wagonheim. “There are times we don’t get to offer our best advice.”
