Law Practice Management
Is It Really $1,000/Hour? Or Just $900?
Posted Jun 2, 2008, 03:01 pm CST
By Martha Neil
Remember all the hoopla about top-billing law firm partners who charge $1,000 per billable hour?
Well, maybe it's really closer to $900 for many clients. A recent study found that most firms discount their billable rates, by an average 9.9 percent, notes Legal Blog Watch.
More large firms than small firms engage in such discounting. In addition to discounting rates in advance based on a negotiated fee agreement, firms may also do so after the fact to resolve client dissatisfaction with legal work or a lack of funds.
Related coverage:
ABAJournal.com: "Top Lawyers Bill $1,000 an Hour"
ABAJournal.com: "Top Experts Trump Lawyers: $2,000/Hour"
ABAJournal.com: "Big Firm Hourly Billing Rates Up Almost 8%; Average is $348"
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