Flat(tery) Will Get You Everywhere: How to Construct Law Firm Flat Fees
Especially with the persistent and continuing use of artificial intelligence by lawyers, attorneys utilizing traditional, hourly billing models have sweatier palms tha n usual . The elephant in the room posits the following question: If attorneys are getting more efficient using AI, doesn’t that mean that there are fewer hours for lawyers to bill? Yes, that’s correct, Jumbo . So, what now ? Well, one option is to keep doing what you’re doing, and pray . ( Perhaps , not valid.) Th en , th ere’s the alternative to generate more work, such that the same amount of hours can be billed, only with more clients . But, that’s also a function of how efficient you become . If the use of AI makes you 10 times faster (not unreasonable) , are you going to increase your client load by 10x – that seems almost unfathomable, in consideration of how much time, effort and money it would then take, t...