by Traverse Legal, reviewed by Enrico Schaefer - November 20, 2007 - 'The Greatest' Philosophy, Alternative Billing, The Billable Hour
We have really dedicated ourselves the last 45 days to improving our knowledge of the back end numbers for our firm. Now that I have additional resources with Brian and Mark, it is easier to get into these types of issues. Essentially, we have several pieces of data we’re focusing on. The first is to understand what we are billing on a flat fee basis for each month, as well as the hourly billing (typically the litigation). Last month, for instance, we were 70% flat fee billing. Until we start to track and compare numbers month to month, we won’t be in a position to ensure the firm is going in the direction we want it to go. For instance, we have prioritized flat fee billing. For the client, flat fee billing means a defined number for defined deliverables. Flat fee billing makes attorneys accountable for results. For the firm, the advantage is a clear set of expectations with the client and upfront payment.
My message is simple. If you really want to improve your business model you have to get into the back end numbers.
As a founding partner of Traverse Legal, PLC, he has more than thirty years of experience as an attorney for both established companies and emerging start-ups. His extensive experience includes navigating technology law matters and complex litigation throughout the United States.
This page has been written, edited, and reviewed by a team of legal writers following our comprehensive editorial guidelines. This page was approved by attorney Enrico Schaefer, who has more than 20 years of legal experience as a practicing Business, IP, and Technology Law litigation attorney.
