In the 19th century, Benjamin Brewster summed up the essence of the billable hour debate as:
A lawyer starts life giving $500 worth of law for $5 and ends giving $5 worth for $500.
The key questions surrounding this issue boil down to: “what is all this advice worth” and “what are clients willing to pay”. As I see it, these are two sides of the same coin and regardless of how you want to get paid, there is a simple methodology for arriving at a pricing structure that will satisfy both the attorney and the client – accurately determine your daily rate and then give your clients full value.
The magic formula is: Continue reading