Sound ideas: Julie McGuire
Billing twice a month keeps the client attuned in real-time to the actual economic demands of the project–and helps the client plan.
Real time billing: invoice the client promptly twice a month. Like everyone else, we expect the “future of law” to include different billing alternatives. However, by that we mean the following: billing the same client different ways depending on the difficulty and intensity of the work.
Generally, we see in the future more flat fees for “commodity” work. And we believe hourly rates will continue to dominate for complex and novel projects–particularly where the relationships are longstanding and solid between in-house departments and outside law firms.
Case-by-case judgments about “value”–not hours, flat fees, or hybrids–will drive most engagements.