Does the old formula of hours worked / dollars billed / dollars collected still work?
In years past when budget time came around, the needed revenue was divided by lawyers in the firm, then by the individual lawyers’ billing rate – to come up with the number of hours at the standard billing rate needing to be collected in order to bring in the required revenue. It was understood that a) not everything that was billed would be collected, b) not every hour that was worked could be billed. Thus came the creation of varying versions of this formula: lawyers could be billed out at X billing rate, therefore they needed to work Y number of hours in order to bill Z number of dollars. Collection was another matter.The resulting focus was on hours and dollars, with service sometimes being compromised. In today’s practice the client comes first. Due to media exposure, the client is more knowledgeable, the client is more sophisticated, the client is more demanding, and there are more attorneys than ever for the client to choose from. The attorney responsible for leading his/her pra
Related Questions
- Why not develop a new system to manage the process of tracking hours worked and overtime pay, while keeping the PAO and PAU staff on a monthly pay schedule?
- I worked 2000 or more hours in one year. Why didn I receive two (2.00) years of Credited Future Service?
- Are hours worked per week actually important on the application?
