1、1Pros,Cons&Technology8 legal experts on the future of the billable hour2Hi there,Since weve founded Henchman,I have discovered that only few topics make for a heated discussion like the billable hour.I must say,I had some fascinating conversations with legal practitioners on the subject.And many of

2、them agree:the billable hour is under pressure.It will become increasingly hard to stay ahead of the race by only billing by the hour.The system feels outdated,and it doesnt challenge law firms to cultivate a competitive advantage or price based on offered value(speed,specific expertise,the commerci

3、al value of the contract,etc.).However,moving away from this way of working is not apparent:billing by the hour ensures no surprises for the lawyers,in case the scope changes.For the clients,on the other hand,the billable hour feels uncomfortable and sometimes like writing a blank cheque.They dont n

4、ecessarily want it dirt cheap,they want predictability and budget forecasting.And if the discussion wasnt complex enough,adding technology to the mix might be the icing on the cake.The type of legal work changes under the influence of legal tech.So that made us wonder:are there hybrid possibilities?

5、And do we leave it up to the client to choose what kind of pricing she prefers-by the hour,hybrid or value-based?So that made us wonder:Shouldnt tech efficiency be rewarded in a way too?Are there hybrid possibilities between value and time-based billing?And do we leave it up to the client to choose

6、what kind of pricing he prefers-by the hour,hybrid or value-based?Weve asked eight legal experts where they stand.And,interestingly enough,we got just as many different opinions.Discover them for yourself:I hope these different points of view can serve as an inspiration.And Im curious to hear where