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The Death of the Billable Hour and the Need for Better Legal Matter Management
Law firms are moving away from the traditional billable hour
We’re living in a growing and changing world. Innovations in technology have not only changed the way we communicate, but also the way we work on a daily basis. Even the legal profession is not immune to these changes. Over the past few years, most law firms have started performing most of their work outside of the traditional billable hour.
As the law firm billing model changes, legal matter management must also adapt. Legal Files Software offers legal matter management software that allows firms to make the most of their time and resources.
The “2017 Report on the State of the Legal Market” shows the emergence of new trends
In January, the Center for the Study of the Legal Profession at Georgetown University Law Center and Thomson Reuters Legal Executive Institute published the “2017 Report on the State of the Legal Market.” The death of the traditional billable hour was among the many trends in the report.
According to the report, “One of the most potentially significant, though rarely acknowledged, changes of the past decade has been the effective death of the traditional billable hour pricing model in most law firms.” This isn’t to say that law firms no longer bill by the hour. Instead, often due to budget restrictions from clients, attorneys now perform 80% to 90% of their work outside of what we know as the traditional billable hour, shifting to more task-based billing.
Although more law firms are changing their billing method, not all of them are changing their tools. The report found that some firms are merely placing “bandaids on the old models,” which can cause problems in the future. The law firms that will be the most successful going forward are the ones that “redesign their approaches to client service, pricing, legal work processes, talent management, and overall structure.” Selecting the right legal matter management software can make all the difference.
Legal Files Software can help law firms contend in a competitive legal market
According to Matt Ryan, Legal Files Software Senior Consultant, “As law firms move to task-based billing models, firms can thrive in this new paradigm by using tools that increase efficiency and organization. Legal Files Software leverages technology to achieve maximum efficiency.” Essentially, Legal Files Software can help law firms produce more with less, which is becoming the key to succeeding in an increasingly competitive legal market.
It’s important to understand that Legal Files Software is not a legal accounting program. Rather, it is a legal matter management software that can perform a variety of functions. The software can track cases to help you stay on top of the latest developments and store work product and templates to help with future research and document assembly.
The superior organization and efficiency of Legal Files Software allows you to be a more effective and responsive law firm, which can help you thrive during a time of change in the legal profession.