Is Pricing the Same as Billing?


What is the difference between pricing and billing for a law firm? The price for legal services is typically an hourly rate, and that is what is used to define the engagement and get the business. Certainly the billable hour has plenty of negatives associated with it. Lawyers who bill by the hour are in no different a position from other hourly laborers. Businesses that do not bill on the basis of time can earn more for their service or product per unit of measurement when they become more efficient. The more efficient lawyers become, in our current hourly billing business model, the harder we have to work to earn the same money as before.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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