"Before the Billable Hour," Daily Report
On March 27, 2015, the Daily Report interviewed legal industry expert Michael H. Trotter for its article, “Before the Billable Hour.” The article takes a close look at the history of the billable hour and the evolution to its current state. Mr. Trotter recalls doing legal work on a retainer basis – modest by today’s standards – but provided that the more efficiently the lawyers resolved the case, the quicker they could move on to the next job and the more money earned. In the 1970s things changed. As law firms began growing, Mr. Trotter notes, the incentive to complete a project economically diminished, the availability and the incentives to invest larger amounts of time increased. Fast Forward to today, and law firms are still grappling with adapting to corporate counsel’s demand for efficient and effective legal services. Read the full article and evolution of the billable hour.