Comments on: Law Firm Fees Defy Economic and Reality Gravity http://www.jasonmendelson.com/wp/archives/2008/12/law-firm-fees-defy-economic-and-reality-gravity.php Just another WordPress weblog Fri, 12 Mar 2010 17:34:12 +0000 http://wordpress.org/?v=2.9 hourly 1 By: eddie http://www.jasonmendelson.com/wp/archives/2008/12/law-firm-fees-defy-economic-and-reality-gravity.php/comment-page-1#comment-365428 eddie Fri, 31 Jul 2009 02:20:12 +0000 http://www.jasonmendelson.com/wp/?p=90#comment-365428 The rate isn't what's important, it's what they charge you in the aggregate for the service you get. Most firms probably don't do well in this metric. Mark Chandler (Cisco's GC) noted that while he was charged $10k for 2 days of prep work for a congressional hearing by a top notch DC lawyer, that was outstanding value for what he was doing. Firms are failing in the value model. If a White and Case partner bills me $1300 for one hour of advice that saves my company $50,000, that is nice value for money. If he bills me $10,000 for $20,000 in savings....not so much. The rates are part of it, but I tend to focus on what I am charged for the value I get. If firms would focus more on the value equation, they (and we) would all be better off. The rate isn't what's important, it's what they charge you in the aggregate for the service you get. Most firms probably don't do well in this metric. Mark Chandler (Cisco's GC) noted that while he was charged $10k for 2 days of prep work for a congressional hearing by a top notch DC lawyer, that was outstanding value for what he was doing.

Firms are failing in the value model. If a White and Case partner bills me $1300 for one hour of advice that saves my company $50,000, that is nice value for money. If he bills me $10,000 for $20,000 in savings….not so much. The rates are part of it, but I tend to focus on what I am charged for the value I get. If firms would focus more on the value equation, they (and we) would all be better off.

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