So essentially lawyers should be penalised for being efficient? Timesheets make no sense as a billing tool. If I don't know crap about a matter and take much longer to produce sub-standard work, I am rewarded. If I am extremely adept at a branch of law, and can turn around good work in good time, I bill less. Indians aping the west. Even the West has shifted to mandates (albeit in the guise of keeping those hourly billings)
That's why different rates for different levels of expertise/experience exists. If you have hired someone who is efficient and more experienced I doubt they will charge the same rate as someone who "knows crap about a matter and takes much longer to produce sub standard work".
As someone who has run a practice and has been in in-house, i personally think billing hourly as a way of paying transaction lawyers creates a completely incorrect incentive.
I'm personally very happy pay to premium for the girl or guy who can get the work done quickly, effectively and with the right quality - and when I am as practising, i would often charge premium for getting a transaction done faster (and basis client satisfaction). Not sure why more folks don't try.
Timesheets are exhausting and it feels like it is conceptually meant to monitor me?? there has to be a better way, is there one? I cannot fill them on daily basis and when I do fill them it takes so long that I feel like making an entry in the time sheet titled "filling timesheet."
I was part of a T1 firm known to have a toxic work culture. There was an expectation of putting in at least 9 billable hours a day. If we did not meet this target - we were indirectly 'encouraged' to increase our hours for the work done more than the actual time spent. Further, we were regularly asked to round up our time from say 30 or 45 minutes - to the complete hour. Ultimately, the partner may rationalise the time - but not always - and not for all clients.
It is unfortunate and unethical - but true - there is a significant exaggeration/ inflation in hours. There is pressure on partner for billing. There is pressure on the fee earners to meet the 2200+ billable hours annually. This is directly linked to year end reviews and bonuses. Ultimately, the client directly bears the brunt of these pressures in terms of the additional billing - which is quite difficult to keep a check on when there are multiple lawyers working on the same matter/ transaction.
And for a few - inflated considerably
I'm personally very happy pay to premium for the girl or guy who can get the work done quickly, effectively and with the right quality - and when I am as practising, i would often charge premium for getting a transaction done faster (and basis client satisfaction). Not sure why more folks don't try.
It is unfortunate and unethical - but true - there is a significant exaggeration/ inflation in hours. There is pressure on partner for billing. There is pressure on the fee earners to meet the 2200+ billable hours annually. This is directly linked to year end reviews and bonuses. Ultimately, the client directly bears the brunt of these pressures in terms of the additional billing - which is quite difficult to keep a check on when there are multiple lawyers working on the same matter/ transaction.