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jerryking : billing   15

How Ubernomics can transform Canada’s legal diseconomy - The Globe and Mail
MICHAEL MOTALA
Contributed to The Globe and Mail
Published Friday, Jul. 10, 2015

Technologists from other industries hope Ubernomics is a generalizable business model. This month, the MaRS Discovery District launched LegalX, an industry cluster aimed at promoting local entrepreneurship, driving industry efficiency and pioneering new business models. One of its first startups is a service called LawScout. Like Uber, it offers a simple digital platform aimed at connecting small businesses with local lawyers on a fixed-rate basis. Beagle, another product launched at the event, performs rapid contract analysis using a sophisticated algorithm, while providing a platform for social media-inspired collaboration among decision-making teams....Ubernomics is not a panacea for the legal sector. Rather than disrupt it, it will transform. Big firms are here to stay if they embrace innovation. Digital technologies promise more efficient work flows and higher productivity. The shortcomings of the consensus-driven decision-making structure, exemplified by the fall of Heenan Blaikie, suggests more strategic thinking, stronger leadership and a heavier investment in R&D is needed to make legal work more efficient and cost effective......We live in an absurd legal diseconomy. There is an ever-widening gap between supply and unmet demand. Following the Ontario government's tuition deregulation in 1998, University of Toronto law led the charge, raising tuition by 320 per cent under dean Ron Daniels. Other law schools followed suit and continue to do so. This year, U of T law is unashamed to charge incoming students more than $30,000 a year. Not to be left out, the Law Society of Upper Canada recently doubled its licensing fees. The legal academy is aggravating the access to justice crisis by imposing ever-higher rents on the most vulnerable entrants to the profession. A false and parasitic empiricism has evidently burrowed itself in the minds of our country's greatest legal thinkers.

Ubernomics is not a panacea for the legal sector. Rather than disrupt it, it will transform. Big firms are here to stay if they embrace innovation. Digital technologies promise more efficient work flows and higher productivity. The shortcomings of the consensus-driven decision-making structure, exemplified by the fall of Heenan Blaikie, suggests more strategic thinking, stronger leadership and a heavier investment in R&D is needed to make legal work more efficient and cost effective.........
Businesses like fixed-cost projections. The billable-hour model introduces a lot of uncertainty into the equation. Software such as LawScout is unlikely to undermine the legal industry’s biggest players, but it signals that an economic culture shift lies ahead.
arbitrage  billing  contracts  digital_disruption  disruption  fees_&_commissions  invoicing  law  law_firms  law_schools  lawtech  legal  sharing_economy  start_ups  Uber  unmet_demand  uToronto 
july 2015 by jerryking
What’s an Idea Worth? - NYTimes.com
By ADAM DAVIDSON
Published: July 29, 2013 (think about this for WaudWare)

Companies like G.E., Nike and Apple learned early on that the real money was in the creative ideas that can transform simple physical products far beyond their generic or commodity value....we have no idea how to measure the financial value of ideas and the people who come up with them.
fees_&_commissions  invoicing  intangibles  billing  transformational  GE  Nike  Apple  fees  goodwill  professional_service_firms  branding  metrics  time-management  productivity  knowledge_economy  creativity  pricing  value_creation  ideas 
august 2013 by jerryking
Suit Offers a Peek at the Practice of Inflating a Legal Bill - NYTimes.com
March 25, 2013, 3:36 pm 447 Comments
Suit Offers a Peek at the Practice of Inflating a Legal Bill
By PETER LATTMAN
law_firms  invoicing  Big_Law  fees_&_commissions  billing 
march 2013 by jerryking
Billable Hours
September 22, 2000 | Redherring.com | Rafe Needleman
management_consulting  fees_&_commissions  billing  fees 
september 2012 by jerryking
'Billable Hour' Under Attack - WSJ.com
AUGUST 24, 2009 | WSJ | By NATHAN KOPPEL and ASHBY JONES
'Billable Hour' Under Attack
In Recession, Companies Push Law Firms for Flat-Fee Contracts
billing  contracts  fees_&_commissions  invoicing  law_firms 
november 2011 by jerryking
Consultancy offers fresh approach to law
Dec 6, 2004 | The Globe and Mail pg. B.1 | Beppi Crosariol
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law_firms  ProQuest  billing  Outsourcing 
november 2011 by jerryking
FORGET REVENUE & PROFITS, think about ROPE
| EDGE International | Friedrich Blase.

Making ROPE part of your cockpit dashboard
is a fairly straight forward exercise; it
promises that you individually as well as your
firm collectively are not overly focused on
achieving high revenue and profitability, but
the efficiency with which partner effort is converted
into revenue and ultimately profits.
law_firms  time-management  lawyers  Managing_Your_Career  billing  metrics  partnerships  professional_service_firms 
october 2011 by jerryking
Freelancers Fight to Be Paid - WSJ.com
APRIL 27, 2010 | Wall Street Journal | By JOE LIGHT. More Freelancers Fight to Be Paid. Send to Freshbooks
freelancing  invoicing  billing  fees_&_commissions 
may 2010 by jerryking
Making Them Pay - WSJ.com
SEPTEMBER 19, 2005 | Wall Street Journal | by PAULETTE THOMAS
invoicing  billing  accounts_receivable  Freshbooks 
october 2009 by jerryking
Consultant Lets Clients Use 'Gut' To Set Final Fee - WSJ.com
AUGUST 21, 2006 | WSJ | by JACLYNE BADAL on how management
consultants, Trium, are allowing clients to weigh in on fees in a novel fashion.
management_consulting  pricing  novel  DIY  fees_&_commissions  billing  gut_feelings 
march 2009 by jerryking

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