A final installment in this three-part post.
What’s a practical basis for placing a value on attorneys’ work for the business?
In Part 1 I addressed the legal profession’s prevailing measure of lawyers’ work:
How long did the attorney decide to take doing the job?
Cost-plus. Bill the client company by the hour.
In Part 2 I addressed “data-driven” methods (with at least one present-tense exception that I’ve found, put this under the heading of maybe-in-the-future).
Here in Part 3 I address:
A price agreed in advance — between lawyer and client.
From Fred Bartlit’s April 5, 2010 Orr Distinguished Lecture at the University of Tennessee Law School:
In the early 1980’s Chicago trial lawyer Fred Bartlit was head of litigation at one of Chicago’s finest firms. He’d brought in a client whose big case was keeping 8 partners and 30 associates busy for months. “My partners loved me”, he said.
But Bartlit felt that this firm could deliver more effective legal representation to its clients for less money.