The ABA Journal recently called the billable hour “the dandelion of law practice: pervasive and not so popular.”
The billable hour billing system has been criticized for fostering inefficiency and putting the interests of lawyers and clients in conflict.
Now an Ohio firm is joining a few law firms that are changing the way they bill clients. Waite, Schneider, Bayless & Chesley recently adopted a success-fee billing method for its corporate clients.
Name partner Stanley Chesley, who made a name for himself as a plaintiffs lawyer, told ABAJournal.com he has learned over the years that corporations want to resolve lawsuits expeditiously, economically and efficiently.
Chesley told ABAJournal.com that the success fee may be based on several factors. They include whether a corporation is able to get the case dismissed or to settle the case within a defined time period, whether the payout is less than a set amount, and whether the corporation’s insurance carrier covers the payout.