Risk KnobPrologue

A story from a long-ago summer day highlights the big rewards that you can earn from taking purposeful risks.

In a little over a month, on August 5, 2015, 151 years will have passed since a commander took a gamble during the Battle of Mobile Bay.

The commander knew that the defenders had rigged

Flat as a PancakeGoing flat

In the last post, I reviewed the plusses and minuses of the hourly fee, which I said still strides the world of high-stakes litigation like a Colossus.

But a distinctive trait of the hourly fee — its extreme concentration of risk on the client — limits its appeal and threatens its longevity.

Billable Hours

Still dominant

The billable hour bestrides the world of high-stakes litigation like a Colossus. Whatever its prospects,¹ today it continues to set the baseline for expectations about attorneys’ fees.

Big firms charge by the hour, class action lawyers detail “lodestars” in fee applications, flat fees aim to smooth out hypothetical hourly charges, and