News last week about attorneys in New York charging more than $1,000 an hour came as no surprise to many lawyers. After all, most of us already charge in the lower five-figure range. While ridiculously lucrative (I’m actually writing this from Belize, a country I purchased last week), it does present serious billing challenges. For instance, how best do you represent your time when each minute is worth about $167.00? Instead of describing how I manage to do this successfully, here is one of my more recent bills, with sensitive client data removed. Click on it to enlarge.
As you can see, I charge a bit north of $10,000, and I carefully considered whether to increase it that extra $30, even seeking out client feedback. I finally decided that, with new ethical rules against nonrefundable retainers, an appropriate hourly rate such as $10,030 will allow me to earn any flat fee or retainer that much more quickly. Seems fair enough.
The lesson? Don’t be shy about a $10,030 hourly fee. Bill for it. If the client has hired you for your stated rate, they know what they are getting. In the invoice I provide here, I won the motion to compel and, because the other side was not substantially justified in withholding discovery, he had to pay my client’s fees. He’s now in bankruptcy and, I hear, has hired one of those cheap ass New York attorneys who charge only four figures per hour. Sucker.
“here is one of my more recent bills with sensitive client data removed”
Wink Wink, I’m sure it was just an accident and not hubris but you failed to properly hide the client’s identity. When the director of the battered women’s shelter gets this bill she will undoutedly recognize it for what it is- value billing by any other name.
One suggestion: based on my quick read it does not appear that you have billed the client for preparing the bill. Missed billing opportunity? Or as we call them BO”s.