Legal Insights: Billing for legal services when time is no longer the measure of value

Legal billing

 

This article is part of Hunit’s Legal Insights series. We’re sharing some of the key learnings that we’ve gained from in-depth interviews with legal professionals across multiple international markets.

We’ve called our series of in-depth interviews with law firms and financial service providers our “listening tour”.  Using a standardized set of discussion questions, we set out to gather systematic insight on the legal professional’s day-to-day operations, their problems, their concerns and of course their understanding of DLT and smart contracts.

One of the listening tour’s key discussion points concerned billing methods in an environment when a lawyer’s ability to create value for the client is disassociated from the use of their time (billable hours). In an increasingly technology-enabled environment, what does the law firm of the future’s customer invoice look like? Read More…

Legal Insights: Will the lawyer of the future know how to code?

 

This article is the first of Hunit’s Legal Insights series. We’ll be sharing some of the key learnings that we’ve gained from in-depth interviews with legal professionals across multiple international markets.

As it stands today, the legal profession’s basic toolset hasn’t changed since the quill and ink pot. First typewriters, then word processors and later document management tools have all provided increasingly large productivity gains, but they all still output to the same medium: paper and signature. The most recent step? A PDF that imitates paper, into which one inserts a digital representation of their freehand signature. Progress? Absolutely. A phase change? Not yet.

So before we get to the subject of coding lawyers, perhaps an even more basic question needs to be answered: will the practice of law continue to orbit around pieces of paper? Read More…