Flat-Fee Billing with Michelle Bomberger

Description

In this episode, Alay and Michelle discuss:

The benefits of using a flat fee vs. the billable hour.
Tracking your time to understand your costs and capacity.
Utilizing AI and other technologies to better serve your clients.

Key Takeaways:

Not knowing if the law fee is going to be $1,000 or $10,000 is what often keeps people from calling a lawyer.
The fear of cost seems to override the client’s ability to take advantage of legal resources.
Large companies have multiple general counsels. It’s not for firefighting, it’s for planning. Small businesses don’t have that and are at a disadvantage in that way.
AI will allow lawyers to better serve their clients with the things only they can do – which is thinking about and understanding the law.

Tweetable Moments:

“It takes time to evaluate where your time is going.” — Michelle Bomberger
“You have got to track your time. If you think it’s important for attorneys who bill hourly, it’s at least as important for attorneys who bill on a flat fee basis.” — Alay Yajnik
“All AI and these other tools are going to do is make us more efficient.” — Michelle Bomberger

About Michelle Bomberger:

Michelle Bomberger believes that every business deserves to have the same strategic law advantages as mega-corporations. She is the CEO and Managing Attorney at Equinox Business Law Group. Her experience as a business owner and entrepreneur gives Michelle unique insights into the emotional and practical aspects of owning a business and how important legal infrastructure is to growth and success.