I love these stories on big firms, who are used to billing by the hour, using contingency fee cases to boost the bottom line. When I say that, I am not taking pot shots or being sarcastic – instead, I appreciate the fact that, on a large scale, they are doing what smaller predominately billable hour shops have been doing for years, which is boosting, every now and then, revenue by hitting on a large recovery that goes on top of the traditional, billed time collections for that given year. Personally, I do the same thing in the ERISA context for certain types of claims, typically by means of hybrid agreements where the success kicker comes into play at the end of the case from a win. Either way, it’s the same model, just on a different scale. Sometimes, lawyers who solely bill by the hour, and moreover who have been conditioned since being first year lawyers at firms to think of that as the “right” way to bill, don’t see that approach as viable. Maybe news that some of the biggest law firms in the world do the same, only on a vastly different scale, will finally make them see the light.
Or maybe I hope it does not have that effect – do I really want to surrender to competitors the competitive advantage of offering such a billing option sometimes? I say this a little tongue in cheek, because the competitive advantage, as the article hints at, isn’t really in the offering of contingency, hybrid or other similar alternative fees that require winning to get paid, but instead in the ability of a given firm to pick winners to bet on in this regard – if I really have a competitive advantage in my own practice from sometimes offering such fee agreements, it’s from my well-honed (and documented) ability to pick winners, not from the simple fact that I offer the option.