Before we get into how to manage cost, let me start by saying that one of the most important things you can do when working with a law firm is invest in building a real relationship with your lawyer. Don’t worry about the clock, just worry about getting to a point of real trust and mutual respect. It will pay for itself 10x.
Nice piece, and the best way to get value, and to avoid abuses, is to have a strong bond of trust. After nearly three decades in the field, I can strongly affirm that it really does work that way.
Ditto for the downside as well. A sloppy approach to managing legal costs can get real expensive in a hurry. The "minimum viable" approach is one very good way to keep things in line as long as it is always coupled with a good strategic overview of what needs to get done and when (which is why to have a good working relationship who gives you that perspective).