It's Time to Destoy the Billable Hour

The fundamental economic problem of the legal profession is this: a good lawyer can make a snap judgment that saves a company many millions of dollars. But for whatever reason, people get really ticked off at this kind of conversation:

"So, should we sign this agreement with our supplier, or not?"

"Well, I know the answer, and I'll tell you for five million dollars. Keep in mind that answering this right will save you fifty million dollars."

"Fuck you."

So instead of charging the market price for insight, they charge way, way above the market price for research, high-end secretarial work, etc. This is less efficient in terms of wealth generated per hour, but more efficient in terms of capturing the wealth generated by knowing the law.

the issue i was trying to raise is why the hell are entrepreneurs paying their law firms by the hour. it just rewards inefficiency, overstaffing and padding.