We're all in the wrong profession.........
It's simply not true what they say about solicitors. A client is embroiled in various legal matters, and has engaged a (huge) London legal firm to act. This firm invoices monthly and includes a full and detailed breakdown of time costs per invoice. Having not kept timesheets for many years, I find it fascinating reading, particularly the numerous items along the lines of - Partner A: Receiving email from client; reading email; forwarding email to Manager B; notifying client of same: 1.1 hours at £575/hour. Manager B: Receiving email from Partner A; reading email; forwarding email to Associates C and D; notifying Partner A of same: 0.6 hours at £320/hour. Associate C: Receiving email from Manager B........you can probably guess the rest.
I'm not suggesting there's anything dodgy here - the firm is upfront about where their astronomical costs come from so if the client is happy to pay, fair enough. I admire their chutzpah, in fact. Having been a long-time disciple of Ron Baker and the whole value-pricing ethos, I guess the interesting question for me is - for very large professional firms, who genuinely price on time, what's the attraction of potentially complicated value-based billing exercises when they can use technology to self-generate time costs like this? All you need is 1) truly extraordinary hourly rates and 2) a system to ensure every email and letter goes direct to the partner so it can be filtered down, expensively, to the correct level and it's champagne all round! When profits are averaging £750k per partner, time sheets suddenly seem a great idea.
- property capital gains 155 2
- Transferring DLA between Directors 148 1
- Private doctors - Ltd company vs partnership 1,161 13
- Tips on meals 183 2
- Buy Samsung Galaxy Note 5 516 10
- Rental losses on jointly owned property 167 3
- Personal Tax 734 13
- Overpaid In Employers NI - RTI EYU for hundreds of employees 187 2
- Stumped - IHT 146 2
- Leaving the VAT FRS Scheme or trying to stay as long as possible? 410 6
- No PAYE Registration but need auto enrolment 473 11
- HMRC now overriding SA bank repayment details on tax returns 1,285 33
- Credit management tools 149 1
- Write an article on latest tax changes for landlords. 772 20
- Incorporate to utilise dividend allowance next year? 407 7
- CGT and primary residence 183 1
- Marriage Allowance 284 3
- S455 and February year ends 337 7
- HMRC having technical difficulties 893 18
- Closing down loss-making company 461 5