How many lawyers do we have here?

[FFB]

On corporate transactional matters such as IPOs, though, well, there is plenty of sitting around at the printer going on that is being billed out at premium rates.

 

If you're sitting around at the printer at the behest of the client, I think you're entitled to bill the time. Believe me, I had better things to do at 3 am then sit around and wait for new proofs, or watch some stupid eager beaver junior investment banker whipping out a protractor to make sure the angle of the disclaimer on the cover matched the investment bank's house style (all the young 'un lawyers out there won't know what the hell I'm talking about, as this particular type of madness was eliminated when the SEC instituted their "plain english" rules).

 

Some printers have ping pong tables and foosball tables installed for people to play while waiting. I agree that the time should be billed because it's at the behest of the client, but there is something inherently funny about a lawyer billing $500 to work on his serve while waiting for documents.

[Metarog]

Foolkiller (plaintiffs' securities and pharmaceutical products liability and criminal defense lawyer)

fantasyfootballbono (commercial and IP litigator)

Clobberintime (bankruptcy and collections lawyer)

tth2 (in-house counsel, never leaves desk)

Mr. Woogieman (?)

seank (worker's comp)

Jeffreykli (in-house counsel, never leaves desk)

esquirecomics (sues the gubmint)

Captain_Tripps (escapee)

1962 (?)

sullypython (who is this guy?)

jbcomicbox (has nicer comics than you do)

October_Fire*

 

 

*member of pledge class

 

You can add me to the list. I used to practice criminal defense law but I now work for the State of Florida doing a variety of things... mostly Contract and Health Law . I also rarely leave my desk.

[the blob]

"Please, if there was any concern for the client at all, you would NEVER see plaintiff's lawyers agreeing to settlements where the plaintiffs get rebate coupons or some such non-monetary payment, while the lawyers of course get their 40% cut in cold hard cash. One of the tort reforms that should be passed, which no one ever talks about, is a requirement that lawyers being paid on contingency should be paid in the same currency that their clients are getting paid. And if the lawyers cared about their clients, then the winners of the really big class action suits would never take the full 40% cut."

 

This is a pretty small piece of the litigation out there, although it's the type of thing Fox News claims happens on every case. I too find it outrageous and would scratch my head evey time a court would allow it. Cut one million $5 checks if necessary, don't hand out 5 million in coupons but pay the lawyers in cash, that's just not right.

 

Usually a plaintiffs' lawyer is taking cold hard cash out of the money the client is getting or is getting a separate award somewhat related to the hours they worked.

 

This thread is starting to sound like a legal chat board.

 

I miss my big firm days. Well, I really miss making $200K+. Public service doesn't buy many old comic books, although now I have time to read them!

[FFB]

I have a general practice with an emphasis on bankruptcy, construction and personal injury.

 

To quote John Cusack from the film Grosse Pointe Blank, "Those all seem related."

[Silver Surfer]

A friend of mine was an associate at an insurance defense firm and he used to double and sometimes triple bill, and the partners approved of the practice (or rather, I should say their silence condoned his actions). What he would do is go to court for some conferences, maybe two or three in one morning, and he would bill each client the full time he was at Court instead of dividing his total time by the number of clients and billing them their fair portion. So on certain days he would have 9 hours billing in by 12:30 p.m. The subject was never raised at his reviews or during any discussion of his time, and his bonus was tied to amount of billables so certainly the law firm was looking at the amount of hours at least on a monthly and annual basis.

 

This guy also described the billing process as arduous to say the least because several of the insurance company clients would send the law firm's bills out to third-party auditors who would review the bills with a microscope seeking to cut any hours they could. The auditors would only be paid based upon how much they could cut from the legal bills. Plus the lawyers had to track their time in tenths of an hour (six minute intervals), rather than the standard (and easier) quarter-hour billing method.

 

In order to get around this, the partner handling those clients would have monthly billing meetings and hand out a glossary of terms for the associates to use on their timesheets, and he would admonish them, you can't say 'review file', but you can say 'preparation for court conference', can't say 'spoke with partner regarding x' because only partners billed for conferences with associates, so the associate's time would be adjusted to 'draft memo to file re: whatever the subject of the conversation with the partner was'.

 

All way too complicated and big-brotherish for my tastes.

 

Being a former corporate banker I had a simple, small transaction that required a mortgage to be registered on a property ($250,000) held in a holding company (my client was a chartered accountant). The bank prepared most of the documentation and the big downtown law firm put me in an akward position when they threw a $6,700 bill at him for maybe 1 hours work. My client flipped refused to pay and threaten to tax the lawyers account. It was ugly. Damn lawyers.

[PedigreeMan]

Wow, I'm late as hell to the game here (haven't checked out the polls forum in months), but Mrs. PedigreeMan (PedigreeWoman? PedigreeGal? ) is also one of you paragons of virtue and goodness. Which makes me half of one by proxy, right?

 

Alan

[the blob]

ummm... $6,700 to finalize the paperwork on a $250K mortgage?

 

i worked at a big fancy firm in manhattan and that sounds like a lot even if it's 4 separate lawyers putting in an hour of time each on the document.

[Foolkiller]

i agree.

 

ummm... $6,700 to finalize the paperwork on a $250K mortgage?

 

i worked at a big fancy firm in manhattan and that sounds like a lot even if it's 4 separate lawyers putting in an hour of time each on the document.

[Silver Surfer]

She was a rookie in the firm but she picked the wrong client to try and rip off. I almost fell over backwards in my office when I saw the bill and I had to side with the client (usually I try to stay out of the way). I'm pretty sure she cut the bill at least by half when it was all said and done.

[tth2]

Wow, I'm late as hell to the game here (haven't checked out the polls forum in months), but Mrs. PedigreeMan (PedigreeWoman? PedigreeGal? ) is also one of you paragons of virtue and goodness. Which makes me half of one by proxy, right?

 

Alan

 

Does PedigreeWoman work at one of the big Chicago firms?

[tth2]

She was a rookie in the firm but she picked the wrong client to try and rip off. I almost fell over backwards in my office when I saw the bill and I had to side with the client (usually I try to stay out of the way). I'm pretty sure she cut the bill at least by half when it was all said and done.

 

Nothing wrong with ripping into a law firm over legal fees. I do it every day!

[PedigreeMan]

Wow, I'm late as hell to the game here (haven't checked out the polls forum in months), but Mrs. PedigreeMan (PedigreeWoman? PedigreeGal? ) is also one of you paragons of virtue and goodness. Which makes me half of one by proxy, right?

 

Alan

 

Does PedigreeWoman work at one of the big Chicago firms?

 

Nope.

 

She used to be in-house; even had the same title as you, Tim ... but then one of those ubiquitious "management reorganizations" happened. C'est la vie....

[tth2]

She used to be in-house; even had the same title as you, Tim

Your wife was called "F ing hole in Legal" too?

[PedigreeMan]

She used to be in-house; even had the same title as you, Tim

Your wife was called "F ing hole in Legal" too?

 

 

No comment.

[fast94cobra-migration]

Sorry to resurrect this thread, just wanted to say that I took the lsat this summer and will probably go to law school this coming year, not sure where. Sounds like i have lots to look forward too!

[tth2]

Sorry to resurrect this thread, just wanted to say that I took the lsat this summer and will probably go to law school this coming year, not sure where. Sounds like i have lots to look forward too!

Welcome to the boards!

 

But I want it to be preserved for posterity on these boards that on Aug 6, 2005, I was the first lawyer on these boards to tell you: DON`T DO IT!!!

[october]

Sorry to resurrect this thread, just wanted to say that I took the lsat this summer and will probably go to law school this coming year, not sure where. Sounds like i have lots to look forward too!

Welcome to the boards!

 

But I want it to be preserved for posterity on these boards that on Aug 6, 2005, I was the first lawyer on these boards to tell you: DON`T DO IT!!!

 

Yes. Take the trainee position at CGC and don't look back.

[the blob]

If you have options, don't go into litigation. Unless you're among the 5-10% who really love it, thrive off it, etc., in 10 or however many years you will come to the conclusion that it was a big mistake.

[Foolkiller]

I suppose I'm part of the 5-10% who love litigation, cause I couldn't imagine doing anything but as part of my practice.

 

Anyway, I'm hoping that we'll be adding a NEW lawyer to these parts when October Fire finds out he passed the bar in a couple of months!

[Jeffreykli]

Yeah, I think it would be very interesting to hear OF's perspective, now that he's finished taking the bar and can look back on his law school experience.

 

I'm actually quite happy as a lawyer, although I don't do that litigation [embarrasing lack of self control]. I'm not a drama queen like most litigators.