How many times have we heard this?: Socialism and communism aren’t bad theories, they just haven’t been tried by the right people yet.
Well, the same is said about the billable hour. Oh, no, it’s not inherently unethical, doesn’t misalign the interests of professional and customer, and with the right person it’s a fine system. Anyway, you can’t condemn hourly billing just because a few people cheat the system.
Really, just a few? Check this article out.
This is precisely why economists aren’t concerned with compliance. They are concerned with incentives. There’s no good way to implement the wrong theory.
There’s no way any of this type of billing chicanery could happen with fixed prices quoted up-front.
When will the legal profession learn?