Self-Motivation
David Goggins
Former Navy Seal
Career Development
Bryan Cranston
Actor
Critical Thinking
Liv Boeree
International Poker Champion
Emotional Intelligence
Amaryllis Fox
Former CIA Clandestine Operative
Management
Chris Hadfield
Retired Canadian Astronaut & Author
Learn
from the world's big
thinkers
Start Learning

The “Fixed Fee” Future of Law

Question: What’s the future of the legal profession?

Ben Heineman: I am a Senior Fellow at Harvard in the Program on the Legal Profession. I write about this a lot. I was very involved in changing the way inside lawyers do their job. I believe that there is a major change because of the economic conditions where corporations are putting tighter budgets on law firms, which is why law firms are being forced to either lay off partners, senior associates, and they are not hiring as many young people.

I think for people who are going to law school, I think this is a good thing to be perfectly honest. They need to think of other kinds of careers and there are many opportunities in the public sector and the non-profit sector that they can take advantage of. I do think we are going to see a decline in the legal business because corporations are just going to be tighter on their budgets and that's going to last for a long time and that will mean less business for law firms.

I also think, and I've written about this, that we are going to move away from the hourly billing rate toward something called the "fixed fee" where basically you pay a price for a legal service, even if it's a complex one. We don't bill fee for service on an hourly basis. It's a problem in the medical profession; it's why healthcare costs are running away. It's a problem in the legal profession; that's why legal costs are running way, so we've got to solve the problem in both law and medicine.

Question: Is this something that’s soon to come?

Ben Heineman: I think it's happening. The fixed fee arrangements, what are called alternative fee arrangements are definitely happening in a number of firms and in a number of major corporations are pushing very hard to change the economic relationship.

When I came to GE, we changed the paradigm for inside lawyers. We got great lawyers to come inside and that meant that there could be more cooperation between the inside lawyers who are the equal of the outside lawyers on matters, but there was always a dispute about money. What the fixed fee will do, hopefully, will create a partnership on the money as well as on the matters and that will be beneficial both for the companies, for the law firms, and I think, for the public interests.

Recorded on November 3, 2009

 

As costs run away in the legal and medical industries, pay practices are going to change, explains Ben Heineman, a senior fellow at Harvard Law School.

Live on Tuesday | Personal finance in the COVID-19 era

Sallie Krawcheck and Bob Kulhan will be talking money, jobs, and how the pandemic will disproportionally affect women's finances.

Bubonic plague case reported in China

Health officials in China reported that a man was infected with bubonic plague, the infectious disease that caused the Black Death.

(Photo by Centers for Disease Control and Prevention/Getty Images)
Coronavirus
  • The case was reported in the city of Bayannur, which has issued a level-three plague prevention warning.
  • Modern antibiotics can effectively treat bubonic plague, which spreads mainly by fleas.
  • Chinese health officials are also monitoring a newly discovered type of swine flu that has the potential to develop into a pandemic virus.
Keep reading Show less

Education vs. learning: How semantics can trigger a mind shift

The word "learning" opens up space for more people, places, and ideas.

Future of Learning
  • The terms 'education' and 'learning' are often used interchangeably, but there is a cultural connotation to the former that can be limiting. Education naturally links to schooling, which is only one form of learning.
  • Gregg Behr, founder and co-chair of Remake Learning, believes that this small word shift opens up the possibilities in terms of how and where learning can happen. It also becomes a more inclusive practice, welcoming in a larger, more diverse group of thinkers.
  • Post-COVID, the way we think about what learning looks like will inevitably change, so it's crucial to adjust and begin building the necessary support systems today.
Keep reading Show less

How DNA revealed the woolly mammoth's fate – and what it teaches us today

Scientists uncovered the secrets of what drove some of the world's last remaining woolly mammoths to extinction.

Ethan Miller/Getty Images
Surprising Science

Every summer, children on the Alaskan island of St Paul cool down in Lake Hill, a crater lake in an extinct volcano – unaware of the mysteries that lie beneath.

Keep reading Show less

Why is everyone so selfish? Science explains

The coronavirus pandemic has brought out the perception of selfishness among many.

Credit: Adobe Stock, Olivier Le Moal.
Personal Growth
  • Selfish behavior has been analyzed by philosophers and psychologists for centuries.
  • New research shows people may be wired for altruistic behavior and get more benefits from it.
  • Crisis times tend to increase self-centered acts.
Keep reading Show less
Quantcast