Flat-Fee Billing with Michelle Bomberger

In this episode, Alay and Michelle discuss: 

• The benefits of using a flat fee vs. the billable hour.
• Tracking your time to understand your costs and capacity. 
• Utilizing AI and other technologies to better serve your clients.

Key Takeaways: 

• Not knowing if the law fee is going to be $1,000 or $10,000 is what often keeps people from calling a lawyer. 
• The fear of cost seems to override the client’s ability to take advantage of legal resources.
• Large companies have multiple general counsels. It’s not for firefighting, it’s for planning. Small businesses don’t have that and are at a disadvantage in that way. 
• AI will allow lawyers to better serve their clients with the things only they can do – which is thinking about and understanding the law. 

Tweetable Moments:

• “It takes time to evaluate where your time is going.”  —  Michelle Bomberger
• “You have got to track your time. If you think it’s important for attorneys who bill hourly, it’s at least as important for attorneys who bill on a flat fee basis.” —  Alay Yajnik
• “All AI and these other tools are going to do is make us more efficient.” —  Michelle Bomberger

About Michelle Bomberger:

Michelle Bomberger believes that every business deserves to have the same strategic law advantages as mega-corporations. She is the CEO and Managing Attorney at Equinox Business Law Group. Her experience as a business owner and entrepreneur gives Michelle unique insights into the emotional and practical aspects of owning a business and how important legal infrastructure is to growth and success.

Connect with Michelle Bomberger: 

Website: https://www.equinox.law/ 

Facebook: https://www.facebook.com/Equinoxbusinesslaw/ 

Twitter: https://x.com/equinoxlaw 

LinkedIn: https://www.linkedin.com/company/equinox-business-law-group-pllc/ 

LinkedIn: https://www.linkedin.com/in/michellebomberger/ 

YouTube: https://www.youtube.com/channel/UCTEE4EFZH16GE-1zkiEvFUg 

Connect with Alay Yajnik: 

Podcast: http://lawyerbusinessadvantage.com/ 

One Page Strategic Plan: LawFirmSuccessGroup.com

Email: [email protected]

LinkedIn: linkedin.com/in/alayyajnik