It all started where most trends start – Los Angeles. The Southern California stalwart O’Melveny & Myers updated its vision with a five year plan that called for, among other things, flat rate billing for transactional work. Now it appears two other Big Law firms may follow suit. Mayer Brown and Reed Smith are both considering doing the same.

Does this mean first year associates can look forward to eight hours of sleep per night? Is the pressure to rack up billable hours going to vanish? Doubtful. This is three firms and one area of law. The billable hour remains very much in the driver’s seat otherwise.

It’s worth noting that O’Melveny is the first major firm to make this transition, but the path was paved by smaller firms, like Bartlit Beck and Raymond & Bennett, looking to attract clients that want the security of knowing what their fees will total up front, a strong selling point in an economic downturn.

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No hourly fees, no leverage, no laterals. And Bartlit Beck’s lawyers are always prepared to go to trial. The firm’s model is unique — and its results are, too

More than any of the other litigation boutiques we considered, Bartlit Beck stood out for the sheer breadth and magnitude of its trial work. In the last two years, its attorneys tried more than 15 cases to verdict in at least 10 states — and they prevailed in all but three. In areas as diverse as mass torts, securities, antitrust and intellectual property, the firm’s wins reverberated throughout the industries involved.

THE FINALISTS:
Gibbs & Bruns
Robbins, Russell, Englert, Orseck, Untereiner & Sauber
Zuckerman Spaeder

Via Law.com.

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