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End of the billable hour?

Most corporate legal work is based on a business model of the billable hour.  This model creates huge incentive problems for clients and attorneys.    The client wants to minimize hours and the attorney wants to maximize hours.   The billable hour model also creates incentive problems inside law firms as attorneys may hoard work that they should…

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Bailout for GM?

The situation for General Motors (GM) is dire.  The company says it will run out of cash possibly before the end of the year and definitely by next June without raising more capital.   House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid wrote Saturday to Treasury Secretary Paulson to ask the administration to expand…