Law Firms Dispense With Billable Hours

In the U.S. at least, according to the New York Times. Another change resulting from the current economic downturn.

Insert here your own uplifting/funny/appalling/conscience-boggling anecdote about billable hours.

Interesting question. Assuming an economic system involving the exchange of money for services remains impact once the recession/depression is over, will law firms be able to return to billable hours? This seems to be a paradigm unappealing to the public that has survived only because everybody does it.