In this episode of Lawyers Who Learn, former law firm owner and current CEO of Bonterms Todd Smithline shares his two-decade journey of running a successful fixed-fee law practice serving major tech companies, including Facebook (now Meta) and Adobe.
Todd breaks down how he transformed traditional hourly billing into a predictable subscription model by focusing on productizing legal services and creating reusable knowledge assets. He explains why law firms should think beyond pricing to focus on service packaging, client relationships, and value delivery.
Key discussion points include:
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How to transition from hourly to fixed-fee billing while maintaining profitability
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Building trust through month-to-month commitments and service guarantees
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Creating reusable legal tools and processes to scale effectively
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The impact of AI on legal services and why lawyers must adapt
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Practical advice for attorneys looking to modernize their practice models
Whether you're a solo practitioner or managing partner, this episode offers valuable insights on reimagining legal service delivery in an evolving marketplace. Todd's candid discussion of both successes and challenges provides a realistic roadmap for attorneys seeking to build more efficient, client-centric practices.
