Ditching Hourly Shaun Jardine - Ditch The Billable Hour! Implementing Value-Based Pricing in a Law Firm
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Sep 17, 2024 Shaun Jardine, an author and expert on value-based pricing in law, shares his transformative journey of moving a 240-person law firm away from billable hours. He discusses the challenges and successes of adopting this pricing model, emphasizing the importance of team mindset and understanding client value. Jardine critiques traditional attorney-client relationships shaped by hourly billing, advocating for deeper engagement through value-based pricing. He also touches on how these connections can enhance job satisfaction and improve financial outcomes.
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Pilot Run at Large Law Firm
- Shaun Jardine transitioned a 240-person top 250 UK law firm away from the billable hour to value-based pricing.
- He ran a pilot with select teams that embraced the change, leading to success and a better work-life balance.
Pick Pioneer Penguins
- Select pioneer penguins who embrace value pricing for your pilot; avoid forcing skeptics upfront.
- Follow John Kotter's Eight Steps to Change for effective change management in transitioning pricing models.
Value Creation vs Hourly Billing
- Lawyers create more value than just their hourly effort but often fail to capture it honestly.
- Talking about money openly is key, as some lawyers are undervaluing their services due to cultural discomfort.