Ditching Hourly
Shaun Jardine - Ditch The Billable Hour! Implementing Value-Based Pricing in a Law Firm
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.
39:56
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Quick takeaways
- Transitioning from hourly billing to value-based pricing requires mindset shifts and leadership involvement to successfully engage and empower staff.
- Building trust with clients through effective communication and flexibility in pricing enhances relationships and transforms lawyers into trusted advisors.
Deep dives
Transitioning to Value-Based Pricing
The discussion highlights the significant shift from hourly billing to value-based pricing within a legal firm. Through a pilot program with 240 employees, the firm experienced initial hurdles related to mindset and adapting financial metrics. This involved addressing concerns from the finance team regarding revenue tracking as teams transitioned away from time recording. However, embracing this new model showcased the potential for increased profits and improved work-life balance among lawyers once it took hold.
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