Todd Smithline, former law firm owner and current CEO of Bonterms, specializes in fixed-fee legal services and productizing legal knowledge for tech companies. He discusses transforming traditional hourly billing into predictable subscription models, emphasizing service packaging and client relationships. Todd highlights the importance of creating reusable legal tools to enhance service delivery. He also addresses the impact of AI on legal services, urging attorneys to adapt in an evolving market, while offering practical advice for modernization and efficiency in legal practices.
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Fixed-Fee Success
Todd Smithline's firm offered a 5% fixed-fee discount, which clients quickly accepted.
They stopped offering the discount and clients even offered to pay more.
volunteer_activism ADVICE
High-Trust Client Relationships
Never collect money from unhappy clients; the cost of their negativity is too high.
Offer month-to-month commitments and service guarantees to build trust.
insights INSIGHT
Matching Service and Pricing
Hourly billing is an outdated practice not suitable for all legal services.
Matching service delivery with fixed-fee pricing allows building reusable knowledge blocks.
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This book, written by David H. Maister, provides a detailed and accessible guide to managing professional service firms. It highlights the unique challenges of these firms, which include providing highly customized services and competing for both clients and talented professionals. Maister explores a range of topics, including marketing, business development, multinational strategies, human resources policies, profit improvement, and effective leadership. The book emphasizes the importance of balancing three key goals: exceptional client service, fulfilling careers for employees, and financial success. It also delves into the management of human capital, organizational structure, and the need for flexibility and adaptability in response to changing market conditions[2][3][5].
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:
How to transition from hourly to fixed-fee billing while maintaining profitability
Building trust through month-to-month commitments and service guarantees
Creating reusable legal tools and processes to scale effectively
The impact of AI on legal services and why lawyers must adapt
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.
Lawyers Who Learn 