Nothing impacts a law firm's profit as much as pricing does. In recent years, firms have been exposed to all types of billing and pricing models. However, most of these are still based on the "we sell time" mindset. This session will confront the conventional wisdom of the traditional law firm business model and expose the folly that you cannot run a successful law firm without recording time. By the end of the session, you'll have a much better business and pricing model — one that's been adopted by hundreds of professional firms all over the world — that frees lawyers from the restrictions and the deleterious effects of the billable hour and recording time. This interactive workshop will show you how you can run a timeless practice and will provide real-life insights into how some law firms have adopted and flourished under this new business model.
Objectives:
- Examine how billing by time is a suboptimal pricing model for good lawyers.
- Discover genuine alternatives to time-based billing that firms can use that are more strategic.
- Show that firms do not need to record time to run successful practices
- Demonstrate that making a move to a nontime-based pricing is not as difficult as what most think.
Other Information:
- 90 Minutes
- Audience: Intermediate
- CLM App Management Category -FS: Financial Management
- CPE Field of Study: Finance