Along with many others including my colleagues from The VeraSage Institute, I've been imploring professionals, especially lawyers, to transform their business model and not only ditch the billable hour but also to burn their timesheets.
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Lawyers, let’s face it. You are service providers to your customers and, moreso, you are simply one part of a much bigger team delivering client experiences.
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For over 25 years as a partner, managing partner and CEO, I was part of the traditional law firm business model which leveraged people x time x hourly rates. Only one problem with selling time is that after 25 years I realised our clients actually don’t buy our time.
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The billable hour’s partner in crime, the timesheet, is holding back professional firms from not only better pricing but also a better culture and a more sustainable future.
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We still find that there is confusion in the professional services market as to what constitutes a fixed fee, a menu price and a value-based price.
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I now understand that it is impossible to move you away from charging your clients solely by reference to time so to save you much wasted time and energy analyzing why this is so, I have summarized the reasons you have given me in a Top 10 list.
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