At the launch of our pricing transformation practice, The Innovim Group (founded by Liz Harris, David Wells and John Chisholm), those in attendance could not help but be inspired by our guest presenter Ron Baker.
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I recently participated in a Law Council Of Australia Law Management Journal Q&A on my thoughts as to how firms can, and have made the transition from the billable hour to a value based pricing model.
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Have you found yourself, and your firm, stuck in a rut? Doing what you’ve been doing forever and somehow, expecting different results?
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Calls for the professional services to move away from the 20th century time-based billing are not abating. There is resistance but eventually companies who leverage their people x time x hourly rate will run a race to the bottom.
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In my article, Death Of The Billable Hour, I mentioned that serious calls for the death of the billable hour have been occurring regularly over the last decade. Here’s further reference to that notion.
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There are several excellent commentaries on the recent Georgetown/Thomson Reuter's 2017 State of the Legal Market (US) but Richard W Smith's concise observations titled "Death of the billable hour is nigh-really?" is one of the better ones-especially on pricing & for Australian audiences.I recommend you read both.
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