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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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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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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More than 120 professionals from all over Australia and around the world will assemble for VeraSage Downunder 2019 next week in Melbourne, 12 November 2019.
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If John Lennon was alive today and asked to run a law firm, might he have written, and sung this?
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