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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There are 3 main reasons why your customers don't pay you, or pay you promptly.
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