Do your clients ever get frustrated with the size of their bill, which was unexpected? Do you have prospective clients who want a reasonable projection of what their matter will cost, and you are unable to give them a very predictable cost? Are you tired of time keeping and trying to meet seemingly arbitrary hourly billing requirements? As a firm owner or manager, are you tired of chasing clients for payment of outstanding balances on their bills?
We attorneys have always used an hourly billing process. However, it creates a lot of issues, for the client, for the attorneys, and for the law firm. But there is an alternative which answers many of these concerns. That is the value based pricing system.
In this episode, I will discuss some of the problems with the hourly billing system, explain what a value based system is and how it works, review the primary obstacles to it, and explain the many benefits it can bring to your law firm.
Are any of you suffering from burnout and a difficulty in setting boundaries? If so, obtain my free tips on how to set boundaries and avoid burnout here: https://www.garymiles.net/burnout
