September 17, 2024
Shaun Jardine - Ditch The Billable Hour! Implementing Value-Based Pricing in a Law Firm
Author of Ditch The Billable Hour!, Shaun Jardine, joined me on Ditching Hourly to explain how he transitioned his 240-person law firm off the billable hour.
Talking Points
Transitioning from hourly billing to value-based pricing requires a mindset shift and a change management program.
Selecting the right team members who are open to change and willing to embrace value-based pricing is crucial for a successful transition.
Creating a psychologically safe space for lawyers to experiment with value-based pricing and providing a framework for pricing decisions is essential.
Confidence plays a significant role in value pricing, and lawyers need to be willing to ask for higher prices based on the value they provide.
Understanding the value to the client and considering factors beyond the complexity of the work, such as emotional difficulty, can lead to more accurate and profitable pricing.
Move away from the billable hour model and focus on delivering outcomes and value to clients.
Offer options to clients to meet their specific needs and preferences.
Use team targets instead of individual targets to promote collaboration and the greater good.
Build trust and strong relationships with clients by understanding their goals and providing personalized service.
Implement value-based pricing to adapt to changes in technology and deliver services more efficiently.
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Yours,
—J
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