Can Lawyers Really Bill Based on Value Instead of by the Hour?
Each new year, the billable hour is pronounced dead, yet it still dominates legal services pricing. Can lawyers and their clients really get away from hourly billing. Turns out that lawyers and their clients have begun to embrace a concept called "value billing" based on the value of the services provided to the client as opposed to the time spent (hourly billing) or a time and materials cost (flat fee billing).
Value Billing Lawyers
Click here to listen to our podcast interview with Kirk Bowman, founder and Visionary of Value at Art of Value, a business model that aligns the interests of the customer and the professional through a fanatical focus on value. Kirk teaches how to create happy customers and make more money by exploring value pricing and how to implement it in your business.
Interview questions and topics covered on this show include:
1) What is Art of Value and personal experience with hourly billing and value-pricing;
2) Benefits of switching to a value-based pricing model;
3) How attorneys, firms, and businesses can get away from the billable hour and still be productive;
4) About the mission of Art of Value and start-up advice from an entrepreneur.
Read Further for Value Billing Questions for Lawyers
Check out our Q&A post with Kirk Bowman on our IP Law Blog.
In addition to Thriving Attorney, Darin M. Klemchuk is founder of Klemchuk LLP, a litigation, intellectual property, and transactional law firm located in Dallas, Texas. He also co-founded Project K, a charity devoted to changing the world one random act of kindness at a time. Click to read more about Darin Klemchuk's practice as an intellectual property lawyer.