How to Break Free of the Billable Hour - Value Based Pricing for Law Firms

Introduction

The legal industry has been undergoing a significant shift over the past two decades, moving away from the traditional billable hour model and toward value-based pricing (VBP).

This shift is driven by client demands, economic pressures, technological advances, and a broader focus on efficiency and outcomes.

During this new virtual classroom seminar, VBP expert Shaun Jardine will explain the decline of the billable hour pricing model and will discuss the benefits that VBP can offer both individuals and legal firms.

This is a practical session which will include Q&A with Declan a ‘Generative AI Pricing Penguin.’

What You Will Learn

This live and interactive session will cover the following:

• The Billable Hour Problem
• Historical context and why it is outdated
• The misalignment with client interests
• Impact on lawyer wellbeing and firm culture
• How it undermines client relationships
• Work-Life Balance Benefits
• No more time recording (freedom from the 6-minute tyranny!)
• Focus on outcomes, not hours
• Reduced admin burden
• Better work planning
• More predictable working pattern
• Career Satisfaction
• Development of valuable commercial skills
• Enhanced client relationships
• More strategic role with clients
• Greater job satisfaction
• Opportunity to showcase expertise, not just times
• Financial Benefits
• Potential for higher earnings
• Not limited by hours in the day
• Rewards for efficiency and expertise
• Better bonus potential
• Clear link between value and reward
• Understanding Value
• Client perspective on value
• Value drivers in legal services
• Myth busting
• Benefits Analysis
• Financial benefits for lawyers
• Improved client relationships
• Better cash flow management
• Enhanced lawyer satisfaction
• Competitive advantage

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.