Right now, I am considering a big move in my law firm - one from time-based billing to value-based billing. What is value-based billing? It is taking into account the client’s goals and expectations, providing them with a clear picture and strategy for how you will help them reach their goals, and billing yourself out accordingly.
The Greatest American Lawyer does a great job discussing the Value-based billing model here. Another law firm that discusses the topic is Traverse Legal.
Value-based billing provides enormous benefits for clients - they can budget their legal bill, they don’t have to be scared of what their bill will be on a monthly basis, they know that their attorney will have an incentive to think outside the box to reach the best possible outcome for their clients, and they will receive much more “value” for their dollar in terms of results.
Anyway, these are all great reasons to switch to value-based billing, but here is another… When you lose two months of billing entries and have to redo them - billing is much easier with value-based billing! Ok, this is a bit of a rant, but a technician who was working on a glitch with my practice management software yesterday inadvertently deleted two months worth of transactions. Yes, I have “hard-copy” back-ups, so we can recreate the information. But it will take some time. With value-billing - wouldn’t take nearly as much time.
Incidentally, I’ve implemented daily back-ups of our case management software to prevent this from happening again!
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