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Ditch The Billable Hour! Implementing Value-Based Pricing in a Law Firm

Shaun Jardine

ISBN13: 9781914066443

Published: January 2024

Publisher: Hawksmoor Publishing

Country of Publication: UK

Format: Paperback

Price: £49.99

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Artificial intelligence is set to revolutionise how law firms charge clients. Hours of work will soon become mere seconds of computer processing time.
The move away from billing in ‘time’ to outcomes and client ‘value’ will become the norm.
Written by the UK’s top expert on the shift from the billable hour to value-based pricing

With generative artificial intelligence soon to create tidal waves in the legal industry – helping lawyers to create legal documents in mere seconds – the time-honoured billable hour is under threat more than ever.

In Ditching The Billable Hour!, Shaun Jardine explains how lawyers should move away from ‘time’ as the driving element of pricing, and focus on the results that clients want to achieve. In doing so, he shows why legal firms need to adopt Value-Based Pricing (VBP), and how to do so.

Ditching The Billable Hour! is an extensive and practical new book, from a former law firm CEO, that is filled with real world expertise, advice, and perspectives.

The practical book covers many areas of the change facing the legal industry including how to lead and implement the change to make Value-Based Pricing a reality, how to price and capture a share of that value, and how to create pricing options which give clients choice.

Shaun Jardine is a former CEO of a top 250 law firm and founded his consultancy business, Big Yellow Penguin, in 2021 with the aim of encouraging and helping lawyers and law firms to embrace the change in fee pricing that is coming down the track

Subjects:: Legal Practice Management

Contents:: INTRODUCTION; VALUE-BASED PRICING, WHY NOW?; HOW THIS BOOK WORKS; WHY ARE YOU READING THIS BOOK?; INTRODUCING THE 8 P POINT PLAN.; P#1 PARADIGM – THE FUNDAMENTAL CHANGE REQUIRED; P#2 PIONEERS – THE GROUP THAT EXPLORES THE NEW WAY OF WORKING; P#3 PLAN – DESIGNING THE PLAN, STRATEGY AND VISION; P#4 PROMOTE – COMMUNICATING AND GETTING PEOPLE BEHIND THE PROJECT; P#5 PERMIT – GIVING PEOPLE THE AUTHORITY TO ACT; P#6 PRIZES – CREATING SOME QUICK WINS; P#7 PERSEVERE – KEEP GOING; P#8 PASSION – CREATING THE NEW CULTURE; UNUSUAL FEATURES OF THE BOOK!; BRACE YOURSELF FOR SOME HOME TRUTHS!; QUOTES; POSSIBILITY THINKING; HOW IT WORKS; THE BIG SURVEY QUESTIONS; WORDS WITH THE WISE; 8. PPP PENGUIN LOGIC; SHINGLES LOGIC; GOLDEN RULES; CRIB SHEETS; THE VBP COLONY; APPENDICES TEMPLATES; P#1 PARADIGM: THE FUNDAMENTAL CHANGE REQUIRED; CREATE A SENSE OF URGENCY; DEFINE THE CHANGE GOAL; WHAT IS A VALUE-BASED PRICE?; WHAT ARE YOUR REASONS FOR THE PARADIGM SHIFT?; 1. WHO OWNS PRICING?; BASE COSTS; GET A GRIP!; 2. LAW FIRM BUDGET SETTING IS ILLOGICAL; CHARGEABLE HOURS PER DAY TARGET; HOW MANY HOURS A DAY ARE CHARGEABLE?; 3. FINANCIAL ISSUES; 4. TO CAPTURE MORE VALUE; YOUR CURRENT FIXED PRICES; 5. SUCCESSION PLANNING; 6. WRONG TYPE OF CLIENTS; TRUSTED ADVISOR STATUS; 7. THE HOURLY RATE - ARE ITS DAYS NUMBERED?; WHY TIME RECORDING MAY BE USEFUL; CLIENTS DISLIKE HOURLY RATES; WHAT DO CLIENTS WANT?; VBP IS A MINDSET CHANGE; SOME HOME TRUTHS AND CRITICAL SUCCESS FACTORS; THE MANAGEMENT TEAM’S ROLE; HINDERING THOUGHTS; POSITIVE THOUGHTS; CRIB SHEET; P#2 PIONEERS: THE GROUP THAT EXPLORES THE NEW WAY OF WORKING; THE PIONEER GROUP; THE BOARD; HOW MANY IN THE PIONEER GROUP?; PIONEER CHARACTERISTICS; CHANGE MANAGER AND PROJECT SPONSOR; TARGETS; NAYSAYER; PENGUINS/RESISTORS; FIRST PIONEER MEETING; PSYCHOLOGICAL SAFETY AND PERMISSION TO MAKE MISTAKES; PRICING CONFIDENCE SURVEYS; HINDERING THOUGHTS; POSITIVE THOUGHTS; CRIB SHEET; P#3 PLAN: DESIGNING THE PLAN, STRATEGY AND VISION; PART 1: KNOWLEDGE; WHAT DO YOU DO AT YOUR BUSINESS?; WHAT DO CLIENTS BUY FROM LAWYERS?; WHAT IS VALUE?; VALUE IS SUBJECTIVE; VALUE IS NOT RATIONAL; VALUE IS CONTEXTUAL; VALUE IS A FEELING; GIVE CUSTOMERS A CHOICE; CLIENT JOURNEY; YOU HAVE BEEN GOOGLED!; CLIENT SELECTION AND DESELECTION; NO TWO CLIENTS ARE THE SAME; CLIENT SEGMENTATION; CRM SYSTEMS; COMPETITORS; ONBOARDING SCRIPTS/DISCOVERY CALLS; CREATING ONBOARDING SCRIPTS; LAWYERS AND SOFT SKILLS TRAINING; SPEED IS BAD; FREE WORK; CRIB SHEET; PART 2: TOOLS; LAWYER SCORING MATRIX; ANALYSING THE OPPORTUNITY; PREPARING FOR THE VALUE CONVERSATIONS; BODY LANGUAGE; CREATE VALUE-BASED PRICE QUESTIONS FOR EACH PRACTICE AREA; THE IMPORTANCE OF ASKING ‘WHY’ AND ‘WHAT ELSE’?; QUESTIONS FOR THE LAWYER; QUESTIONS ABOUT THE CLIENT AND MATTER; QUESTIONS ABOUT THE INTERNAL RESOURCING CAPABILITIES; VALUE PROPOSITION WORKSHEET; COMMERCIAL CLIENT AUDITS; FIXED-PRICE AGREEMENTS (FPA); FEATURES OF THE FPA; DOING THE WORK; SCOPE CREEP – KEEPING MATTERS ON TRACK; VERSIONS AND OPTIONS; WHY OPTIONS ARE ESSENTIAL; RESIDENTIAL CONVEYANCING; WILLS LAWYERS; LITIGATORS; COMMERCIAL LAWYERS; COMMERCIAL PROPERTY LAWYERS; EMPLOYMENT LAW SERVICE; NAMING OPTIONS; PRICING PSYCHOLOGY.; PRICE TAG PSYCHOLOGY; ESTABLISHING A PRICE; LAW IS NOT A COMMODITY; BASE PRICE; WHEN TO DISCUSS PRICE AND VALUE; PRICING HIGHER OR LOWER; PRICING LITIGATION – PEBBLES IN A POND; VALUE COUNCIL/TWO PAIRS OF EYES; CREATING A VALUE COUNCIL; PRESENTING OPTIONS; MEETING THE CLIENT; DEMONSTRATE YOU UNDERSTAND THE CLIENT’S PROBLEM; WHY YOU?; GUARANTEE; ASK FOR THE BUSINESS; AFTER-ACTION REVIEWS (AARs); CRIB SHEET; PART 3: VISION; YOUR VISION; LEGAL WORK IS HARD; BRIDGE THE CURRENT REALITY TO THE NEW VISION; CREATE A SHARED VISION; MAKE THE VISION LIVE; PAINT A VIVID, ASPIRATIONAL PICTURE OF THE FUTURE FOR YOUR ORGANISATION; SET OUT THE STRATEGY FOR THE ROUTE TO ACHIEVE YOUR VISION; BUILD IN SHORT- AND LONG-TERM GOALS; CREATE A VISION STATEMENT; CLARITY IS KEY; ENSURE EVERY PERSON UNDERSTANDS; KEEP IT UNDER REVIEW; WHAT CAN YOUR FUTURE LOOK LIKE?; MANAGEMENT; CLIENTS; PRICING; CRIB SHEET; PART 4: PLAN; DESIGN A PLAN AND PROCESS; STEP 1 PARADIGM: DEFINE YOUR CHANGE GOAL; DEFINE THE GOAL; WRITING OUTCOMES; CONDUCT GAP ANALYSIS; OPERATING MODEL DIMENSIONS; DEFINE YOUR FUTURE STATE AGAINST OPERATING DIMENSIONS; GAP ANALYSIS EXAMPLES; FUTURE STATE EXAMPLES; HURDLES AND BARRIERS; STEP 2 PIONEERS: INITIATE THE CHANGE; SIMPLE PROJECT PRINCIPLES; INITIATION DOCUMENT; STEP 3 PLAN: CREATE A PLAN AND BUILD A BUSINESS CASE; CREATE A PLAN; KICK-OFF MEETING WITH YOUR PIONEERS; OUTLINE KICK-OFF MEETING AGENDA; HIGH-LEVEL PLAN TEMPLATE; RISKS AND ISSUES; BUILD A BUSINESS CASE; DESIGN AND DOCUMENT THE BBU PRICING PROCESS; THE IMPACT ON HR; COMMON HR ISSUES ARISING IN CHANGE MANAGEMENT PROJECTS; TRAINING IS ESSENTIAL; CRIB SHEET; DEVELOP A COMMUNICATIONS PLAN; PROMOTE THE VISION; RESISTANCE; COMMUNICATION GUIDANCE FOR EACH STAGE OF 8 PPP; P#1 PARADIGM: THE FUNDAMENTAL CHANGE REQUIRED; EXTERNAL COMMENTATORS; P#2 PIONEERS: THE GROUP THAT EXPLORES THE NEW WAY OF WORKING; P#3 PLAN: DESIGNING THE PLAN, STRATEGY AND VISION; P#4 PROMOTE: COMMUNICATING AND GETTING PEOPLE BEHIND THE PROJECT; P#5 PERMIT: GIVING PEOPLE THE AUTHORITY TO ACT; P#6 PRIZE: CREATING SOME QUICK WINS; P#7 PERSEVERE: KEEP GOING; P#8 PASSION: CREATING THE NEW CULTURE; CRIB SHEET; P#5 PERMIT: GIVING PEOPLE THE AUTHORITY TO ACT; EMPOWER YOUR PEOPLE; EMPOWER THE TEAM; REMOVING OBSTACLES AND ROADBLOCKS; PRICING CONFIDENCE; PRICE SENSITIVITY METER; IF YOUR LAW FIRM WERE A SHOP; LACK OF CONFIDENCE: SURVEY RESULTS; BELIEVE IN YOUR PRICE; STOP AVOIDING THE CONVERSATION; HOW CAN YOU INCREASE A LAWYER’S PRICING CONFIDENCE?; PROFESSIONAL ADVISORS WANT TO BE MAGICAL AND ARE SUPERHEROES!; DEALING WITH OBJECTIONS; SERVICE GUARANTEE; WHAT IS YOUR HOURLY RATE?; NOT WINNING WORK IDENTIFIES A TRAINING NEED; CAPTURE THE KNOW-HOW; MAKE THE VBP VISION A PRIORITY; CRIB SHEET; P#6 PRIZES: CREATING SOME QUICK WINS; CELEBRATE SUCCESS; MEASURES OF SUCCESS; RESISTORS AND NAYSAYERS; CRIB SHEET; P#7 PERSEVERE: KEEP GOING; EMBEDDING CHANGE; ORGANISATIONAL CHANGES; PRICING STEERING GROUP.327; PIONEER PENGUIN GROUP.328; SALARIES AND BONUSES; TRAINING; ROLE MODELS; CAREER DEVELOPMENT; FINANCIAL DATA; LEGAL PAPERWORK; EMPLOYMENT DOCUMENTATION; CLIENT DOCUMENTATION; MARKETING COLLATERAL; PARTNERSHIP/SHAREHOLDERS’ AGREEMENTS; CRIB SHEET; P#8 PASSION: CREATING THE NEW CULTURE; CREATING A NEW CULTURE; CULTURE CHANGE COMES LAST, NOT FIRST; CLIENTS WILL BE THE MEASURE OF YOUR SUCCESS; CRIB SHEET; THE FINAL PART: SO, WHAT NOW? AND FAQS; EPILOGUE; A FINAL THOUGHT; APPENDICES; PEOPLE TO FOLLOW; FURTHER READING; FURTHER LISTENING; 50. REASONS NOT TO CHANGE; ANSWER TO THE MATHS OF DISCOUNTING; SKILLS MATRIX/ KEY PERFORMANCE INDICATORS; 8. P POINT PLAN RACI TASK LIST