The Lawyers Weekly has published an interesting piece this month about flat-fee billing by family law lawyer and lecturer, Lonny Balbi. I’ve previously blogged extensively about the problems with the billable hour and you can even see our report about legal fees in Toronto. This article picks up on those problems and identifies 4 principles that can be gleamed from looking at pricing models in other industries:
- The customer has a fixed price up front.
- A service is worth more when it is needed than when it is delivered.
- Focus on the customer, not the cost to produce.
- Look at the value to the customer.
Be sure to go to Lawyers Weekly and read the whole article – very interesting.