ARTICLE BY ALTFEE
Change is normal for any industry. As economies, consumer habits, and world events shape our world, we have to be ready to not only face change head-on but embrace it.
The traditional hourly billing model has been difficult for some in the legal industry to let go of in favor of the client-centric value-based pricing model, even though tons of other industries like accounting, management consulting, and more have used it for decades.
But as Bob Dylan puts it, the times they are a-changin’.
Law firms have more incentive than ever before to move to alternative fee arrangements (“AFAs”) or value based pricing methods.
First, it’s easier to build client trust from the beginning when you can confidently present them with pricing that’s attached to value.
Second, AFAs can increase potential revenue with hours worked versus hours billed.
Third, it increases certainty and predictability surrounding legal fees.
Ready to learn more? We’ll elaborate on these reasons and more throughout this article.
Let’s take a closer look at value based pricing and how it’s revolutionizing the legal industry.