Family Lore Focus

Charon QC talks to Ron Baker on Value
Pricing, Value Billing and the Billable
Hour

Charon QC talks to Ronald J. Baker (above) of the VeraSage Institute, a think
tank dedicated to teaching Value Pricing to professionals around the world. If, like
most lawyers in this country, you are still tied to the billable hour, then you need to
listen to this podcast.

References:

Burying the Billable Hour; and Trashing the Timesheet; published by the UK ACCA. You can
download both short books in pdf, at (scroll towards bottom of page).

A blog post that summarizes what is needed for firms to move away from billable hours and
timesheets, with many additional resources summarized by category:

Webinar: Ron baker on Value Pricing

Webinar: Value pricing for lawyers Part 3

Podcast content:

Definitions

Value pricing

Value billing

Alternative fee arrangements

Timeline summary of the issue

From the ABA Report on the Billable Hour to the ACC Value Challenge

What’s in it for the client –why is it good them?

Predictability of spend

Better communication

Better service

What’s in it for the lawyer?

Predictable revenue

Opportunity to leverage profitability or resources

Improved client satisfaction

Shift in client communication from bills to status reports

Value pricing does away with disputes around “reasonable” fees

Opportunity to garner positive PR/press in local and industry press

Barriers

The lawyer’s barriers

The buyer’s barriers

Rebutting lawyers’ objections

The recession and legal-spend cutbacks/caps are exerting downward price pressure

Buyers can only compare price the old model

The inexorable forces at work that are chipping away at resistance to the old paradigm

Tech efficiency

Unbundled legal services

Multi-jurisdictional practice

Legal process outsourcing

Others

[My thanks to Charon QC for agreeing to me hosting this podcast on Family Lore Focus.]