We spoke with John Chisholm about why law firms should embrace pricing strategies that are not reliant on time but on outputs and results to the client. We will cover how law firms can start transitioning toward value-based pricing, the challenges that come along with this, and how BD/marketing teams can support this effort.
John Chisholm is a 3rd generation recovering lawyer. For the past 15 years, he has been urging lawyers to not only stop billing their services by time but also to burn their timesheets. He works with lawyers and other professionals assisting them with both a mindset change and the practical implementation of moving towards value-based pricing principles to become Firms of the Future instead of firms of the past.
In 2017 John co-founded The Innovim Group with fellow lawyers Liz Harris and David Wells running Aligned Pricing Programs and assisting professionals with their practice and pricing transformation.
Interview Covers
- What is so wrong with the billable hour anyways?
- How to help firms transition to value-based pricing
- How BD teams can help
- Explaining value in RFPs
- Challenges to expect and what to do to prepare
- How long does the transition take and what will it look like?
Roundtable Session Covers
- Clients initiating change
- Starting pilot projects
- Pricing work across multiple jurisdictions
- Menu-based pricing
- How to evaluate lawyers without time tracking
- Responding to clients who ask to lower rates
- Advice for Managing Partners