Hourly Billing Withdrawal

Posted: May 4th, 2009 | Author: | Filed under: Billing | 4 Comments »

They warned me it would be tough, but this takes me back to painful memories of nicotine withdrawal!

As part of my commitment to finding better ways to deliver real value to clients, I have set myself the goal of eliminating hourly billing from my practice by June 1 and replacing it with a value-based system based on client wants and needs. The new model (which is by no means unique, just seldom used by business lawyers) would wherever possible make use of periodic retainers covering all consultations, and project-based fees for specific jobs, to be negotiated up-front with clients.

I have prepared multiple iterations of a letter summarizing the model, but each time I’m about to declare it effective, I come across a new business or transactional matter or process that takes me out of my comfort zone and causes me to grasp reflexively at hours, minutes and seconds and brings home just how addicted to hourly-billing I have become over twenty odd years of rigorous time-keeping. But I’ve also come to understand that there probably is no perfect billing model, and that I’m simply going to have to go through the withdrawal process and accept a higher degree of risk, which is, after all, what my clients have been doing for during my twenty odd years of rigorous time-keeping!

I am determined, and I intend to kick the habit.


4 Comments on “Hourly Billing Withdrawal”

  1. 1 w I Got a Free iPhone With Free iPhone Apps said at 1:14 am on May 23rd, 2009:

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  2. 2 w I Got a Free iPhone With Free iPhone Apps said at 3:40 am on May 23rd, 2009:

    I was just now searching for about this when I came upon your post. I’m just stopping by to say that I very much liked reading this post, it is really clear and well written. Are you planning toblog more about this? It seems like there is more material here for more posts.

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  3. 3 KattyBlackyard said at 7:19 am on June 15th, 2009:

    Hi, very nice post. I have been wonder’n bout this issue,so thanks for posting

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  4. 4 admin said at 12:55 pm on June 19th, 2009:

    Thanks for input!

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