Sorry Mr. Lennon - Lawyers Need To Imagine There's No Billable Hour, Too

Hourly rates are starting to look a little dated, says Maria Polczynski, head of legal at Australia's Bendigo and Adelaide Bank. That's why the bank is no longer working with law firms that don't offer value-based pricing.

But there's good news for the firms able to make the switch, Ms Polczynski recently told Lawyers Weekly (Resistance to value-based pricing: a failure of imagination): not only do they get to keep an important client, they can ratchet up profitability when they get the formula right:

“If what you are delivering is worth a whole lot more [than the cost of your time] then we accept that [and] will pay considerably more than … [the] standard hourly rate. That’s where we think the opportunities are for the firms to up their profitability even while they are reducing their billable hours."

Read the post. Ask yourself which clients are likely to follow Bendigo and Adelaide Bank. Then figure out a way to help them.