In law firm land, value pricing has achieved buzzword status, meaning that everyone uses the phrase with abandon and supreme confidence. (Actual adoption, of course, is another story.) But suspend disbelief for a moment: How might a legal market run on value pricing actually work?
First, it would be based on “outputs”—services rendered or results achieved—rather than “inputs”—time spent on a matter. Clients would pay for what they achieved (or think they achieved), not for the effort that went into completing the job. [Read more…]