In this episode, Stephen Moore sits down with Shaun Jardine to discuss the decline of hourly billing in the legal profession and the rise of value-based pricing. Together, they delve into the profound implications this shift has for clients, lawyers, and law firms. Topics include the challenges of adopting new pricing models, understanding client value, and how technology is revolutionising legal services.
Shaun draws on his experience as a consultant to highlight the importance of effective communication and change management within firms, while Stephen explores how value-based pricing can transform law firms financially. He also discusses the benefits of empowering lawyers to choose their clients and establish stronger, more transparent relationships.
The conversation takes a forward-looking turn as they consider the evolving legal profession, touching on the influence of technological advancements and the changing expectations of younger lawyers entering the field. Don’t miss this insightful discussion on the future of legal services and the transformative power of pricing innovation.
00:00 – Ditching the Billable Hour: An Introduction 02:49 – Value-Based Pricing: A New Paradigm 05:54 – The Challenges of Change in Legal Practices 09:10 – Understanding Client Value and Outcomes 12:12 – The Role of Technology and AI in Legal Services 15:02 – The Importance of Effective Communication with Clients 17:54 – The Penguin Metaphor: Change Management in Law Firms 21:13 – The Future of Legal Pricing and Client Relationships 25:02 – Value-Based Pricing: A Game Changer for Law Firms 30:39 – Empowering Lawyers: The Shift in Client Relationships 39:39 – Financial Outcomes: The Impact of Value-Based Pricing 46:54 – The Future of Law: Adapting to Change and New Generations
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