A tweet from Dennis Kennedy yesterday brought my attention to this blog post from Ron Baker of the Verasage Institute about recession-proofing your law firm. I met Ron several years ago at a LexThink event, and have been a huge fan ever since. Ron is a value-pricing guru, and his post highlights that his philosophy has even more value for firms now than when the economy is humming. Furthermore, I believe that firms that do change their pricing/expense structure along the lines Ron advocates will find themselves in a better financial position when we exit this recession.
Smaller firms will find it easier to implement value-billing, but many lawyers just aren't sure where or how to start this process. It seems too daunting, too risky. However, as Ron points out, firms that take the risks will reap the profits. In other words, if you keep doing what you are doing, you'll keep getting what you are getting!
Ron has a number of articles and books that will help firms get started (and now is the time when we have a few extra hours to fill) on this conversion process. The ABA also publishes one of the best books on this subject, Winning Alternatives to the Billable Hour, by Jim Calloway and Mark Robertson.
