Starting Your Solo Practice: Intro to Client-Centered Pricing (11/08/2021)
With a renewed focus on law firms being client centered, it’s difficult to have a comprehensive conversation without also discussing our antiquated approach to pricing (i.e., the billable hour). The billable hour is bad for clients and attorneys alike. On the client side, it lacks transparency and predictability. On the attorney side, it creates a conflict of interest, misaligns incentives, leaves no room for growth, and wreaks havoc on attorney wellbeing. In short, the billable hour must go for everyone’s sake.
A better, more client-centric path forward is value-based pricing. This approach focus on what clients are actually buying – value – instead of what most lawyers are selling – time. With value-based pricing, clients understand up front how much a legal solution is going to cost, and attorneys generate more revenue, collect more fees, and no longer live their lives in six-minute increments.
This training will cover:
- Pricing myths.
- Why value-based pricing is the path forward.
- How to sell what clients are actually buying - value.
- A four-step process for implementing value-based pricing in practice.
Come with an open mind and a desire to better serve your clients and improve your profitability and wellbeing.
Lauren Lester, Attorney & Founder, Lester Law
Jessica Bednarz, Associate Director of Innovation & the JEP, The Chicago Bar Foundation
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Live CBA Committee meetings and seminars will take place via Zoom webinar. You will click on "view video" and be directly connected to the meeting/seminar on Zoom. (You will not receive a Zoom link.)
Please note that audience members do not need video or audio access. Audience members are able to submit questions via the chat or Q & A features of Zoom.
Chat: Open in-meeting chat, allowing you to send chat messages to and send a message to the host, panelists, and attendees (if permitted). Question & Answer: Open the Q&A window, allowing you to ask questions to the host and panelists. They can either reply back to you via text in the Q&A window or answer your question live.