He who knows when he can fight and when he cannot, will be victorious.
To fully appreciate and understand the challenge of How To Alternative Bill, we should explore the various aspects of the challenge. This means we should explore all the reasons lawyers and firms have not embraced new ways of billing their services.
In Jason’s comment to my recent post, he made a telling comment: “The problem, as I see it for lawyers, is the fact they don’t want to carry the risk that the project will cost more than what the lawyer has charged.”
This presents one of the more pressing challenges for firms as it is based in fear. Lawyers are by nature, more than risk adverse. Instead or measuring and weighing risk, they are trained to eliminate it. In the business world, this approach is problematic as No Risk = No Reward. Lawyers get panicked when they ‘risk’ not getting 10% of their billing rates. How can we expect them to risk 100%?
The trick will be showing lawyers that 100% is not good enough. Risk is a two sided coin and they are only seeing the bad half of it.
Put that down on the list of to do’s for How To.