Empowering Law Firm Leaders series helps SME firms recognise their value through value-based pricing
In this latest conversation with Osprey’s head of marketing Amy Bruce, Shaun Jardine — owner of Big Yellow Penguin and author of Ditch The Billable Hour! — shares his insights and expertise to help firms better communicate the value of their lawyers. He also reveals his top tips on how to win more new business and implement value-based pricing (VBP) to increase profitability across the firm
This third episode of Osprey’s Empowering Law Firm Leaders examines how legal leaders can reduce write-offs, improve work-life balance, and increase profitability. Shaun Jardine — owner of Big Yellow Penguin and author of Ditch The Billable Hour!, also shares his top three rules for running a successful modern law firm.
The conversation also covers:
- Why firms need to ditch the billable hour
- How to successfully implement value-based pricing (VBP)
- The role of the Pioneer Group in driving the VBP project
- How to manage failure
Jardine says: “When I ask lawyers what clients buy from them, they’ll often say, ‘my expertise’ and it’s not. They’re buying the outcome. If you give clients a choice of fixed prices, they’ll love you for it. So, the decision to ditch the billable hour is client-led.”
“With VBP, you get a three-way triangle of happiness: clients are happier with their options, lawyers are happier — key to the current battle for talent — and the business is more profitable.”
Watch the full interview with Shaun Jardine now to discover more advice and guidance on successfully implementing value-based pricing in your firm. Firms can get an exclusive look at Shaun’s eight-point plan for successfully implementing value-based pricing, which is outlined in his book.
Osprey’s Empowering Law Firm Leaders interview series follows the success of its ‘Build Better Habits’ webinars, and will take a critical look at the key topics that will empower leaders and teams to help make running a law firm easier. Over the coming weeks, Amy Bruce will be joined by other guests including Amy Bell, owner of Teal Compliance, and Simon Tupman, best-selling author and management consultant.
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