Since 1994 I have been advocating that professional knowledge firms (accountants, lawyers, coaches, recruiters, consultants, and alike) need to abandon hourly rates and embrace value-pricing methods.
I understand that some of my followers and clients, who are yet to test-drive my ideas, are rolling their eyes saying, “Ric is on his soapbox, again.”
A member of my Private Client’s Mentoring & Coaching Program sent me the link to this article on the Wharton website from 2009.
Fundamental characteristics of the legal industry are also being called into question, including fees based on billable hours and the partnership structure of law firms.
Even though this is written for the legal profession, the intent and premise of the article crosses over all professional knowledge disciplines.
When you are ready to explore the implementation of smarter more effective pricing strategies in your firm, give me a call. We’re here to help.