More Partner Income - All Comments

Catching up with Law Firm Apprenticeship Programs

More Partner Income — Tue, 15 Jun 2010 20:24:33 GMT

Law.com recently published an interesting follow-up to a topic we discussed on the blog almost a year

re: The Gap Between Theory and Application of Alternative Fee Arrangements

Ron Baker — Tue, 23 Mar 2010 04:53:19 GMT

Derek,

There is nothing more practical than a good theory. Theory keeps airplanes in the air and buildings and bridges from crashing down around us.

The billable hour is also a theory, it's just suboptimal, for both customers and law firms.

I'm not sure what you're reading, but I've written 5 books on both the theory and practice of Value Pricing, and our Website is full of practical strategies to help firms implement.

One of the problems is firms are looking for a checklist or a formula, but there's no such thing. All value is subjective, which means there's no formula. Knowing your historical costs is not the issue. If it were, certainly the 8+ decades of time and billing information would answer that question. Firms aren't going to become better prices by being more accurate cost accountants. Costs look inside; value is always outside the firm--in the heart and mind of the customer.

This isn't a piece of Ikea furniture that comes with a step-by-step instruction sheet. It requires judgment, discernment, wisdom, and the correct theory. Without the right theory, no matter how practical you are, you'll get it wrong. This is why the billable hour doesn't work--it's the wrong theory.

It's not the practical aspects that prevent firms from changing, it's mostly fear and risk-adversion. We at VeraSage have helped thousands of firms kill the billable hour and timesheets, across all professional sectors. Not only does the firm reap the benefits, but so does the customer, and the wider profession.

Regards,

Ron Baker, Founder

VeraSage Institute

www.verasge.com

Twitter @ronaldbaker

Around the Web - Business Intelligence

More Partner Income — Wed, 10 Mar 2010 19:11:44 GMT

Redwood's BI solution was recently mentioned in an article on Silicon.com called " Five things

re: Alternative Fees – Trouble Brewing?

MichelleStPierre — Thu, 18 Feb 2010 18:27:45 GMT

To firms getting started with offering fixed fee and success fee deals to their clients, I would direct you to my colleague Russ's previous post on Finding Success with Fixed Fees.

www.lexisnexis.com/.../know-your-alternatives-the-fixed-fee-setting-yourself-up-for-success-part-2.aspx

re: Business Management Strategies Migrate to BigLaw

industry financial ratios — Tue, 15 Dec 2009 12:54:08 GMT

That is really very good article. I am glad to know. Thanks!

re: Business Management Strategies Migrate to BigLaw

Business coaching tools — Tue, 15 Dec 2009 12:53:27 GMT

Thanks for such a nice blog post....i was searching for something like that.

re: Key Performance Indicators

sjharf — Sat, 21 Nov 2009 01:59:24 GMT

how do this factors apply to partner compensation and which deserve more consideration

Leverage - The 2009 Scenario

More Partner Income — Fri, 20 Nov 2009 19:09:47 GMT

Four times per year we host the Redwood Forum, which is a chance for Redwood users to get together online

Know Your Alternatives: Another Week – Another Conference

More Partner Income — Fri, 13 Nov 2009 19:22:18 GMT

As I mentioned last week, there is no doubt that alternative arrangements are the hottest topic this

Know Your Alternatives: Capped vs. Fixed Fees

More Partner Income — Mon, 02 Nov 2009 15:53:05 GMT

In previous posts I have referred to my preference to the fixed fee arrangement . In addition I have

Know Your Alternatives: Capped vs. Fixed Fees

More Partner Income — Wed, 28 Oct 2009 17:24:55 GMT

In previous posts I have referred to my preference to the fixed fee arrangement . In addition I have

Thoughts on the ACC/Serengeti Managing Outside Counsel Survey

More Partner Income — Thu, 22 Oct 2009 18:23:04 GMT

The 2 009 ACC/Serengeti Managing Outside Counsel Survey , as reported at Association of Corporate Counsel's

Thoughts on the ACC/Serengeti Managing Outside Counsel Survey

More Partner Income — Thu, 22 Oct 2009 18:23:03 GMT

The 2 009 ACC/Serengeti Managing Outside Counsel Survey , as reported at Association of Corporate Counsel's

Thoughts on the ACC/Serengeti Managing Outside Counsel Survey

More Partner Income — Thu, 22 Oct 2009 18:23:00 GMT

The 2 009 ACC/Serengeti Managing Outside Counsel Survey , as reported at Association of Corporate Counsel's

Thoughts on the ACC/Serengeti Managing Outside Counsel Survey

More Partner Income — Thu, 22 Oct 2009 18:22:58 GMT

The 2 009 ACC/Serengeti Managing Outside Counsel Survey , as reported at Association of Corporate Counsel's