Price is more than a number. It is part of how a lawyer communicates value to the customer. To unpack this principle, Jay Shepherd, an employment litigation attorney, compares how a customer perceives an hourly rate vs. a fixed price. He says knowledge instead of activity is more valuable to the customer. Value pricing enables the customer to purchase what he wants in a manner he truly enjoys.
Most professionals (accountant, lawyers, designers, developers) charge by the hour because that is how it has always been done. Jon Lax has done the research to explain why. In the early 1900s, an attorney at Boston Legal Aide asked MIT for assistance managing a backlog of cases. The result was the creation of the billable hour […]