Ron Baker, an expert on value-based billing and the founder of VeraSage Institute, a think tank dedicated to educating professionals about value-based billing, takes issue with the premise that “All men are created equal,” at least when it comes to potential clients.
Baker, the author of Pricing on Purpose, has long written about the need for value-based billing for professional services and suggests that professional service firms take a lesson from the airline industry. “Think of your firm as a Boeing 777, and work on your adaptive capacity,” Baker suggests. Price your services so that you have much more capacity for A & B clients – or – First Class and Full Fare passengers.
As more and more commoditized law is being sent overseas and as more clients are demanding to know in advance the price for work that will be performed, Baker’s ideas are no longer just ideas. If law firms want to thrive (not merely survive) in the years to come, they cannot afford to ignore Baker’s thoughtful analysis and prescriptions for change. Click here to read Baker’s entire article at verasage.com.