A great deal of sense is talked by John Chisholm in this interview.
Charging by time has been a huge money spinner for BigLaw for all of my 30 year career. Clients hate it. It has also prevented law firms from getting creative about their fees, and from getting sophisticated in pricing their work. The model is long overdue for being binned.
NewLaw firms such as Halebury use innovative and flexible pricing models. Halebury has been recognised for its innovation by being shortlisted in the Strategic Resourcing category – FT Innovative Lawyer Awards 2015.
...... it s hard and scary to move away from the “we sell time” business model but it is a dying business model. Rather than wait for clients and external disruptors to kill it as will happen, as a profession we are better moving to a different business and pricing model ourselves. Clients love it and have absolutely no problem adapting to non time based billing especially value pricing. It is the lawyers that have the problem and we just need to get over it-experiment, take risks and learn what is best for you and your clients. There are now an incredible number of resources available out there to assist any lawyer who is serious about making a change to a multitude of non time based pricing models.