One of the big mistakes that people who attempt value billing make is that they attempt to keep the bill down. Instead of providing value, their goal becomes doing less.
Value billing is not, under any scenario, about doing less. Value billing is about providing more value. In many instances, it may involve doing much more than a traditional hourly billing firm.
We are all aware that hourly firms sometimes just go through the motions. Because the emphasis is on billing an eight to ten-hour day, lawyers get lazy. They don’t stop and focus on what is important. They don’t have a sense of client goals or documented deliverables. We are all aware that many clients spend tens of thousands of dollars and yet achieve little if anything at the end of a case.
In contrast, a value billing approach ensures that the clients’ goals are fully documented at the beginning of the matter. Further, a return on investment matching those goals against the documented costs (preferably on a flat-fee basis) of the attorney’s services is analyzed at the outset. Sometimes, a value-biller will do more work and charge more money than an attorney simply going through the motions on an hourly basis. The difference is the end zone. A value-billing attorney knows exactly where the end zone is, understands the value that end zone provides to the client and gets the ball in the end zone at the end of the day.