Month Musings Edition #6

“Legal Iconoclast - a person who destroys images and opposes their veneration.?A person who attacks settled belief or institution”

Hello everyone,?

For my sixth ‘Monthly Musings’ edition, I’d like to share some of the insights I learned?at the Legal Iconoclasts Expo which happened in early September. ?

Before I delve into my learnings, however, here is a quick recap of what happened at the Expo.

The Legal Iconoclast Expo #1

Expertly organised by Shaun Jardine , John Chisholm and Scott Simmons , I was invited to facilitate two sessions, the first with the amazing Scott Simmons from Legal Balance Institute on 'selling in the legal profession' (where we focused on outbound selling and why more lawyers should be doing it), and the second with the fantastic Jacqueline Brown from Lynn & Brown Lawyers where we discussed 'value-pricing in action’.?During this session, Jacqui generously shared her experience on how Lynn & Brown Lawyers transitioned from billable hours to value pricing, including how they price and how they structure their pricing proposals to clients.?

Pricing legend John Chisholm presented on 'understanding what clients really buy’, and John was so passionate in his 'call to arms' for more lawyers to turn away from the billable hour, he brought tears to my eyes! ?

Shaun Jardine from Big Yellow Penguin presented on 'implementing value-based pricing in a law firm’.?Shaun’s session was jam packed with so much practical and valuable information on how to implement a value based pricing model into your law firm.?Shaun even provided a 'checklist' that law firms could follow when embarking on their value pricing journey.

?The Expo also featured special guest appearances by pricing legends Ron Baker , Paul Dunn and Tim Williams ! It really was an incredible event!

My learnings and insights

Through Legally Yours , I’ve been lucky enough to learn about alternative pricing models from some of the best pricing experts in the legal industry (John Chisholm, Liz Harris and David Wells just to name a few!).?I’m also often asked to moderate discussions on this topic or share information about the incredible law firms who offer fixed pricing through our Legally Yours marketplace.

However, I was completely blown away by what was discussed at the Legal Iconoclasts Expo, particularly the insights shared by Jacqueline Brown from Lynn and Brown Lawyers. ?

What really resonated with me was the overwhelming sense of freedom that Jacqui described when she talked about making the transition away from selling time and implementing value pricing.?

Jacqui described it as ‘not just a pricing model change, but a complete transformation’ in the whole culture of the law firm, resulting in an environment of creativity, curiosity and collaboration throughout the entire law firm.?

Jacqui described the process as an evolution that enabled her to ‘fall back in love with the law again’, reinvigorating her passion for family law and reigniting her purpose of why she originally wanted to become a lawyer - to help her clients.

Jacqui openly shared examples of Lynn & Brown's 'Pricing Proposals' and discussed their pricing process and options.?I could feel the sense of joy and pride that the Lynn and Brown team had when creating pricing options for their clients.

I think so often when we talk about 'alternative pricing models' in the law, we focus on profitability and the business case for clients for the transformation. However, whilst these are obviously very important, I believe that the legal profession also needs to understand the cultural and personal benefits this transformation can have on everyone within a law firm, particularly as the industry is facing the very real challenges of talent acquisition shortages and lawyers 'quietly quitting'.

My Key Learnings?

• Implementing value-based pricing into your law firm is not a pricing change but a business model change
• It’s not easy, but once you are have shifted your mindset away from time, and focus it on value, the transformation can begin
• The benefits of transitioning away from a billable hour model are more than just monetary.?A radical change in law firm culture occurs, fostering greater creativity, curiosity and collaboration.?An overwhelming sense of freedom is created in the way lawyers deliver their legal services, enabling them to reinvigorate their love of the law and return back to their original vocation as to why they wanted to practice law - to help people.
• Immersing yourself in the value-pricing community is key to creating the confidence to start your business model change, and motivate you to continue on the innovative pricing pathway.?Reaching out to lawyers who have already transitioned or are already on the pricing transformation journey, such as Jacqueline Brown, Melissa Lyon from Hive Legal , Rahul Kumar from Allied Legal , Barry Berger and Leon Berger from dignity.edr | dignity.legal , Helen Allard from Clearpoint Legal (to name just a few) will be your key to success.?You don’t have to reinvent the wheel, but you do have to understand what value means to you, your law firm and your clients.?It is personal and unique to you!
• Value pricing is an art form, not a mathematical equation.?Every law firm will implement and deliver it in their own unique way, so having experts (like Scott, John and Shaun) to guide you on the right path is key!

Do you have what it takes to become an Iconoclast??To join this amazing global community, head to the #LegalIconoclasts LinkedIn Group at https://www.dhirubhai.net/groups/12637001/

Do you want to join a legal community full of lawyers and legal professionals delivering legal services differently??Find your Progressive Law Tribe today by join Legally Yours - https://legallyyours.com.au/become-a-member

Thank you for reading my ‘Monthly Musings’ for October!?I look forward to sharing more of my insights and learnings about legal technology and the progressive legal industry with you all next month. ?