[IMGCAP(1)]You may think that I’ve talked this topic to death, but with the slow rate of change in the profession, consistent reminders are necessary.
In short, the time has come to transform old ways of doing business into efficient, innovative, culture-rich practices—the way of the “new firm.” Best practices such as going paperless and value pricing are essential to success, no matter the size of the firm. I recently witnessed a “rebirth” of sorts of a large firm—offering the perfect example for this post.
Just a few weeks back, I was invited to a party at Corbett, Duncan and Hublys (CDH), a large firm with about 60 employees. The invite, more specifically, was for a “Time Sheet Burning” party: a symbolic ritual to denote the firm’s move to value pricing. While other large firms are still holding on to the belief that value pricing isn’t a good fit, CDH understands that it is the way of the today’s leading firms and smart practice management.
Value pricing allows CDH to ditch time sheets and the hassle of tracking hours. But more importantly, it supports a pricing model that is based on the value of the service—not the amount of hours put into it. I truly hope that this is a trend…and that I get invited to more parties like this!
To give a bit more background, the firm started their transition over a year ago, ensuring that they had the proper solutions and practices in place first. Today, the final leg of the transition is in effect. They’ve notified clients of the change and are standing behind it. They are also communicating clearly with clients about the necessity of the transition, expressing that, “We believe difference makers inspire, innovate and improve our world. Those who choose to make a difference achieve more together. How can we work together to make a positive impact.”
CDH has invited their clients on the journey with them—and this is key, as it enhances the client-firm relationship. And while some of CDH’s clients may not be a good fit for the new model, the good news is that, moving forward, the firm will onboard only clients that are a fit with the firm’s new way of doing business. And that means building the ideal client base.
For firms embracing positive change like value pricing: kudos to you! To those who are not, I say: it’s time to party!