Summary
Expect to learn how to scale your pricing system by leveraging your comfort with familiar projects, utilizing existing templates as a starting point, incorporating your own thinking, collaborating with colleagues to gather diverse perspectives and then continuously learning and recalibrating as you progress, adjusting factors and base fees as needed.
3 Key Takeaways from this Video
- Leveraging familiarity: Draw upon your experience with familiar projects to establish a comfortable starting point for alternative fee arrangements.
- Collaborative approach: Engage with colleagues and seek different perspectives to enhance the understanding of value-based and input-based factors in pricing.
- Continuous learning and adaptation: Embrace a dynamic process of learning, recalibrating, and adjusting fees based on feedback and experiences with each project, while considering the potential benefits of forming a small group to generate positive energy and make pricing an integral part of your business.
Transcript
0:07 So there you are. You've just got on alt fee and how do you get started? So I think the first thing you do is you go to a project in your mind that you've done so many times that you feel incredibly comfortable with.
0:23 And then what you do is you go to the template that's already been built of a by alt fee, which is really based on tons of trial and error and expanding.
0:33 So it's a really, really good starting point. And you use that and then you take all that and do your own thinking on top of that.
0:42 So go and look at your history of doing those files. Is there anything that you've learned that's maybe not already caught in the template, both value based and input based collaborate with your group, people that you work with and from both the perilegals perspective and a lawyer's perspective
0:59 . Get as many as you can. Different perspectives as possible. Settle on it. Get going. Price your first project. And then learn, recalibrate.
1:10 Adjust the factors. Adjust base fees as you go forward. And then add the second project and then the third project.
1:17 I think one other thing that really is helpful is if you can build a small group to start with. Sometimes that's a great way to get started.
1:25 Maybe apparently going warrior that work a lot together. Get them both on or a team of four or five people.
1:31 Get them on and get them started create positive energy. And that will spill out to the rest of the firm.
1:38 Pricing becomes a component of your business. And if you're doing it by the hour, all you're really doing is you're just working and telling people what they owe.
1:49 But pricing, you move away from an hourly billing system to an AFA type system. Pricing becomes one of the tasks that you do.