Summary
Expect to learn how to leverage your comfort with familiar projects, utilize the template's provided, and incorporate your own thinking, drawing from your past experiences and collaborating with colleagues to set the foundation for pricing.
3 Key Takeaways from this Video
- Utilize familiarity and templates: Leverage past experience and the provided AltFee template to establish a pricing foundation.
- Embrace continuous learning and adaptation: Adjust factors and base fees based on feedback and insights from previous projects.
- Build a collaborative pricing culture: Initiate the transition to alternative fee arrangements by forming a small group and integrating pricing as an integral part of the business model.
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 AltFee, 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 paralegal's perspective and a lawyer's perspective, get as many different perspectives as possible.
1:03 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 a paralegal and lawyer 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.