Hourly billing contains an inherent conflict between lawyers’ and clients’ self-interest, even for scrupulously honest lawyers. By training and, according to some studies, natural inclination, lawyers try to turn over every rock and eliminate any possible blind spot. Hourly billing permits them to indulge that inclination, in good faith, without restraint.
By contrast, if they had a fixed budget, they would accept that absolute thoroughness isn’t possible, and prioritize which risks posed the greatest threat and represented the greatest potential strategic, economic and operational impact to their clients. That’s how clients view business risk.
In RainmakerVT's course, "A Collaborative Approach to Pricing," you'll learn how to succeed in the new fixed-fee world by sharing the risk of estimate-accuracy with your client. (Oh, and it'll discredit competitors who try to get the work with low-ball estimates, too.)