Do you know people who get paid by the hour? Lots of ’em. Me too!
How goofy! For time is a reflection of input, NOT output. It merely reflects time devoted or energy expended. And not results produced or outcomes achieved.
Plus, if one is an “hourly- biller”—it’s in their best interests to spend more time on a project, so they can earn more money!
If you’ve heard me speak before, you know I’m an ardent advocate of value-billing. Plain and simple, if you deliver, you get paid. If you don’t, you may get nothing. That’s right. Nada. Bupkus. Zip.
People should be compensated for their positive impact upon an individual’s success or a company’s growth.
Fred Bartlit, an extremely successful attorney—knows the value of results. Plus, he’s known for his innovative legal billing methods. Typically, most lawyers and their firms bill by the hour.
When it comes to revenue, attorneys acknowledge—the billable hour is the deity. (Many law firms, have billable hour minimums between 1,700 to 2,300 hours annually.)
However, Bartlit will charge a flat-rate fee versus the usual hourly charge. And his firm has even negotiated fees that are only 60% of the hourly rate—if it loses. Yet, when they win, they can earn as much as 150% of their hourly rate. Bartlit says, “If we get results, we are a bargain!”
How do you bill for your services, talent and expertise? And perhaps more important, how do you pay?
Invest in results!