Now that you want to give flat fee billing a shot, how do you go about putting it into place in your firm and determining the prices?
Here’s a few pointers before we get into the details:
In the beginning, it’s good to compare your price to your hourly rate and how long everything is taking. Now take that number and increase it by 25%.
You want some breathing room because your data may be based off of bills where you cut hours to make it look more reasonable. Also, when you try to implement changes to make tasks more efficient, at first it will actually take longer before it becomes efficient.
Identify the client’s journey, determine all the steps. Now split it into definable phases. You can then make a flat fee for each phase or some of those phases you might want to do hourly. Putting it into separate phases allows for that mix.
Example for mixing flat fee and hourly:
You may set a flat fee for phase one and two, but phase three has too many variables to predict how long it will take, so that phase will be done hourly and have a retainer.
Don’t give up on implementing flat fee billing before it’s had enough time to actually show results. Try it for at least three to six months to see the improvements.
Push Through The Resistance and Start Implementing
Flat Fee Billing In Your Firm Today
P.S. It's a lot better if I can show you a real life example for your firm and honestly if you want to see how this can work for your firm and you want to have a chat with me about it, you can simply reach out to me, send me an email. My email address is [email protected] Just let me know the specifics that you are dealing with and we can hop on a call and have a chat about it. Also if you're comfortable with it, we can potentially even record it and use it for the podcast. Let people listen to it and learn from it as well.
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