Implementing a fixed-fee pricing model changes more than how a firm charges for it services, according to the head of a Western Australian firm.
Upon receiving an award this week for its adoption of a fixed-pricing model across all its practices, the managing director of Perth-based firm Bowen Buchbinder Vilensky (BBV) noted how fixed-fee pricing can completely change a firm's culture.
"It changes the whole culture of a law firm," said the firm's head, David Vilensky. "Client focus and collaboration internally have increased at the same rate as stress levels and anxiety about timesheets have declined. Our only regret about fixed-fee pricing is that we didn't do it a lot sooner."
International association Law Australasia awarded BBV its annual Pursuit of Excellence Award for 2011 in recognition of its adoption of fixed-fee pricing.
Decided last week at the Law Australasia conference held in Freycinet, Tasmania, the recipient of the award is chosen by the 18 independent firms from Australia and New Zealand which make up Law Australasia.
"BBV has gained considerable respect from its peers by its adoption of fixed-fee pricing across all practice areas," said Law Australasia chairman David Hughes. "While a lot of law firms talk about fixed-fixed pricing, BBV has actually done it. We commend them for being trailblazers in the profession and taking the lead in this important area."