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Credibility of value-billing as a ‘better business model can no longer be ignored’

The “value-billing movement” is finally gaining traction, and young lawyers must seize the moment and demand working structures better aligned with holistic wellness needs, says one practitioner.

user iconJerome Doraisamy 28 February 2020 SME Law
Peta Gray
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Peta Gray used to believe that arguments about the tangential impact of one’s wellness upon their workflow were “motherhood statements”, and that at the end of the day, wellness didn’t matter so long as one got the work done.

What she has since learned, she recounted, is that “the results are in fact so incredibly tangible, both in terms of increased revenue and job satisfaction”.

Nowadays, Ms Gray – the principal legal director of Toowoomba-based firm Enterprise Legal, and winner of last year’s Wellness Advocate of the Year category at the 30 Under 30 Awards – argues in favour of the “retirement” of six-minute unit billing in favour of value billing.

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“There has been a lot of commentary around this recently and I believe this is because the value-billing movement is finally gaining traction, as its credibility as a better business model can simply no longer be ignored,” she said.

“The reason behind this position (other than the obvious benefits to clients) is because our firm strongly wants to disengage with the negative impacts that time-based billing has on practitioners’ (particularly junior practitioners’) wellbeing.”

Value billing is crucial, Ms Gray continued, given how demanding and draining legal practice can be – both in terms of time and mental energy.

“Obviously, no-one performs to their optimum if they are constantly suffering from crippling stress and fatigue. By ensuring my own ‘level of wellness’ is at a comfortable level most of the time, I produce far better results for my clients and am a far better boss for my staff,” she said.

While firms need to be putting in place billing methods that are more in line with the holistic needs of staff, Ms Gray said, wellness remains a concept that is “largely [pooh-poohed]” by the broader profession.

As a result, she submitted, it is up to the emerging generation of lawyers to lead from the front if meaningful, substantive change is to occur.

It is also extremely powerful for young lawyers to realise that they will be better lawyers if they ensure that they are ‘well’ – it’s a critical piece of the equation for being ‘the best lawyer that you can be’,” she said.

“Just like we all need access to technology to practice the law successfully, we all need to be ‘well’ in ourselves to get the best results for our clients.”

Furthermore, young lawyers should stay strong in their view that wellness is important, she stressed.

“Plenty of firms and other lawyers will try to dissuade you from thinking it is important, but certainly my experience has been that I have experienced more professional progression in the last two years since being a ‘wellness advocate’ than I did in the preceding eight, where I ‘toed the traditional line’,” she said.

“Young lawyers should also support each other, as there is power in numbers. If every graduate out there refused to work 70-hour weeks, then firms would have no choice but to stop thinking that this was a reasonable expectation!”

 

To keep up to date with the latest wellness needs in the boutique law space, attend the Boutique Law Summit 2020. Secure your ticket here.

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