Legal Billing That Doesn't Suck: Gwen Griggs' Innovative Pricing Model (Ep. 75)

In the latest episode of "The Lawyer Millionaire Podcast," host Darren Wurz sits down with Gwen Griggs, founder of Advos Pro and Advos Legal, to explore innovative strategies for law firm profitability and efficiency. This compelling discussion reveals how law firms can enhance client satisfaction and streamline operations by adopting a deliverables-based pricing model.

Key Takeaways from this episode:

1. The Importance of Upfront Investment for Long-Term Profitability

Gwen Griggs kicks off the conversation by emphasizing the critical role of upfront investments in ensuring long-term profitability for law firms. She points out that allocating resources efficiently from the start can pave the way for a more sustainable and profitable future. This strategic perspective helps law firm owners understand how proactive investments in technology and processes can yield significant dividends.

2. Leveraging Historical Data and Agile Thinking

Griggs delves into her strategy of setting a range of points for projects and using historical data to set expectations. By aligning her approach with agile thinking, she underscores the importance of iteration and adjustment based on new information. This adaptive mindset is essential for managing projects effectively in a dynamic legal environment.

3. Challenges in Predicting Scope and Managing Project Changes

One of the central challenges Griggs discusses is accurately predicting project scope and managing changes. Law firm owners often struggle with scope creep and unforeseen adjustments, which can derail even the best-planned projects. Griggs offers a practical solution through a points-based system for tracking projects and communicating with clients. This system not only helps in managing the budget but also brings transparency to the client relationship.

4. Streamlining and Automating Repeatable Tasks

To implement these strategies effectively, Griggs suggests law firms start with streamlining and automating repeatable tasks. Processes like onboarding can be automated to enhance efficiency and reduce administrative burden. By leveraging historical data, firms can set realistic expectations and milestones, driving both efficiency and profitability.

5. Transitioning from Billable Hours to Deliverables-Based Pricing

Griggs and Wurz discuss the limitations of the traditional billable hour model. Griggs highlights how this model misaligns with client goals and hinders deep relationships. In contrast, her deliverables-based pricing model offers predictability and control for clients while incentivizing the firm to employ technology and efficiencies. This approach has been successfully implemented in various practices, reducing administrative burdens and increasing profitability.

6. Encouraging Mindset Shifts for Effective Implementation

For law firms to fully embrace this model, a shift in mindset and processes is crucial. Griggs emphasizes that focusing on deliverables rather than billable hours fosters client satisfaction, a thriving team, and an enjoyable legal practice. The emphasis on agile scrum thinking and frequent client communication ensures that the firm remains aligned with client needs and expectations.

Conclusion

This enlightening episode of "The Lawyer Millionaire Podcast" highlights the transformative potential of Gwen Griggs' deliverables-based pricing model for law firms. By investing upfront, leveraging historical data, and shifting to a deliverables-focused approach, law firms can achieve long-term profitability and client satisfaction.

Resources:

• Book a Call with Darren

• The Lawyer Millionaire Founders Network

• The Lawyer Millionaire: The Complete Guide for Attorneys on Maximizing Wealth, Minimizing Taxes, and Retiring with Confidence by Darren Wurz

• LinkedIn: Darren P. Wurz

Connect with Gwen Griggs:

• Linkedin: Gwen Griggs

• Website: ADVOS Pro

• Website: P3 Method

• Website: ADVOS Legal

• Website: ADVOS Pro Resources

About our guest:

Gwen Griggs, co-founder of ADVOS legal and ADVOS Pro, has a background in Big Law and C-suite roles. In ADVOS legal, she and her partner built a new model, that – instead of hours - measures what matters to the client, team, and owner. (Click here for more about Gwen's legal experience.) With ADVOS Pro’s training and systems, they help other firms break up with the outdated billable hour model and begin measuring their worth in expertise and results. Gwen's superpowers are big-picture vision and client experience. At ADVOS Pro, she is leveraging her powers to transform the legal industry, so it delivers an incredible, fulfilling experience for lawyers and their clients.