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Arthur C. Clarke famously said that "any sufficiently advanced technology technology is indistinguishable from magic." Does this adage — known as Clarke's Third Law — apply to pricing legal services?
Value pricing saves clients money, by eliminating the built-in waste that comes from billable hours. On the other hand, value pricing can easily make professionals more money, by allow for premium pricing, differential pricing, and charging extra for the certainty that fixed prices bring (think fixed-rate mortgages, which have higher rates than adjustable-rate mortgages).
Wait ... what's that? Clients pay less, but professionals make more? Sounds a lot like magic. Maybe you wouldn't consider value pricing to be a technology, but it certainly fits Clarke's definition of magic.
What do you think? Is it magic, or just sleight of hand? Please add your comment below.