David Howard, Microsoft’s deputy general counsel, says that Microsoft “would benefit from moving further away from a transactional model to one that encouraged deeper engagement between our lawyers and key trusted advisers.”
I love this quote because it shows clearly the biggest problem with hourly billing: Knowing that your lawyer/accountant/consultant is always on the clock discourages deeper engagement and collaboration.
When you bill by the hour, you’re discouraging your client from communicating. And if they don’t talk to you on a regular basis, how can you stay on top of what’s going on in their business in order to be a successful advisor?
For this and more of the best links I clicked on last week, keep on scrolling.