Tag Archive: fixed fee

Innovation Does Not Occur in a Year

Getting paid by the hour stresses us, according to Frank Partnoy. He says that "(i)nnovation doesn’t occur in a year or a quarter—and certainly not an hour. So why measure work in too-brief increments?"

This is a novel rationale for moving toward the fixed or flat fee billing concept and away from hourly billing. During the 25 years of my law practice, I remember how stressed I was, always seeking to make sure that I had accounted for my time … and correctly billing my clients. During the last 23 years of coaching and consulting …. and only flat/fixed fee billing, I’m focused on my clients’ condition and how I can improve it, not on how much time it takes me to do so. As Partnoy says, "Clocks and calendars are not going to change — so it is up to us to try to get off the clock, especially when we find ourselves watching it." (See Parnoy’s "Wait: The Art and Science of Delay.")