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: Legal Blog Watch

Value Billing: Getting Paid for Knowing 'Where to Pound the Nail'

By Bruce Carton

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I have seen two posts recently on the topic of the value of one's work that I think are interesting in the context of the legal profession. Seth Godin argues here that there is a big difference between what people will pay for "hourly work" versus "linchpin work." He defines linchpin work as work performed by someone where there are no short term substitutes available. Godin writes that when there are available substitutes, you can put a value on someone's time based on what the market is paying. "If there are six podiatrists in town, and all can heal your foot, the going rate is based on their time and effort, not on the lifetime use of your foot," he states. "On the other hand, if there are no short term substitutes, then you don't pay what the market will bear, instead you pay what someone is worth. Big difference." Godin provides an example of a college professor of his who did engineering consulting and was asked to assist on a brand new office tower that had a brown stain coming through the drywall. The building's owners had exhausted all other possibilities and were a day away from tearing out...

Full post as published by Legal Blog Watch on June 24, 2010 (boomark / email).