As legal departments transition into 2025, the focus is shifting from traditional billable hour models to Value-Based Pricing (VBP), which aligns fees with outcomes rather than time spent. This approach enhances efficiency, improves budget predictability, and fosters collaboration between in-house teams and outside counsel. A successful VBP rollout is rooted in change management, necessitating internal buy-in and active engagement from leadership to overcome the inherent resistance to adopting new practices. Legal departments embracing VBP report significant cost savings and enhanced service delivery through more efficient legal practices.
"Instead, it lies in fostering a change management culture that prioritizes efficiency, transparency, and alignment between legal departments and their partners."
"VBP flips this dynamic, creating partnerships by aligning incentives between the client and the firm."
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