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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.")
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I think there's some truth to this article. I can think of a quote from my father that was, "Just do good work and the money will come."
It's not necessarily about how you charge your clients or the amount of money you make doing it. The fact of the matter is, if you love what you do, you never go to work a day in your life. That, combined with some economic laws (philosophy not legal), you will do well.