You can read the following comments from real people in real agencies and draw your own conclusions about the tyranny of billable time.
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The U.S. Army has a policy of doing After Action Reviews (AAR), which take place after every training event. The Army has a saying they never want to build the same bridge twice. Professional knowledge firms should adopt that same practice at the end of every major assignment or client relationship. This is a particularly useful practice if your firm has a Chief Value Officer or Value Council.
Some of the biggest stars take the biggest risks when it comes to compensation by taking a percent of the box office. A good film makes more than a bad film, and the leading actors get paid accordingly.