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I'm in BL right now but worked at a firm before law school with this fee structure. I agree it's better than billables because you can focus more on the quality of work and your efficiency rather than working as many hours as possible. Still was stressful trying to get paid, though.
Get your money up front. All I have to add, which isn’t much.
No payment plans. Would rather do a lower fee to get it up front. Or client can finance it themselves. I’m not a 0% interest lender.
My husband works on contingency. No billable hours is an upside, but the downside is sometimes you don't get paid anything at all.