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Answer: i.e. Time-based and Value-based. (i) Time-based billing Time-based billing pre-supposes all information and knowledge is of equal value to all clients. It also discounted the value of research needed to satisfactorily discharge an assignment and the knowledge accumulated by the firm. (ii) Value-based billing Value-based billing takes cognizance of the knowledge and skills that a practitioner brought to bear on the assignment and the professional judgement that he was called upon to make. At the same time, the client who derived a certain value, be it functional value or emotional value, must be reflected by a fair and equitable fee payable.