Horror stories like this are the main reason I only ever bill by the hour and invoice biweekly. Like, sure, I'll change things to meet requirements but I'm not going to work for free or go without pay for months. It's also much easier to fire bad clients or to stop working when an invoice goes unpaid for too long.
The only downside to this approach is when salaried subordinates don't understand this dynamic and rack up billable hours with useless meetings or busywork. Oftentimes when this happens management doesn't realize it until they get sticker shock from an invoice which is why I try to issue invoices frequently.
The only downside to this approach is when salaried subordinates don't understand this dynamic and rack up billable hours with useless meetings or busywork. Oftentimes when this happens management doesn't realize it until they get sticker shock from an invoice which is why I try to issue invoices frequently.