A few weeks ago, I asked over 8000 subscribers (lawyers) to our weekly Law Business Mentors Newsletter: “Why are you charging less than what you’re really worth?”
Here’s what we got back:
51% – are afraid their prospects won’t engage if they charge more.
15% – don’t see how they can charge more in the field they are in.
14% – can’t because their fees are set by the firm they work for.
10% – don’t believe what they offer is worth more than what they’re charging.
9% – are still billing hourly, and hate nickel-and-dime invoicing.
Interesting results. More than half of you are holding yourselves back because you are afraid.
I don’t want to minimize the challenges facing the other 49%, but for this post I want to focus solely on the 51% that are forfeiting their right to the practice, lifestyle, and impact they want due to fear.
The truth is, you provide an incredibly valuable service in your community. If you don’t feel that way, the problem is either your mindset and/or the way you are packaging your services (likely both).
A lawyer who can honestly feel the value of what they provide, clearly communicate that value to their clients, and ask for what they are worth based on the return they know their clients’ investment will get them, should be able to command fees more than double the industry average.
Are you ready to see those kinds of results in your own life and practice? Well, let’s get to work on your mindset:
“No one is willing to pay that much for just ____________.”
“All I’m doing is _____________. It’s barely worth what I’m already charging them.”
“If I increase my fees, they’ll just find the same thing cheaper somewhere else.”
Have any of these thoughts crossed your mind a time or two? If they have, shame on you. You’re not ‘just’ doing “anything”. You’ve either got to change what it is that you’re offering to something that you can be proud to offer, something that you can leave the office everyday feeling accomplished, fulfilled and happy to have given the world…
OR you’ve got to wake up and really wrap your head around the awesomeness you already provide to your clients.
Sure, they can get a cheaper Will somewhere else… hell, they can get one for next to nothing online. So what. They aren’t going to find YOU anywhere else. They aren’t going to get the service you provide the way that you provide it anywhere but your firm. That has to make you feel a little confident and a little badass (provided you are providing a great service).
If you’re NOT providing a great service that you can be happy and fulfilled by, it may be time to consider to the New Law Business Model.
Now that that’s in order, it’s time to address the issue of how to correctly package and sell your services: It all starts with a decision.
Either you’re already enrolled in one of our programs and are taking steps towards building the firm of you dreams that deeply serves you, your clients, and your community (if this is you, kudos), -OR- You’re considering enrolling. (If this is you, do it!)
You can have the best products and services around, but without the know how to properly communicate that value in a easily digestible way to your prospects, few to none are ever going to convert to happily paying clients.
What you need is a properly designed Fee Schedule that lies out exactly what you have to offer and what it’s worth. This way, your clients will actually choose what they’re willing to pay and they’ll not only be WILLING to pay it, they’ll be THRILLED to pay it.