law firm

law firm

How to raise your legal fees and still win the business

5d ago
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http://www.howtomanageasmalllawfirm.com/ How to raise your legal fees and still win the business, okay, so here's how it works. First of all, get over the idea that the value of your services has anything to do with you, it doesn’t! The value of your services has nothing to do with you. The value of my services has nothing to do with me or what a great company I've built or the fact that we're the largest provider of outside managing partner services in the entire country or blah, blah, blah, blah, blah. The value of your services has everything to do with the value of your client. Your client values their life, than they value your legal services. Your legal services are designed to help your client make a profit, in other words, your legal services are designed to help your client go from a place that they don’t want to be in their life or their business or their predicament to a situation or a place that they prefer to be with their life or their business or their predicament to the extent that the client values the difference between where they are now and where they want to be. They value – that's how they value your legal services, right? And they value it in terms of their time, in terms of their money, in terms of their reputation. So if you get a client who doesn’t value their time very much, doesn’t value their reputation very much and doesn’t have a lot financially to gain or lose based on the outcome of the case or matter then you're never going to be able to raise your legal services, the price of your legal services. On the other hand, if you do smart strategic marketing and learn how to create a systematic process for interviewing prospective clients to find out where are they now, where do they want to be in terms of their time, their money, their reputation and help them see the value of that, and here's the key, then you sell them a solution where they can make a profit. If the client stands to gain $1000 and you offer them a solution for $1000 that doesn’t make any sense, you're never going to be able to sell that; it's always going to be hard for you. It's always going to be hard for them. On the other hand, if the solution is worth $1000 and because you get your shit together and manage your law firm like a real business so you can efficiently deliver a solution for only $250, well gee, you're going to sell me something that's worth $1000 to me and I only have to pay $250, you can do that all day long and then you can scale it to a $10,000 solution for $2500, $100,000 solution for $25,000, a million dollar solution for $250,000. These are numbers I'm just making up by way of illustration. The point is, get over the idea that the value of your services has anything to do with you. That's your ego talking. That's the ego of other lawyers who want to puff out their chest and brag about how great they are and that's why they get the fees that they get. That's not why they're getting the fees that they get; whether they're doing it consciously or unconsciously; a lot of them are doing it unconsciously. The clients are buying the opportunity to improve their situation and the clients are seeing that as getting money at a discount. They way you raise the value of your legal services, the way you raise your prices and still beat out all of the other lawyers in the market is taking the time, taking your ego, chucking it out the window, don’t bring it into the meeting with your prospective clients with you, and take the time to talk through, not to tell them, not to dictate to them, not to teach them but to talk through with your prospective clients where are they now in terms of their time and their money and their reputation; where would they prefer to be in terms of their time, their money, their reputation and how do they feel, what do they think, how do they value the difference between where they are now and where they want to be. I know this sounds simple and I'm repeating it ...