A common question law firm owners ask themselves is how do I raise my legal fees and still win the business. Here is 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 anything like that. The value of your services has everything to do with the value of your client. Your client values their life, then 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 to a situation or a place that they prefer. Your services will make such a difference to your client and change their situation that they will truly value your services.
Clients value your legal services in several different aspects that help growing your law practice. They value it in terms of their time, in terms of their money, in terms of their reputation. 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 then it will be difficult to raise 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 what they value then you are more likely to have a better outcome. 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 and 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. In reality, these lawyer’s talents do not have much to do with it.
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 takes time. Take your ego, chuck 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 your prospective client’s situation.
I know this sounds simple and I’m repeating it again and again for you but I do this solely because this is exactly how you sell millions of dollars worth of legal services and make yourself as well as your clients feel great about it and your Following these steps is how you raise the price of your legal services and still get all of the business.
There’s no reason to delay the life you want to live.
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