I buy a lot of books. I also download a lot of free Kindle books. Many free books are excellent. Most are not. And since you “pay” for books not just with money but with the time it takes to read them, paid books are usually a better value.
There are exceptions. Some great books are free because they are on a promotion. Some paid books are over-priced because you’re paying a premium for the author’s celebrity or the higher costs associated with being published by a major publisher.
But when it comes to books, you generally get what you pay for.
How about when it comes to hiring a lawyer?
Many clients believe that better lawyers charge higher fees because they’re better lawyers. They have more experience, greater skills, and deliver better results. Clients are willing to pay more for that experience and those results, and fear they won’t get them if they hire a lawyer who charges (a lot) less.
Sure, many clients don’t appreciate this distinction and will opt for the lowest fees. But unless you operate a “discount” law firm (and you shouldn’t), you should avoid these kinds of clients.
Some lawyers take advantage of the “perceived value” concept and charge more than they’re worth. But I find that more lawyers charge less than they’re worth, less than the market will bear.
Most lawyers don’t raise their fees, or raise them high enough or often enough, fearing they won’t be able to compete. When most of your competition does the same thing, it drags down everyone’s fees.
Most lawyers charge what other lawyers charge because they’re doing what everyone else does. They offer the same services and do nothing to give clients a reason to choose them instead of their competition.
Show prospective clients that you are better or different and you won’t have any competition. You’ll be able to charge what you’re worth.
It’s called differentiation and it’s the key to marketing your services.