5 ways to increase your income

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You probably know (most of) this, but you may not be doing most of it. Sometimes, it helps to have a list in front of you, so here you go:

1. Increase your fees

Many lawyers don’t charge what the market will bear. Increasing your fees is one of the simplest ways to increase your income. 

You may lose some clients along the way. If you don’t, you may not be increasing your fees enough.

The point isn’t how many clients you retain, however, it is how much you earn from the ones who stay and the new ones who come along who don’t know what you used to charge.

2. Increase your average “sale”

Raising your fees does this, of course. You can also do it by increasing the percentage of clients who hire you again, how frequently they do that, and by increasing the number of services the average client “buys”. 

You can also do this by bringing in bigger cases.

3. Bring in more new clients

Improving your marketing, increasing your ad spend, doing more marketing in more channels, will all help you bring more new clients to your door. 

If you also improve your website, follow-up processes, offers, sales skills, and the frequency with which you stay in touch with prospective clients, you will sign up more of them. 

4. Bring in better clients

You want clients who hire you more often, have lots of contacts they can refer or introduce you to, pay their bills on time, and let you do your work without micromanaging. 

How do you attract them? By targeting better target markets and/or ideal clients. Then, once you have them on board, getting them to refer people they know, who are likely to be a lot like themselves.

5. Decrease your overhead/marketing expenses

Building a referral-based practice will do this. So will lowering your cost per lead. You can also do it by improving your productivity, so you get more work done in less time and at lower cost. 

Which of these do you like best? Which ones will you work on first?

This can help you sort everything out

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