The formula is simple: to earn more, you have to bring in more clients (and/or more work from existing clients), reduce overhead, or increase your fees.
You get the part about improving your marketing and bringing in more business, and you’re working on that. You’re also keeping an eye on overhead. But you’re not considering increasing your fees.
Especially now when money is so tight for so many.
Maybe you should.
If you suspect you’re not charging enough based on inflation and increased overhead, and what other attorneys charge, maybe it’s time to think about increasing your fees.
I know, you’re afraid you might lose some clients who can no longer afford you. So, don’t do it—yet. Don’t increase your fees to existing clients until you bring in new clients at a higher rate.
There, you have a plan.
Well, almost. You still need to figure out how to justify higher fees for new clients.
The answer is in the question. You “justify” higher fees by offering more value for what you charge.
Want some good news? A big part of value is perception. If people think you’re worth more, you are. Which means you can increase your value by doing a better job of communicating that value.
For starters, don’t hide the fact that you cost more. Lead with it. Tell your market you’re more expensive. You cost more because your clients get more. You get things done faster, with less risk, and better outcomes.
Which is what clients want. (If they don’t, they’re price shoppers and you’re not the lawyer for them).
So yes, tell them you’re worth more and tell them why—your experience, knowledge, training, connections, methods, staff, work ethic, and philosophies.
And then prove it with testimonials, reviews, and a track record that speaks to that value.
One more thing. Focus your marketing on referrals, the hallmark of a high-quality firm.
How to get more referrals
