I’m guessing you charge around the same fees as other firms in your market that do what you do. You don’t charge less because you don’t want to look like a “discount” firm or reduce revenue and profit, and you don’t charge more because you don’t want to be undercut and lose business.
Something like that?
If that works for you, fine. But what if there was a way you could charge more than your competition without losing business? What if you could charge more and actually bring in more business, not less?
That’s not crazy talk. It’s business.
The secret to getting more cases and clients and higher fees than your competition is to offer more value than your competition.
But how? You basically do the same things they do. Offer the same services, deliver the same outcomes, and if that’s not literally true, that’s what clients think. So, what’s the secret? How can you charge more?
By telling a different story.
Their story is about the law, services they offer, problems they solve, their experience and capabilities. That’s obviously important and it should be a part of your story as well.
But your story should differentiate yourself from these other firms by doing something they don’t do, or say they do.
Specialize.
Focus your efforts on a niche or segment of the market, a type of client or case, problem or solution.
Other firms might be “full service”; you might specialize in litigation. Other lawyers might repesent clients of all sizes and shapes; you might specialize in small businesses. Other firms might represent clients who need advice about raising capital; you might specialize in advising the principles of start-ups, real estate developers, or clients with business in other countries.
The actual specialty isn’t the issue. Choose a niche, a market, an industry, or other segment of the market, and own it. Choose something you’re good at and enjoy, and make it a part of your story.
And yes, you can have more than one specialty. I built a successful practice targeting a few different niche markets and it was enough to sustain me for many years.
But pick something. Specialize.
When you specialize, you cease being defined only by your practice area or services. You develop a reputation in your market. Marketing is easier, less time consuming, and delivers better results.
You get more clients, more repeat business and referrals, and you don’t have to work as hard to get them.
Because you are no longer a commodity, offering the same services offered by dozens of other lawyers. You specialize and are more valuable to your clients who prefer you and are willing to pay more for your services.
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