When it comes to setting your fees, you have three options. The first option is to charge fees based on what you want to be paid, which may or may not be the amount you are worth.
When you do that, many clients think you charge “too much” or you charge more than they can comfortably pay and don’t hire you or, if they do, don’t return.
Obviously, charging more than clients think you’re worth isn’t the best way to build a successful practice.
The second option is to adopt a fee schedule that most attorneys and clients would say is fair and reasonable. You ask for fees consistent with the benefits you promise and deliver, consistent with your level of experience, your reputation, and other factors commonly associated with being a “good” lawyer.
You’re paid what you’re worth. This is what most attorneys do and, over time, it is usually sufficient to provide a good income.
But not always.
You still have competition, maybe a lot of it, and still need to work hard to differentiate yourself, generate leads, cover your overhead, and bring in enough business to provide you with the income and lifestyle you desire.
There is a third option and it’s the one I recommend.
Instead of charging what other lawyers charge, or charging less than you deserve to remain competitive, set your fees higher than most of your competition and… give clients more value than they pay for.
Charge more but give more.
When you do that, good things happen. You get hired instead of your “ordinary” competition. You attract better clients, get more repeat business and referrals, and earn more than other attorneys in your field.
Clients will choose you instead of your competition. They’ll pay you more, respect you more, appreciate you more.
They know you charge more than other lawyers but believe you’re worth it. Because you are.
You’re free to do your best work, don’t feel rushed, never feel the need to justify your fees, and consistently attract all the business your can handle.
Give clients more than they expect and pay for. That’s how you build a successful practice and the lifestyle that goes with it.
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