Do clients or prospects ever tell you your fees are too high? They hire you once but don’t return because they don’t believe they’re ‘getting their money’s worth”. Or they talk to you but don’t sign up because they think you charge too much?
It’s one thing when a client doesn’t hire you because they can’t afford you. It’s quite another when they think you charge more than you’re worth.
Charging more than clients think you’re worth obviously isn’t good for business. But neither is charging less than you’re worth. If your fees are lower than what other lawyers in your market charge, clients wonder why. Aren’t you as good as your compeition?
Fees that are (perceived as) too high or too low can scare away clients and inhibit repeat business and referrals.
So, what’s the sweet spot? How much is enough but not too much?
In my view, you want clients to think you charge (a bit) more than most lawyers in your field and market “but you’re worth it”.
Your goal is to figure out how much service or value you need to deliver to make clients think you’re worth somewhat higher fees, without under-valuing yourself.
First, don’t deny that your fees are at or near the higher end of the fee spectrum, and don’t try to explain or defend them. Many clients, certainly the better ones, won’t be deterred by your somewhat higher fees and may even choose you because of them.
Higher fees suggest you’re you’re good at your job, and know it. Your other clients pay those fees and must do so because you have more experience, deliver better outcomes and better service.
You charge more because you’re worth more.
That’s the posture you want. But don’t “tell” them these things, show them.
One thing you can do is use sound bites in your marketing and presentation that succinctly tell people the value of what you do.
For example, “I help [companies/people] solve [types of problems, issues] and/or achieve goals or outcomes] and avoid [pain, secondary problems, delays, etc.] “
Frame your services and value in a way that conveys the benefits your clients want and need, and that you deliver.
And prove it. Provide success stories and testimonials that illustrate the value of what you do.
That’s the simplest and most effective way to prove your value.
Ideally, though, you won’t have to say anything. If most of your new clients come from referrals, the credibility of the referring clients and professionals will do most of the talking for you.
