How much should you charge for your services? Well, how much are your services worth?
You don’t want to charge less than what you’re worth. That’s not fair to you or your kids.
But you can’t charge more than you’re worth because that’s not fair to your clients (or sustainable).
When it comes to fees, follow The Goldilocks Rule: Not Too Hot, Not Too Cold (but how much is ‘just right’?)
Well, you have to consider:
- The size and complexity of the problem or goal
- Clients’ willingness to pay to solve that problem or achieve that goal
- Clients’ ability to pay
- Urgency (deadlines, risks, pain, associated problems)
- Your experience and reputation
- The clients’ sophistication and experience in working with lawyers
- How much other lawyers charge
- The economy
- And other factors
Yeah, it’s complicated. You can’t figure this out with a spreadsheet. So, let the market give you the answer.
It starts with you. How much do you want? Quote a fee and see what clients are willing to pay.
Willing buyer, willing seller.
If most clients complain or try to negotiate, if they hire you once and never again, you may be asking more than your services are (or appear to be) worth.
If most clients pay without blinking, however, you may be asking less than you could. A common affliction among our kind.
But if most clients pay what you ask, readily hire you again and refer others, your fees are probably about right.
But that doesn’t mean you should set them and forget them.
Over time, your kids (and creditors) want you to increase your fees and continue doing that until the market tells you no more.
But that’s not necessarily the last word on the subject.
If you want to increase your fees but the market says “too much,” you have three options:
- Add more value so more clients are willing to pay more
- Improve your marketing and salesmanship and increase the perceived value of your services
- Target a different market
The market tells you how much you can charge. But you have to ask. And listen.
The lawyers’ guide to stress-free billing and collection
