In the 1980s, a lawyer friend and I started a real estate seminar business. We took out full-page ads and invited people to come to our office in the evening to hear about buying real estate with “no money down,” something my partner had had extraordinary success doing.
We charged $150 for the initial seminar, and at the end, invited attendees to sign up for our primary program, which required an investment of several thousand dollars.
This was during the real estate seminar boom, and we did extremely well.
One key to our success was offering a 100% money-back guarantee. At the end of the initial presentation, if they didn’t feel what we taught them was worth the cost, all they had to do was tell us they weren’t happy and we would refund the fee.
We had thousands of attendees and only a handful asked for their money back.
We also offered a guarantee on the primary program. If they did what we taught them to do to find properties and didn’t earn a profit of more than they paid for the program, we would likewise refund their investment.
Only one or two clients requested a refund.
The business worked because we were good at what we did and made things “risk-free” for our clients. They were satisfied or they paid nothing.
You might offer something similar in your law practice.
You might “guarantee” the first hour or two, or the initial document you prepare. Your clients are happy with your advice or your work or they pay nothing.
When prospective clients see you stand behind your work and there is no risk to them, when clients know they can hire you with total peace of mind, your bold and unique promise is likely to attract many clients who might otherwise hesitate to hire you.
Clearly, risk reversal won’t work for every law practice but it might be worth considering for yours.
