If a prospective client says your fees are too high, they might be saying your fees are too high for them. If you hear this repeatedly, however, it might be time to figure out why and do something about it.
And I don’t mean lowering your fees.
The first thing to consider is the market, industry, or niche you’re targeting.
As a group, they might not have the income or cash flow to pay for legal services. They might be unsophisticated or unfamiliar with hiring attorneys, or how much attorneys charge. They may need your services, but be unwilling to pay for them.
There might be too much competition. Most prospects do at least some research before hiring an attorney, which means they’re not just looking at what you offer, they’re looking at what you offer and comparing that to what other attorneys promise.
In which case, target a different market.
On the other hand, it might not be the market, or not only the market, it might be your marketing that needs improving.
- You might need to give prospects more information about their problems and your solutions, or tell them why they should choose you to help them
- Your marketing might be too flashy and scare them, or it might be too boring and unmotivating
- Your image or branding might position you as low-priced (and you’re not)
- Your fee structure and how you present it might be too complex
- Your marketing might not show them enough benefits to justify your fees, or benefits they don’t care about
- Your marketing might be too aggressive, suggesting you need the business and aren’t that good or experienced or confident
- Conversely, your marketing might make it appear you don’t need their business, suggesting you won’t treat them well or work hard for them
- Your marketing may be generic instead of tailored to the market or prospects you are targeting
- Your marketing may be too similar to other lawyers in your market
- Your marketing may not tell prospects what to do to take the next step, or make it easy to do it
- Your marketing may say a lot but prove little, e.g., no testimonials, success stories, endorsements, awards.
And many more issues.
But these issues are fixable. And worth fixing.
Don’t lower fees. Either choose a different market or improve your marketing.
Or both.
