Okay, I’m guessing. I’m guessing that you’re like many attorneys and you haven’t raised your fees for a long time, ostensibly because you’re afraid that if you do, you’ll lose clients.
Yes, some clients might leave. But most won’t. They won’t leave because it’s a pain in the behind to find another attorney and bring them up to speed, and they’re afraid they won’t find someone as good as you.
You do good work, and if it’s been awhile, you deserve a raise. Even just to keep up with inflation.
Your costs have increased. Rent, payroll, copies, taxes—it never ends, and if you don’t raise your rates to at least keep up with the cost of living, you’re falling behind.
Your clients are used to inflation right now so if you increase you fees, nobody will be surprised.
How do you go about it?
Should you increase your rates by a standard amount across the board, a set percentage for all clients? Should you increase the rates for some clients more than others? Should you do it all at once or in stages, over time?
I’ll bet questions like these that are part of the reason it’s been a while since your last increase.
Start by talking to your accountant or financial advisor. They can give you guidelines about how much of an increase is warranted, based on your numbers and also based on what other professionals they represent are doing.
The other question is what to tell your clients.
Yes, tell them. Don’t have the increase just show up on their bill and hope nobody notices. Be transparent. Tell them how much, when, and why. In plain language.
Don’t rant about how much your costs have increased, but do explain which of your costs has increased. Tell them you’ve absorbed the increases for a long time, but you can’t do that anymore.
They’ll understand. And appreciate that you’ve held the line for as long as you did.
But here’s the key. As much as possible, explain this to your clients “one on one” and not via a form letter.
They need to hear your voice and you need to hear theirs. If there are questions or issues, you’ll be able to address them without delay and with the respect they deserve.
