Most lawyer’s fees are too low. They don’t want to scare off any clients so they quote a rate they think is in the ballpark of what other lawyers charge. As a result, they charge less than they could.

You’re not like other lawyers. You’re different. Better. You offer more and you can charge more. At least I hope you feel that way and can back it up (or are working to get there).

Charging what other lawyers charge isn’t a good strategy anyway because most clients don’t price shop. Price is not at the top of their list of criteria. Trust, responsiveness, availability, and added service are all far more important. And clients who are aware of what other lawyers charge will still hire you if you charge more, but only if you’re worth it. So be worth it.

Okay, so you’re worth more and you raise your fees. You may get some resistance. That’s to be expected. In fact, if you don’t get any resistance you’re probably still not charging enough.

If you owned an apartment building and had zero vacancies for an extended period of time, barring other problems, you would know that your rents are too low. If you raise the rents and your vacancies get too high, your profits will suffer. And so you adjust your rents until you find the right balance. There’s a sweet spot for apartment vacancy rates, probably in the 3-10% range depending on location and other market factors. Smart apartment owners continually adjust their rents to stay in that range and maximize their profits. You need to do something similar.

If you raise your fees and lose some clients that’s okay too, so long as you replace them with clients who are willing to pay the higher fees. The hard part is losing clients before the higher-paying clients show up. Be bold. Take a chance. Make room for some new, higher-paying clients. You’re worth it, remember?