Why Did You Undercharge that Client?
I ask my estate planning attorney colleagues a simple question that resonates – “Why did you undercharge that client?”
I’ve done it before. I knew the time, effort, and expertise that an engagement entails, yet I quoted a fixed fee below the true value of the work.
When I did that, I was being unfair.
Unfair to myself, unfair to my team (as our revenue affects their salaries and bonuses), and really, unfair to the client.
“To the client?” You ask.
Absolutely. Because if I’m at all resentful about the time and effort relative to the fee, I may not give that file the full attention it deserves.
But why did I quote a low-ball fee in the first place?
We answer that very question in the first morning session of Practice Xcelerator™.
There are macro-economic forces you may be unconsciously aware of that drive your behavior. Tuning in to those forces, and understanding how to overcome them, is a lynchpin to taking your practice to the next level. I go into more detail in the podcast attached to this email. You can also view a webinar on that subject here.
During Practice Xcelerator™, we’ll consider the strategies you can incorporate into your practice to overcome clients’ perceptions leading to this issue.
To Your Bigger Future,
Craig R. Hersch
Florida Bar Board Certified Wills, Trusts & Estates Attorney
Senior Partner, The Sheppard Law Firm
Founder, The Freedom Practice®
PS – If you haven’t already enrolled in The Practice Xcelerator™ Event October 27-28 do so now! For a limited time, we are offering a tuition discount. PX is exclusively for leaders of successful boutique estate planning firms. Not solo shops. Not large firms. The event will take place at South Seas Island Resort at beautiful Captiva Island, Florida, and features not only the most unique interactive workshops you’ll ever take part of but some super fun activities as well. Click here to find out more.
PPS – Attend our free one-hour Practice Xcelerator™ Preview from the comfort of your office, Friday, September 17, 2021, at 12:00 pm Eastern Time. We’ll dive into more detail on this issue and will be available for questions afterward.
Listen to the Webinar Here