Do you concern yourself with how you compare to others? That can be a tough way to live. There’s always someone who has more, is better looking, and seems to live a good life.
Just look at all your friends on Facebook!
I hope you caught my sarcasm.
Obviously, the less we compare ourselves to others, the happier we’ll be. Setting our own standards is key.
So, get this: When I first ask my Freedom Practice attorneys how their fees compare with local competition, most respond, “We’re in the same ballpark.”
The answer I’m looking for is, “Why would it matter how my fees compare?”
Because it doesn’t.
You may be thinking, “Of course it does. Prospective clients use fees as a comparison. If my fees are substantially higher than the firms those clients are comparing me to, then I’ll lose out.”
Let me challenge that logic. Taking that attitude to the extreme, the firm with the lowest fees will always win the client. Nearly everyone would agree that’s not true, or the silk-stocking law firms wouldn’t have any clients. I propose that if you’re part of the race to the bottom, then the worst, fee-sensitive clients who don’t value your services will become your client base.
The fees you charge should correlate to the value your firm provides. In a short email I can’t detail all of the value elements you’re already providing but likely minimize, including your unique wisdom. I don’t have the time to describe how to maximize client value then properly communicate it to your prospect sitting across the conference room table, or how to package your wisdom to the outside world so that the best A+ clients will meet with you to begin with.
But I can do it at our upcoming two-day live event on September 14 and 15th in Atlanta. If you don’t believe me, try out a free 45-minute Practice Xcelerator Preview – Why Did You Undercharge that Client?
