AFRAID TO LOSE CLIENTS DUE TO PRICE?

Consider the moment of meeting a new client: have you ever had an underlying fear that not securing their business could result in not making payroll or having a less than stellar year?

You may have a scarcity mindset.

The most successful attorneys in your town, they never seem to run short of clients. They’re not fixated on the competition and charge fees that often exceeds the going rates.

How do they do it?

Listen to the podcast now!

The Freedom Practice Podcast
Episode 10: Overcoming a Scarcity Mindset
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UNTIL THE NEXT PRACTICE XCELERATOR

The BEST Law Firms in Your Area AREN'T Counting Clients

Understanding the power of mindset is crucial in shaping the trajectory of a legal practice. 

The difference in mindset can be particularly evident when interacting with potential clients. For instance, consider the moment of meeting a new client; if there is an underlying fear that not securing their business could result in not making payroll or having a less than stellar year, it indicates a scarcity mindset. 

This perspective can lead to decisions like offering free initial consultations in the hope of attracting more clients, especially when it seems like a standard set by competitors in the personal injury law space.

However, this approach doesn’t consider the value of the services provided. A scarcity mindset is often preoccupied with what the competitors are doing, such as their fees or marketing strategies like client workshops, and consequently, the focus isn’t where it needs to be. It’s hinged on the belief that client opportunities are limited, a zero-sum game within the community. 

But if we observe the most successful attorneys in town, they never seem to run short of clients. They’re not fixated on the competition; instead, they charge what they deem fair for their services, which often exceeds the going rates.

How do they do it?

It’s all about the mindset they adopt—a mindset that starts with believing in one’s own worth and the value offered to clients. The concept of value creation will be a future topic of discussion, but it’s important to note that providing good value should translate to charging what that value is worth. If clients are reluctant to write checks, it’s not a reflection of the competitors’ actions but rather indicates that the firm has not yet found the value proposition that resonates with clients.

Two types of mindsets can be delineated in this context: the scarcity mindset and the abundance mindset. The latter is what successful practices embody—they’ve identified the client value proposition that their niche market seeks. Once tapped, it leads to an endless stream of quality clients. 

This brings to mind insights from marketing experts like Dan Sullivan of Strategic Coach and Joe Polish of the Genius Network. Polish asserts that “the smaller the niche, the greater the opportunity.” This suggests that rather than trying to appeal to everyone out of fear of scarcity, there is more value to be found in specializing.

Focusing on a specific niche, whether it’s recent retirees, family business owners, divorced individuals, widows, widowers, or young families, enables a law firm to hone in on and address unique needs. The choice of niche could be influenced by market conditions, personal background, or simply a preference for certain types of work.

The shift in mindset from scarcity to abundance begins internally. It’s about overcoming the fear that not every prospect will become a client and recognizing that financial rewards are a byproduct of focusing on clients’ needs. An abundance mindset doesn’t see money as the primary goal but as a natural result of a practice oriented around true value provision to a well-defined client niche.

Embracing an abundance mindset transforms the practice of law from a race to secure clients into a focused endeavor of providing unmatched value, creating a client experience that can’t be found anywhere else at any price.

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 ®

BOUTIQUE ESTATE PLANNING ATTORNEYS:

- WORKING LONGER FOR THE SAME REVENUE?
- DOES YOUR STAFF SUPPORT YOU OR DO YOU SUPPORT THEM?
- HOW DO YOU STAY
TOP OF MIND TO YOUR CLIENTS & NETWORK?
- QUESTIONS ON
AUTOMATING ROUTINE TASKS?
- WONDERING HOW TO
UPGRADE TO A+ CLIENTS?
- CONSIDERING A
CLIENT CARE PROGRAM?

HOW WE HELP

A TRANSFORMATIVE
2 DAY LIVE EVENT

DEC. 4-5
FP Learning center
fort myers, fl

Course Details

The Client Experience
Craig Hersch first published on this subject in Trusts & Estates Magazine. In a commoditized world, your clients expect a transaction when you intend to create a valuable experience. Consequently, the client fee expectation is often much lower than your intended charge for your services. What steps must you take to bridge the experience gap before and during the time of engagement?

Front/Back Stage Systems and Client Value Creation
What will clients pay a premium for? In this session we discuss how consistent systems and processes are crucial to creating client value, comparing transactional versus experience economy models. We also define the three elements of client value, and how that applies to your estate planning practice.

Overcoming Rugged Individualism
Leading an estate planning law practice from its inception requires being comfortable with risk and a “do-it-yourself” spirit, or “rugged individualism.” That mindset allows you to thrive…in the early years of your practice. Eventually you reach a ceiling, requiring you to find multipliers, and more importantly, letting go to enlist them. Three statements identify you as a rugged individualist. What are they? Techniques to break-through to the next level addressed.

Lunch Served

Successful Initial Client Interview
An initial interview is much more than signing an engagement letter, nor is it all about socially connecting with the client, although these two items are important. It’s vital that two goals are accomplished – you want your client to see the unique value that your firm will create for him or her, with the implied understanding that they can’t find the same services anywhere else for any price. We’ll demonstrate how to differentiate your practice from the competition.

Focus, Not Frustrated
A very real danger with taking your practice to higher levels is the feeling that you’ll never get to the top of that mountain. Guess what? You won’t! Because once you summit, you’ll have your sights set on another, higher mountain. Constantly looking for that higher summit can be emotionally draining and sap your energy, and that of your team. As Colorado hikers know, “every now and then, turn around, because that’s where the view is.”

Key Takeaways and Action Plan
We provide thinking tools to record your key takeaways as they occur during our sessions to create an action plan when you return to your office. Before we break for the day to enjoy dinner together, we ask you to share one key takeaway with everyone that you plan to implement into your practice.

Right Fit Team Members
You never know who you hired until they start working for you, right? This bromide isn’t true with today’s online tools available to your practice. Maria Reimer, a Kolbe* certified specialist, will walk you through how personal assessment tests can be used to fit team members, even existing ones, into positions where they will thrive. We’ll also review the Freedom Practice® Team Tools Kit, which sets up each team member for success from the onset of employment through annual reviews.

Marketing Avatar & Niche
To develop classy marketing geared toward your A+ client, you must first describe, in great detail, the physical, emotional, socio-economic and demographic attributes of that client. Your outreach efforts towards “anyone who needs estate planning” will not succeed, as they won’t speak to the needs and emotions of your specific niche. This deep dive provides you clear direction to put together influential, persuasive, educational materials your prospects will look for.

Overcoming Objections to Trust Administration Services
Wasn’t probate avoidance the selling point of a trust? After your client’s death, how do you engage the client’s spouse or children as trustee/executor/personal representative who believe that because client had a trust, there is nothing to do other than distribute assets? In this session we will review how a consistently applied, well considered Front/Back Stage system can take your probate and trust administration practice to the next level.

Lunch Served

Client Care Program
Whether you call it annual maintenance or client care, the benefits to these programs are enormous. We review the different types of programs that you might incorporate into your practice, along with the advantages and disadvantages to each. Aside from annuitizing your client base, a great program forms a unique community differentiating your firm in the marketplace. We learned in yesterday’s session that systemic client value creation drives your success – how will that shape your program from its inception and going forward?

No/Low-Cost Technology 
It is frustrating when a client calls because his file hasn’t been touched for months. Despite dealing with a client fire, this could pose ethical problems if a bar complaint for neglect is filed. As your practice multiplies, keeping track of work-in-process becomes exponentially more difficult. Fortunately, there’s free and low-cost software solutions you can integrate into your systems. We examine different technologies and discuss the importance of API in your CRM.

Wrapping it All Up – The Freedom Practice Process
There’s a seven-step process to incorporating new concepts and strategies into your practice. In your ever-expanding orbit your firms capabilities increase while your personal focus becomes more precise and narrows. Going forward you’ll have a templet to implementing all of the ideas that you gained from Practice Xcelerator.

TWO FOR ONE PRICE!
$3495 $2000 for 2 Attendees This enrollment allows you to bring one other member from your law firm. It’s important to bring along someone who can prioritize and implement key takeaways.

Additional Guests are just $700
Your Firm can bring up to 2 additional guests for $350 a day per guest, or $700 per guest for the entire event.

Click Here to View the Travel Sheet

Some states will accept Practice Xcelerator as Continuing Education. We will provide you with an attendance certificate and course outline you can submit to your Bar.

The practical education you receive, no matter the bar credits, will be invaluable.
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