Law firms: Due to the cost-of-living rise, it’s likely that some of your lawyers are getting more and more push back from clients on fees.
You’ve probably already noticed that haven’t you?
They will try it on and seem to have no shame at all.
💥More push-back = more discounts.
💥More discounts = less revenue
💥Less revenue = more problems, more stress and worry
To illustrate my point, let me share a couple of stories which a partner in a law firm kindly shared with me. He also gave permission for me to use these.
He had helped a client with a property matter. He then quoted for another piece of work for the same client, but his quote was higher than a competitor’s.
He did not discount to match the competitor’s price, so lost the work. So far, so good.
What happened next?
Not long after, he received a call from the person who hadn’t taken up his services asking for his help.
Apparently, he was unable to get hold of the solicitors he had appointed!
Just goes to show that being cheap probably means your competitors are compromising on service.
Because the Partner was an experienced man, he declined to help.
Such bare-fact cheek, though.
Can you believe it? Some people have absolutely no shame!
And there’s another story too.
This one was possibly even more ludicrous, yet true. As the expression goes, fact is stranger than fiction.
Same property partner, different client.
The client said that they couldn’t pay the solicitors’ costs because if they did, they wouldn’t have enough to pay the removal people!
Really? Yes really.
Fortunately, he replied that if they couldn’t pay his fees, he wouldn’t be able to complete and so they wouldn’t need to pay the removal people. Ha. Ha.
And then there will just be those pleading poverty who are just angling for a discount or trying to get something for nothing.
Who knows what other scenarios your lawyers might face on a daily basis.
💎What’s the solution?
Your lawyers need to have both the communication skills and the confidence to handle these and many other challenging clients, so they are not screwed down on fees or beaten to a pulp.
My three-step simple pricing strategy process is as follows:
🟣 Decide your price
🟣 Stick to your guns
🟣 Prepare some word patterns to handle objections
Sounds simple yet it’s not necessarily so, because lawyers feel under pressure to meet targets and fear losing clients.
Need some bespoke training and coaching to elevate your lawyers communication skills and confidence?
✅I help law firms (and other service-based businesses) to get paid their true worth consistently and unapologetically while keeping their clients happy, by uncovering and eliminating those behaviours which cause a financial loss.
Result: Billing up, recovery rates up, confidence up!If you want to know more, just drop me a line.
I’m Vanessa and I help law firms get paid their true worth consistently and unapologetically while keeping their clients happy. If your firm frequently under-estimates, over-services or irrationally discounts, I can help you increase billing, recovery rates and confidence.
Ready to talk?
📞Get in touch today for a no-obligation chat on 00-44-12-02-743961