Law Firms:  Would you like to increase revenue (and profits) without having to:

💎get more clients

💎do more work or

💎compromise value or values?

Now what sane person could possibly say no to that?

Well, it may not be as difficult as you may think, although you will have to be open to change.

Right now, whether you like it or not, the firm (in the form of its lawyers) are leaking money left, right and centre.

The question is, are you aware that that is happening?

If you are, that is a very good thing; if you’re not, you need to do some investigating, as I am pretty sure there is not one law firm out there which doesn’t have any leakage.

And that’s a pretty safe bet.

Here are just some of the ways that money is being leaked in the sales cycle:

🟣 Under-estimating.

🟣 Not recording all time.

🟣 Discounting, double-discounting, triple-discounting.

🟣 Over-servicing or doing additional work for free.

🟣 Not getting paid at all!

I think I’ve captured all the main headings but if I have missed anything out, please do tell me in the comments box below. 😊

So why is this happening?

The challenge that most law firms have is a lack of confidence in those who negotiate fees because they fear losing the work or the client.

This is a powerful, yet negative motivator as it means that they are not in charge of those fee discussions, right from the start.

Hundreds or even thousands can be won or lost in a phone call, depending on the competence and confidence of your fee-earners, in having the right conversations with prospects and clients, at the right time.

So how many hundreds of thousands of pounds is your firm losing?

Any idea?

Want to stop your bucket leaking?

Law firms: What do your lawyers do first thing in the morning when they start work?

Do they fire up the computer, open the case management system, the time-recording system and make a cup of coffee?

I expect the answer to that last question is yes.

But and this is a BIG but, do they put their business hat on?

I bet the answer to that question is a resounding NO!

It goes without saying that you employ good lawyers, some may even be brilliant, top drawer in fact.

But that doesn’t make them great businesspeople, does it?

In fact, if you’re being totally honest, many of them are not that commercially aware at all, even at a basic level, are they?

Oh no siree.

It’s not really in their DNA.

It just doesn’t come naturally and, in some cases, frankly, they are downright uncomfortable with the whole sales process.

And why should it come naturally?

After all, they are lawyers, they studied the law, didn’t they? They didn’t study business, so how can you possibly expect them to be business-minded?

It’s just not fair.

It’s a totally different skill set. It makes perfect sense to me. 

There can even be a disconnect between how they get paid their salary and billing.

And, you dare not mention the word sales. They’re lawyers, they don’t even think they are in sales.

In fact, I know that they think that sales are dirty, uncouth, and frankly not something they really want to be involved with.

And yet they are, every single day.

It is part of their job; but the least favourite part. Yet if this is not done properly, what does the firm’s future look like?

Could it be rocky?

Money being poured down the drain every day adding up to hundreds of thousands over the year.

Just one of the things I do in my training and coaching is to help lawyers see the concept of sales from a different perspective.

I enable them to let go of the negative connotations in their mind and embrace the truth that since they offer a service and they have clients, they are in sales.

And it’s OK. It doesn’t make them bad people. They are providing a service and in exchange the client is paying them.

Now I am talking to you as if you are a law firm owner, so you may well be a lawyer too, and possibly even struggled with this yourself.

You may even still struggle despite being hugely experienced. It is a common place problem and it’s not just the preserve of lawyers, either.

All service-based businesses struggle with this to some extent or another.

Sure, there are a small percentage of lawyers who are good at both – the law and business but they are a minority in my experience.

The solution is to teach your lawyers how to put on their business hat. This way, everyone is a winner, the client, the business and the individual doing the lawyering.

Let me help you.

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.

💎Story 1

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.

💎Story 2

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.

Outrageous.

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.

Touché

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!

Lawfirms:  Are your lawyers hiding behind the client care letter? 

I can bet your bottom dollar (or pound), lots of them are.

If so, it’s time to stop.  

And no, I am not suggesting you abandon the CCL; I know it’s there to protect you legally.

So, what’s the problem?

Some lawyers, maybe even many, use it as a substitute to avoid conversations with clients about costs, timescales, billing, etc. 

They’ve even said to me:

Well, it’s all in the client care letter, as if to say, I don’t need to talk to them!

That is downright crazy because you are leaving yourselves wide open to problems.

And problems equate to:

🟣a loss of money

🟣a loss of time

🟣hassle!

🟣possible complaints.

🟣a loss of future business.

🟣Need I go on?

First of all, the client probably won’t even read it. 

And even if they do, you have no idea how well it is understood.  

In a recent post, @Michael Hinchliffe who is the top legal copywriter on LinkedIn , wrote that the average reading age in this country is 9!

9, yes that is not a typo 9.

So many of your clients may have a reading age of 9 too.

And you are lawyers, so your reading age is vastly above the average.  Therein lies the problem.

So, the big question is, has your CCL been written for a 9-year-old?

Answer:  I very much doubt it.

And, even if your client is a highly intelligent person, it doesn’t mean there won’t be problems, if you haven’t had proper business conversations.

Here’s an example.  In the CCL, it clearly states estimated costs.    

Let’s say for argument’s sake that you have also included a statement which says if the scope changes significantly, it will incur additional charges on an hourly rate basis.

Excellent and you may think that’s got you covered.

Well, it has legally but what about practically?

There is no guarantee that this will stop a client from complaining about fees when the scope changes if you’ve just sent the bill out, without verbally telling them about the additional charges.

No siree.

You cannot afford to avoid having those conversations altogether or do them badly, by saying, it’s all in the client care letter.

Tell the client at the very beginning what your costs are, how long it will take and any other relevant information.

If anything changes, speak to the client.

Keep them informed at all times.

The benefits of doing this will be well worth it:

💎Happier clients = testimonials

💎Testimonials may lead to repeat business and/or 

💎Referrals

💎Which means more money for the firm, less complaints, which cost money and time, and a better reputation.

It’s not difficult and yet, so many do not do this well.

What about your firm?

This post is dedicated to all those who struggle with saying no.

Isn’t it strange that such a little word should cause so much havoc, angst and fear in the hearts and minds of us humans?

After all, if you turn the letters around to make the word on, there is zero emotion. Zilch. Nada!

Why is that?

Well, I believe it goes back to our childhood and even further ….

It’s to do with wanting to be approved of by our parents and other significant people in our life.

And do you remember when you asked your parents for something, and they said no.

Perhaps you kept on badgering them, hoping they would change their mind.

With exasperation, they would say to you N O spells NO!

Do you remember that?

How painful did it feel?

It didn’t feel great, did it?

You probably felt rejected.

And I believe it goes even deeper than that.

If you think of caveman days, if a person was thrown out of the tribe, then they would probably not be able to survive.

The reptilian part of the brain is still alive today and creates powerful negative emotion.

Not to be nasty but as a means of self-preservation.

Unfortunately, in many circumstances, it is misplaced and unnecessary.

In fact, it is positively damaging.

So let’s take a look at what it’s potentially costing you not to say no in business:

❌ You take on clients who are not the right calibre. They do not pay you properly and are overly demanding.

❌ When someone challenges your fees, you immediately discount without thinking.

❌ When a client asks you to do something at short notice, you automatically say yes. You do not consider whether it’s urgent or not and you do not think about other commitments.

You certainly do not consider your needs.

I could go on ad nauseum.

Instead, let me ask you a question.

Where are you not saying no when it would be much better for you if you did?

When will you start saying no?

Which are often just not true.  I know over the years that mine created some real corkers.

The trouble is, even if they are not true, if you believe those stories, you will act on them.

That then causes problems.

Here are 5 steps to combat those stories or as I like to call it the noisy natter in your head:

💜 Notice the story

💜 Step out of it

💜 Ask: Is that really true?

💜 If you say yes, then ask, how do I know that for sure?

💜 If no, no problem.

A simple example might be. Your mind is saying, oh I can’t charge that; it’s a lot to ask the client to pay. They won’t pay it. I’ll lose the client.

If you apply the above 5 steps, you will realise that you just don’t know if that is true.

Just updated my little book How to Get Paid Your True Worth to align with my True Worth methodology and newer testimonials.

However, although Roger Salvetti is now retired (previously Director at Biscoes Solicitors and all round lovely guy), I did have to keep his wonderful testimonial about the book:

“If there was only one action you took in the immediate future to grow your business, it has to be to read True Worth - a work of genius - and ring Vanessa!”

So if you haven’t read it and you don’t want to wait for the new publication, you can access the current one here:

TRUE WORTH (original)  

Isn’t it time you got paid your true worth?

People are so afraid of charging their true worth, that they’d rather jump out of a plane… well, let me tell you about a time I did…”

By the way, I don’t like heights and I’m not really keen on planes either.

I’m driving with some other nutcases to Netheravon airfield in Wiltshire for the second time as the first time, although we hung around for ages, it had to be aborted due to unsuitable weather.

In the words of Ronan Keating, life is a roller coaster, just gotta ride it. 

I don’t know if you’re aware but you only get 20 minutes training for a tandem jump and that’s when you meet your partner.

I'm in luck. Mine is a warm, cuddly guy called Lennie, dressed in a dalmation onesie, with 1,000 jumps under his belt and personality.

It’s always good to have great people on your team, isn’t it?

We immediately click.

We’re hanging around the airport for ages waiting so I turn to Lennie and say:

I’m going to powder my nose.  A girl’s got to look her best for the photos hasn’t she?

Too right Vanessa.

As I come out of the ladies, I hear an announcement.

Vanessa Ugatti, your time is up.

Oh Lord, there’s no escape now, as spontaneous tears pour down my face!

This is being confronted with a big fear!

So much for powdering my nose, then.

There’s no turning back. On the plane up close and personal to my cuddly buddy, so we can get strapped together.

No time for shyness!

Then the dreaded moment arrives.

Vanessa – just lean forward and allow yourself to fall out of the plane.

You must be joking Lennie, I can’t do that. It’s just not natural.

Yes you can he replies softly. Remember what you were told in the training.

Just relax and let yourself go.

WOW Lennie it just feels like I’m floating in the air.

It feels wonderful. There is no sense of speed at all. Can you hear me alright Lennie?

Yes loud and clear.  In terms of no sense of speed, that’s because there is no point of reference.

Ah I see.

How often is the thought of doing something far worse than it is in reality?

Lennie says it’s all going perfectly to plan, just relax.

So much for putting my face on, eh?

I look like Miss Piggy and they say pigs can’t fly.

Then he says: I’m going to pull the rip chord so expect a little jerk.

More like a big jerk, I say, as the parachute shoots upwards.

Yes, I have been called a big jerk before, many times.

Then the trouble begins as we are twirling round.

OMG Lennie, I’m feeling really sick.

And they said in training, if you’re sick in the air, it will go straight in your partner’s face.

Relax Vanessa says Lennie – totally unperturbed – it wouldn’t be the first time someone has been sick in my face.

Don’t worry, I’ve been brought up not to throw up in someone’s face, so no need for you to worry.

Finally, after what seems like a lifetime, we land safely on the ground and I crumple like a ragged doll.

Lennie, I did not disgrace myself by vomiting in your face. Instead I vomited on the ground.

Here’s the moral of this story in relation to getting paid your true worth.

You have to be willing to do something different even if it is scary.

Being scared is not a reason not to charge your true worth.

So asking for your correct fees is no more difficult than jumping out of a plane.

Arguably, it’s far easier because you can keep your feet firmly on the ground.

It is not as difficult as your noisy natter chitty chatter in your head will have you believe.

You may feel nauseous or nervous about the client’s response. As in the story, things may not always go to plan.  Just remember, do not throw up in their face, just keep cool, calm and collected, even if you don’t feel it.

When you’ve finished the meeting, you can be sick, scream, cry or let out a roar. It doesn’t matter what you do then.

And give yourself a massive pat on the back.

In fact, do this now so you get used to doing it.

So where and when are you under-charging, discounting or over-servicing your clients, because you won’t take the plunge and charge your true worth?

Remember, mastering your mind means much more money!

I had an expert on my back guiding me to safety, perhaps you should consider hiring an expert to enable your people to get paid their true worth.