I just read about a new trend in legal billings.
Some attorneys are moving away from their traditional model of charging for their time and moving toward a negotiated fee that reflects what the attorney will accept and the client will pay.
In legal circles, this is radical.
In business, this is normal.
Years ago, while studying for my CLU / ChFC, I learned that a ‘fair’ price is “what a willing buyer and a willing selling can agree upon”.
Today, that equitable understanding has come home to roost in the legal profession. (reference this article)
Think about the value YOU offer your clients… if you help a client seize an opportunity or avoid a disaster… should they pay you a fee based on some arcane hourly rate or an ‘equitable’ fee that reflects the honest value the client receives?
I can tell you… the ‘honest value’ fee is the answer.
I have a friend who once took 10 minutes to give her client advice that, literally, saved them over a million dollars! I said, “Don’t tell me you charged an hourly rate”. She said, “Oh my G _ _ , I did. But I won’t do that again in the future!”.
Apparently, more lawyers are finding this to be true, too.
Charge a FAIR price for the value you provide… your clients will be happy to pay it and you’ll be far more profitable, too!