Are you maximizing your law firm profits? Probably not. How do we know?
We teach lawyers how to create client care programs that are unique to their practices. We give your firm the tools to take care of clients, increase revenues and prices per case and boost the number of referrals who bring in new clients.
One of the first questions that we are asked—how much should I charge clients to be part of my client care program?
The first number is always too low. We’ve had law firms come to our Foundations Workshop and report that they were thinking of setting their per family price at $499. That’s for a full year of regular client contact and creating an estate plan. They think they’ll start by setting the fee at a low to modest price, and then if the client needs anything else, they can add onto the price. Bad idea.
One, that’s a bait and switch sales technique, and not something that lawyers should be doing.
Two, they’ll alienate clients who will feel poorly treated—and rightly so.
Three, they are missing the entire point of the client care program.
The client care program builds a respectful relationship between the law firm, as skilled advisors and trusted professionals, and the client, who respects the knowledge and resources of their attorneys.
There are always a few firms at the Foundations Workshop who say they are in small markets and residents won’t pay more than $500 to have an estate plan created. We know what’s coming next. We press them, just a little, and they test the waters with a higher price. Then, during one of the follow-up coaching sessions, we learn that their pricing has increased to $1,000, and not one of their clients have balked at the price.
Here’s what we learn every time we hold a Foundations Workshop: attorneys are their own worst enemies when it comes to setting fees for cases. They don’t value their services enough. A paralegal will recognize the hours given away for free in telephone meetings, sharing information with other professionals on behalf of your clients and doing research when they call to ask a “quick question.” But the attorney won’t.
We did it too, but we don’t anymore. And our clients are fine with our fees.
Part of the work we do in the Foundations Workshop is help you figure out what you should be charging for your client care program. We can guide you through the thought process, from setting it too low to finding the price that is profitable for your firm and acceptable to your client care program members.
The client care program is moving you away from a transactional, document producing relationship to a relationship of trust and mutual respect. Client care program members care about their estate plans and don’t need to be badgered about coming in for an update. They want to come in to see their attorney, discuss changes in the family that require updates to their estate plans and learn about any changes in the law that may have impacted their estate plan.
If that sounds like the way you thought you were going to be practicing law, and you are ready to make changes for 2019, then we invite you to join us at the Foundations Workshop in March 28 – 29 in Orlando, Florida. Click here for details and to register.
If you have any questions or would like to speak with us, please send an email to Megan Davitt, Program Coordinator, at [email protected].