Know your value: Justice isn’t free
Being an attorney is a true honor.
Few other professions can fundamentally change the lives of our clients to such a positive degree. In fact, it almost feels wrong to charge for these services. Justice should not cost money. But, this is the real world and the real world has bills to be paid.
For those of us who are business owners or partners in charge of retaining clients, this is one of the reasons why we may hesitate when quoting our hourly rates or underestimate our time for a retainer, if it’s a billable matter.
For those of us who are flat fee, we may find ourselves undercutting our rates. I also see people taking on pro bono and low bono matters and then struggle to balance all their cases. This also happens for associates, paralegals and other support staff.
If we feel bad about how much we are charging for our services, then the underlying thought or belief system may be that we don’t truly believe in the value that we are offering to our client.
We are worth it
When we believe in the value that we have to offer, then we know that we are actually honoring and helping our client by charging them and billing accurately for our time. We are giving them something special in return for payment, no different to any other service.
When we hesitate, it’s because we don’t actually believe that we are going to give them the best. We doubt ourselves. We feel guilty because maybe we are charging too much for what they are getting.
This actually comes up quite a bit with my coaching clients. For example, I have a client who is a leader in her field. She is absolutely fantastic and at the top of her game. But she found that during consults, when it came to offer her value, she was underestimating the time certain matters would take.
When the final bill would come, the clients would be upset that the bill was off-base from the estimate and she would end up making discounts to keep the client happy.
By using a specific circumstance when this happened, we were able to uncover that there was an underlying fear that if she more accurately estimated her time, the potential client wouldn’t hire her - which means rejecting her. But in the end. She was essentially rejecting herself and her value.
Everyone will have different thoughts leading them to undervalue themselves or their services.
“I am not good enough to charge this much”
“I will be rejected”
“The client won’t pay for this”
“I’m greedy to ask for money”
Our brains offer all kinds of reasons to keep us small and “safe” from discomfort. Money makes so many of us uncomfortable. However, at the end of the day, we know we must charge to run our businesses. Our prices are fair and reasonable for the value that we offer.
No such thing as a free consult
Another way this manifests itself is in “scarcity thinking.” The number one culprit I see around scarcity thinking is free consults. There are industries and areas of the law where free consults are reasonable and the norm, especially if there is a rigorous screening process. I even offer free consults for my coaching business.
On the other hand, in most legal areas, free consults give the opportunity for some clients to shop around and receive free legal advice. When you believe in the value you have to offer a potential client, you know it’s absolutely reasonable for you to be compensated for your time. It allows you to value your time. It also weeds out potential clients who do not value yours.
Scarcity Thinking: The Fear Factor
I believe many attorneys give free consults because they have scarcity thinking. They may believe they won’t get clients so they end up spending all their time conducting free consults. This leads them to have less time for completing their legal work and for themselves. Ultimately, If you don’t value your time and the quality of what you have to offer, your potential clients won’t either.
When we feel abundant, we are able to recognize our value. We know that losing a client who doesn’t want to pay our fee actually means gaining a client who will. It means recognizing that there are enough clients out there for all of us. The world will always need lawyers, like it or not!
For us to embody abundance, we have to really believe it. This is especially difficult when we already have old beliefs and patterns of thinking. In order to establish new thoughts and beliefs, you are really going to have to take a look at what your current beliefs are. Run models about what you are thinking around charging.
When it is time to give your client your price, what are your thoughts, feelings, actions and results?
Why do you have that thought?
How is that thought holding you back?
Can you understand that the thought you are experiencing is not true? Now, ask yourself, how would you like to feel? Perhaps “abundant,” “worthy,” “valuable?”
What would you need to think to feel that way about charging your prices? How would this affect the way you show up and your results?
You studied hard to become a lawyer and you work hard every day to be a lawyer. You deserve what every other business offers - to be paid a full fee for an exceptional service.
Be proud of your value.