Bar members are entitled to FREE virtual consultations with Red Cave Law Firm Consulting. Red Cave will assist you with issues such as billing & collection, client relations, data management, financial management & revenue goals, marketing, social media content, office technology, time management, and disaster prevention & recovery. Check out Red Cave’s most recent law practice management tip below!
Getting Closer: Can You Quote Clients a Total Price?
Although lawyers often guess about what legal consumers want, there are very specific and discoverable things that legal consumers want from lawyers. And, knowing these things can allow you to convert more clients.
The job for modern lawyers is to meet and exceed client expectations. So, if you know (now you do) that clients want to know the total cost of representation before engaging a law firm, how do you provide for that?
It’s difficult to do with hourly billing, for sure. But, it becomes easier if you offer alternative pricing models, like flat fees, risk collars (client pays a discounted rate if you go over an hours estimate, you come under that hours estimate and you get a bonus), limited scope representation (you break the representation into components, and only represent clients for single parts of the representation at any one time) and subscription services (like technology vendors use).
Reformatting your billing system is not an easy thing to do; but, it may make your client conversion a whole lot easier. And, if you can find the right value proposition, the new system will work out for both you, and your new clients.
. . .
If you want to reformat your pricing, we can help.