3 STEPS TO RAISE YOUR FEES WITHOUT LOSING CLIENTS

If you could raise your fees, without losing any clients, how much would you put them up by?

￡10 per hour? ￡50 per hour? ￡500 per fixed fee instruction? More?

Even a small increase can make a big difference to your financial results.

For example, if you increase your hourly rate from ￡250 to ￡260 (ex VAT), that’s an extra ￡10 per hour.

If you currently do 1,000 chargeable hours per year in your firm, then an extra ￡10 per hour would bring you?an additional ￡10,000?in fee income per year.

Without doing any extra work (it’s the same number of hours).

And it would mean?￡10,000 additional profit?(because you wouldn’t have any extra overheads or costs to do the same number of hours).

Or, if you raised your fees by ￡50 per hour, it would be?￡50,000?additional profit per year…

But what about the fear of losing clients if you raise your fees?

To eliminate the fear of losing clients, I recommend you take these 3 Essential Steps before you raise your fees:

1. Be clear about how many clients you can afford to lose and still be better off from your fee raise – this will give you?the confidence?to increase your fees
2. Raise your fees for new clients before existing clients – this will allow you to?test?reactions to the new fees without the risk of upsetting existing client relationships
3. Make sure your discussions with prospective clients include demonstrating the value of your services before you tell them your fees – so that clients make a decision based on?value rather than cost?(and the fee increase will not impact your conversion rate).

Raising your fees is one of 7 ways to increase the profitbaility of your law firm or legal practice. To discover the other 6 ways (5 of which don't require you to get any new clients) then let me show you the full 7 Profit Zones Formula for Higher Profits Without Working More Hours: register now for my?free online seminar?where you'll analyse what's holding you back from being more profitable, get immediate tips on how to apply the 7 Profit Zones Formula in your specific practice area(s), and create your own 'Accelerator Plan' for higher profits without working more hours. Register Your Complimentary Ticket.