Interesting article on abovethelaw.com on why lawyers should not be afraid to raise their rates even in times of potential recession (‘Don’t Be Afraid to Raise Your Legal Fees‘) by Roy S. Ginsburg.
In the article Roy sets out the following two reasons for why lawyers may be reluctant to increase their rates:
- Reason No. 1: Fear of Losing Business to Competitors
- Reason No. 2: Fear of Missing Out on New Clients
I’m going to put it out there and say Roy is right here, lawyers are scared/fearful of both those issues.
But, and there is always a but, only if they adopt competitor pricing – where they are always looking over their shoulder to see what their competitors in the market are charging.
My own thoughts on this issue though are this: Know your product; Understand your value; and Don’t give a damn about anyone else – you don’t have competitors, you have customers; always show them the value of your service and they will remain loyal to you. Period.
Which, to be fair, is kind of what Roy is also saying. So go over and read it – it’ll take you all of 10 minutes and it’s certainly worth it.