111: Pricing Law Firm Services Clients Can’t Wait to Pay

Pricing Law Firm Services Clients Can't Wait to Pay

Yesterday I had an interesting conversation with one of my law firm owner clients about pricing.

He was trying to figure out how to price a one off product he was presenting to a client and he was having trouble settling on a price.

See, he'd already made the fantastic decision to stop billing by the hour and instead bill for value (which means thinking about what the client is actually getting instead of figuring out how many hours something will take and adding that all together).

As we talked through the process of valuing this offer, something hit me - there is a tremendous amount of perceived value in IMMEDIATE cost savings or tangible results when compared to long-term results.

To give you an example, when an estate planning client comes into my office and I tell them I can save them $50K this year on their taxes they experience a lot more value than if I told them I could save them $500K after they were dead.

It's the immediacy coupled with the ability to experience the benefit that increase the value, EVEN IF the actual value is lower than the ultimate value that could be earned.

The point?

Whether you are starting a law firm, building a law firm, or just thinking about law firm marketing, if you can structure your offer and your benefit structure to demonstrate immediate value first you are likely to see a lot more interest in the product or service you are offering.

To get the details, and the full story, listen to the episode.

Cheers.

Christopher Small

P.S. - Looking for the formula to create a law firm that gives you the lifestyle you want? Then you'll want to see my three secrets to creating a lifestyle law firm.

Pricing Law Firm Services Clients Can’t Wait to Pay

Yesterday I had an interesting conversation with one of my law firm owner clients about pricing.

He was trying to figure out how to price a one off product he was presenting to a client and he was having trouble settling on a price.

See, he’d already made the fantastic decision to stop billing by the hour and instead bill for value (which means thinking about what the client is actually getting instead of figuring out how many hours something will take and adding that all together).

As we talked through the process of valuing this offer, something hit me – there is a tremendous amount of perceived value in IMMEDIATE cost savings or tangible results when compared to long-term results.

To give you an example, when an estate planning client comes into my office and I tell them I can save them $50K this year on their taxes they experience a lot more value than if I told them I could save them $500K after they were dead.

It’s the immediacy coupled with the ability to experience the benefit that increase the value, EVEN IF the actual value is lower than the ultimate value that could be earned.

The point?

Whether you are starting a law firm, building a law firm, or just thinking about law firm marketing, if you can structure your offer and your benefit structure to demonstrate immediate value first you are likely to see a lot more interest in the product or service you are offering.

To get the details, and the full story, listen to the episode.

Cheers.

Christopher Small

P.S. – Looking for the formula to create a law firm that gives you the lifestyle you want? Then you’ll want to see my three secrets to creating a lifestyle law firm.