Spotlight Branding - April 2020

COULD SWITCHING TO FLAT-FEE PRICING WIN YOU MORE CLIENTS? WHY YOU SHOULD CONSIDER DITCHING HOURLY BILLING

Most lawyers charge their clients by the hour, but in the last few years, we’ve seen a movement away from that model and toward flat-fee pricing. On the surface, it seems nuts — why would a lawyer set themselves up to lose money if they end up working overtime? But after a closer look, we’ve found there’s a huge potential benefit for flat-free pricing that’s often overlooked.

HOW TO DO IT WITHOUT LOSING MONEY

Lawyers avoid flat-fee pricing because they worry that they’ll set their prices too low, then start hemorrhagingmoney if a case takes longer than they expected. That’s a valid concern, but you can assuage it by doing two things: choosing your prices carefully, and creating a tiered pricing structure. When you pick your fee, look over your past cases and choose a price that’s in the sweet spot — base it on cases where you’ve had prices that were higher or lower. Then, take the time to create a tiered structure with different prices for cases of various types and complexities, and find the sweet spot at each level. Whatever pricing model you choose, our team can help develop a marketing plan that’s right for you. To learn more about your options, head to SpotlightBranding.com/NL.

THE ARGUMENT FOR FLAT-FEE PRICING

Going the flat-fee route aligns your interests with the interests of your clients. The hard truth is that the hourly billingmodel pits the lawyer against the client financially. Nomatter howmuch integrity you have or howmuch you care about your clients, your firmmakes moremoney the longer a case takes, and your client loses money at that same pace. This never fails to make clients a bit suspicious of their lawyers and anxious about their cases. Just think about the last time you had a plumber at your house who charged by the hour. Didn’t you feel the urgency to get themout of there mounting with every passingminute? The flat-fee pricingmodel will keep your clients from feeling that same way about you. Plus, saying, “This is the price, and we’ll get it done nomatter how long it takes without charging you a cent more,” is a great selling proposition. People want to pay for results.

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RESOURCE OF THE MONTH

HAVE YOU REQUESTED OUR BOOK YET? GRAB YOUR FREE COPY TODAY! In last month’s newsletter, we had an article telling you all about our new book, The Ultimate Solo Lawyer’s Guide toMore Referrals and Better Clients. We’ve had several people request their free copy, and we are extremely grateful for all of the interest shown so far.

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“THE SEO GOLD RUSH” – LFMM 294

If you haven’t requested your copy yet, there’s still time! Just go to SpotlightBranding.com/free-book/ and fill out the short form. This book is perfect for readers of this newsletter. It covers the power of referrals, how branding differs frommarketing, and (of course) why Google isn’t going to be the best source of new clients for your firm. Additionally, this book challenges a lot of preconceived notions many attorneys have about marketing. So, if you’ve been feeling frustrated about your current marketing strategy or you don’t fully understand what your marketing should be doing for you, request your copy of our book!

How is SEO like the gold rush of 1849? There are actually several similarities, none of which are encouraging.

If you want More Referrals, Better Clients, and Higher ROI on all your marketing, call us today at 800-406-7229 to schedule a consultation!

Listen to this episode and find even more at LawFirmMarketingMinute.com and subscribe on Apple Podcasts or Spotify.

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