How To Increase Your Profits Through Legal Fees
This actually is very easy to implement and will not harm your conversion rate, if handled correctly. You will still have the same number of clients but you will be charging them more for your services. You will notice a wonderful increase in your profits and that’s excellent!
Why You Should Be Charging More:
If you believe you are providing an excellent service to your clientele, by all means, start charging more. If on the other hand, you feel there’s room for improvement then you need to make some serious changes or get out of the business. Look at it this way, if one of your clients asks for your help, I am sure you will provide them with the very best legal support to help them out. This is precisely why they came to you, to begin with.
Therefore, shouldn’t you be properly compensated for your excellent service? The answer is an obvious yes.
How You Can Charge More.
Start Selling Your Services To Your Existing Clientele:
Keep in mind, if you start selling your services to existing clients, you have an advantage because these people are loyal to you. You will discover they will except your increase in fees. Let’s face it, your loyal clients contact you because you are their solicitor! They will not have a problem with an increase in your rates so long as you continue to provide them with the same level of service they had always expected. Just make sure your rates are not so high that you will scare them off. Here are some valuable tips to help you increase your profits without harming your practice.
Always communicate with your clients on a regular basis in order to build loyalty. Contact them and find out how they are doing at least once a month. That’s not to say pester them, just communicate with them from time to time. If you are not communicating with your current clients, you really need to turn that around. With the incredible software tools that are now available, it’s really quite easy to stay in touch with your clients regularly.
Obviously, if you are acting on the part of a client, you are in constant communication and providing the very best service. When you provide a really great service, they will never consider looking elsewhere. Good client loyalty also leads to them referring you to family and friends. I am sure there have been times that you have needed the service of a company and have experienced wonderful help and even though there are others that are cheaper, you would never consider turning to anyone else. Your clients are the same way, so make sure you give them the service they are expecting, they are going to stay because your service has been exceptional.
Selling Your Services To New Clients:
If you are looking to bring in new clients, make sure you review your current services and make improvements where necessary. Here are some tips to help you make some adjustments and improvements.
Are You Listening To Your Clients?
Unfortunately, many people have a habit of speaking but not listening. In many cases, solicitors are selling their services on the telephone but forgotten that listening is more valuable than talking. They are in such a hurry to make a sale, they have overlooked what the client’s needs are.
When you take the time to listen to what their problems are and what they are looking for, you will stand out from the crowd. Before trying to sell them on your service, know what they are looking for. Have they recently been injured and it wasn’t their fault? Are they setting up a will? Are they planning to get a divorce? These are just a few problems that millions of clients are looking for solutions for.
If you are too busy trying to sell your practice, you are losing out because you are not listening to them and they will look elsewhere.
Match Your Service To Their Individual Needs:
Once you have listened to what they need help with, it’s much easier to tell them why your service will be a perfect match. Look at it this way, you are young and interviewing for a job. The personal director tells the potential employee exactly what they expect from those looking for employment. All the director requested was that this young person repeats back exactly what he or she was looking for. The young person repeated back every word and landed the position. In a nutshell, they gave the director exactly what he or she was looking for.
Explain your services and let them know their needs will be met because you understand what they are going through. That’s practically a win-win situation.
You can follow-up on your conversation with an email or a letter. Potential clients will feel they are significant to you and that could be a winning situation. If you don’t, the chances are you will be easily forgotten and they won’t even remember which firm you are with.
Call your prospects back and make sure you have answered all their questions and whether they need more information.
What Should You Charge:
Many solicitors, over the years, have been dropping the rates to such a low level it’s a wonder they still stay in business. The bottom line, your service is worth what the client is willing to pay. Some solicitors might charge. £450 for their services while another is charging £1350 for the same services. Where some clients might consider the £1350 as over the top, if explained properly they might reconsider when you let them know you will spending more time on their case, being in constant contact with them, and providing more time to make sure all transactions are handled correctly and in a timely manner.
Start off in small increments of £25 and see if you convert the same number of inquiries. If that works, increase your rates again, even though you are not to the amount you want, in the end, you will get there once you realize how much a client is willing to pay for your excellent services.
Your legal practice is your passion and you have placed a great deal of work in providing your clients with exceptional services. Why shouldn’t you test the waters and see if increasing your rates will improve your profits while still giving your clients the services they have come to expect? Follow some of these suggestions, improve where there might be weaknesses, and make your business an even greater success.
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