Setting fees for your services… it’s something we could have an endless conversation about. How do you determine what to charge when price is such an elastic thing? And, are you bound by what your competitors are charging?
The first thing you have to do when determining what fees to charge is to stop comparing yourself to other lawyers in your market. And stop thinking of yourself as simply providing a commodity.
You see, one of the factors that cause prices to bunch together in a certain range within a market is competition. But are other lawyers in your area truly your competitors if you’re offering more than just the same old documents… if you’re offering your clients an experience they can’t get anywhere else?
If what you’re offering is unique, then you’re not bound by the conventions of your local market. That’s why the Academy is continually inventing new approaches and strategies to offer to clients, like Legacy Wealth Planning, Access Trusts, Sentry Trusts, and Family Wealth Trusts. These approaches help you provide a level of service – and a transformational experience – that can’t be compared to the average documents being produced by other attorneys in your area.
So, once you’ve differentiated yourself from your competition and broken out of your local price structure, what’s next?
You need to find the right clients – selling to clients who are only looking to buy a commodity will just frustrate you and lead to unnecessary price cuts. Instead, you need to identify your ideal clients – people who will value the artistry you have to offer. And they’re out there. But you need to think, deeply and specifically, about who they are. You need to know things like:
- Where do they live, work and shop?
- What do they do for a living? How much do they earn?
- How many children do they have?
- What are their political leanings?
- What are their dreams, hopes, and fears – what keeps them up at night?
Come up with a profile of your perfect clients, down to every last detail – even naming them – and then construct your business around them.
This is why we keep telling you to raise your fees! Peak Performers create a transformational experience for their ideal clients and receive a major price premium for their efforts.
Sanford M. Fisch
CEO & Co-Founder
American Academy of Estate Planning Attorneys, Inc.
6050 Santo Rd., Ste. 240
San Diego, CA 92124