24: Uncomfortable with Charging "Premium Fees"? Listen to This 10 Times

In this insightful episode of the NewLaw Podcast for Entrepreneurial Lawyers with Ali Katz, Kai, a lawyer based in a small mountain town, faces the challenge of confidently asking clients to pay the full price for her services. Ali guides Kai through a transformative discussion on overcoming the discomfort of discussing fees and how to build a business that truly serves both the lawyer and the community. This episode delves into the importance of recognizing the value you provide as a lawyer and how to align your pricing with the quality and depth of service you offer.

 

Realize also, that charging full price is actually in your client’s best interest. You’ve gotta get out of your own way and realize that you’re doing it for them. Listen and re-listen to this episode as many times as you need to anchor in why premium prices are necessary for your clients to have a plan that works. And then go practice. Practice, practice, practice!

 

Key Takeaways:

• Aligning Fees with Service Quality: Understand why charging the full price is essential for delivering high-quality legal services that make a lasting impact on your clients' lives.
• Overcoming Money Conversations: Gain practical tips on how to confidently discuss fees with clients, reframing the conversation as a service rather than a transaction.
• The Power of Practice: Learn how regular practice and preparation can help you become more comfortable with fee discussions.
• Community-Centered Mindset: Shift your focus from your discomfort to the needs of your community, ensuring that your pricing supports the valuable service you provide.
• Building a Sustainable Legal Practice: Discover the importance of creating a business model that not only supports your clients but also allows you to live a balanced, fulfilling life as a lawyer.

 

This episode is a must-listen for lawyers who want to master the art of pricing their services confidently and build a practice that serves both their clients and themselves.

 

01:26 Kai joins the conversation, seeking advice on gaining confidence to request full payment from clients, having previously offered discounts and feeling uneasy about discussing money.

 

02:19 Ali advises Kai to practice asking for full payment and highlights the inevitable discomfort, suggesting that Kai should focus on the clients' benefits to make conversations about money easier.

 

05:26 Kai explains her motivation for building a sustainable business in her small mountain town, aiming to be a constant community resource and create a lasting legacy.

 

06:59 Ali encourages Kai to reframe her mindset, focusing on the importance of charging enough to provide valuable client services and maintain a successful law practice.