If I hear one more lawyer tell me they referred out a case to another lawyer ‘just because’ and maybe that lawyer will send something their way down the road, I want to scream, ‘You are leaving money on the table.’ Do you not understand what a referral fee is? Do you not understand the value of this fee to provide you some financial stability for your practice?
“Meet the law graduate who used SUGAR DADDIES she met online to finance her entire $50,000-a-year education.” This is the headline that made all the rounds last week. It’s provocative and created a lot of conversation. We posted the article on our Facebook page (- join us!) but reserved opinion because we wanted to see what our friends would say. Now it’s our turn.
You’re in business. You’re doing pretty well. But the restlessness sets in because your practice has become somewhat routine and is flowing smoothly. Yet there is an itch to do more, something, anything different. The dilemma is this itch is aching to be scratched. You’re practice doesn’t feel like it’s enough. What do you do?
Every time a client makes the decision to retain a lawyer, they weigh the fee against the value of your services. If your fee is too high relative to the (perceived) value they will receive, they are not going to retain you. Therefore, if you don’t have a compelling value proposition, you must reduce your fee in order to get the client to retain you. And no lawyer really wants to do that, right? Because then you are competing based upon fees (cost proposition) and that is a losing game. So, what do you do?
Society as a whole encourages suppression of feelings. The legal profession, as a micro-culture, further encourages lawyers to suppress their feelings. What happens when feelings are suppressed to such a degree? This is a very powerful 32 minutes. We discuss lawyers and how they deal with (and don’t deal with) feelings in the practice of law. […]
Melody A. Kramer is a veteran trial lawyer and activist for positive change in the legal profession (making lawyers useful again). She has handled business litigation in state and federal courts in California and other jurisdictions for over 20 years, as well as negotiating and drafting business contracts collectively worth over $20M. She will be teaching a course on “Writing Killer Contracts (for yourself and for your clients).”