Life is all about perspective. Expectations, I have found, do more harm then good. If our expectations are too high we will always be disappointed because we don’t allow for unplanned opportunities. If our expectations are too low, we may never strive for greater things. What perspective do you have?
By 2017, it is estimated that 95% of non-cash transactions will be paid by credit or debit cards. That leaves just a mere 5% paid through traditional paper check payments. Many attorneys are beginning to recognize if they don’t accept credit cards already, they may need to reconsider in order to facilitate collection of fees in the very near future.
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?
Our profession has a long tradition of mentoring young attorneys. After several years of practice, you shift from mentee to mentor rather naturally. I believe in paying it forward, and I’ve been blessed to mentor some great young lawyers. And I continue to do because….
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?