Giant Steps: Raising Your Rates Doesn’t Always Have to be a Big Move
I feel like I can safely say that – even though I have no idea what your rates are . In my experience, most law firm rates are far too low . That’s especially true if you bill hourly . Hourly rates for attorneys don’t even keep up with inflation. But, maybe you already knew that . And, perhaps you may even really want to raise your hourly rates . Though, you may also be thinking: I haven’t done that in quite some time , so I have to make a huge change , in order to make up for that . And, that is where you would be wrong. Smaller, incremental increases to hourly rates, can be massively impactful – plus, they won’t send up alarm bells for legal consumers (including your existing clients, if you don’t want to grandfather them in) . So, let’s say you raise your rates by just $25/hour . If you ca n bill & collect 1500 hours each year, you just created $37,500 in new revenue, literally out of thin air . You’re not doing anything different; and, y
