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 can 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, you’re making way more money. 

 

You’re a magician. 

 

. . . 

 

If you want to talk reassessing your rates, just give us a ring. 

Through a unique partnership between the bar association and Jared Correia's Red Cave Law Firm Consulting, Vermont Bar Association members have access to experienced law practice management consultants at a special discounted rate.

To get started, visit Red Cave's Vermont Bar Association landing page, and start running your law practice like a business.