Raising rates is a standard business practice, often indicative of increased value and expertise. However, managing a client relationship in a way that makes a rate increase not only acceptable but also welcome is a nuanced skill. It’s rooted in consistent value delivery and open communication. In this article, we’ll delve into the strategies and best practices that can make this delicate transition smoother for both lawyers and their clients.
Setting the Foundation: Building a Strong Client Relationship
Deliver Extraordinary Service from Day One
The foundation of any successful client relationship is exceptional service. From your first interaction, strive to exceed expectations in terms of legal expertise, responsiveness, and outcomes. This sets the stage for any future discussions about rate adjustments.
Regularly Communicate Value
Your monthly invoice is more than just a bill; it’s an opportunity to communicate value. Use it to summarize the work that you’ve done, the time that you’ve saved the client, and the positive outcomes that you’ve achieved. This keeps the client aware of the value that you provide.
Build a Personal Relationship
A strong client relationship goes beyond professional interactions. Take the time to understand not just your client’s business but also their personal challenges and goals. This deeper connection fosters loyalty and can make conversations about rate increases more comfortable.
Be Transparent
Transparency is crucial in any client relationship. Keep your clients informed about any changes in their cases, matters, or billing. Even when there’s no significant update, a quick check-in can go a long way toward showing that you’re actively thinking about their needs.
Offer Value-Added Services
In today’s competitive landscape, going beyond billable legal work is essential. Consider offering value-added services such as educational webinars, professional introductions, newsletters, or even 24/7 availability for emergencies. These services not only enhance your value proposition but also provide tangible justifications for a rate increase.
Solicit and Act on Feedback
Feedback is invaluable for continuous improvement. Regularly solicit it through check-in meetings and anonymous surveys. More importantly, act on this feedback to refine your services, thereby enhancing your value proposition.