Are You Charging Your Legal Clients Too Much or Too Little?

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9 Oct

Are You Charging Your Legal Clients Too Much or Too Little?

LEGAL-BILLING-SOFTWARE-6 (1).jpg

Tips on What You Should Be Charging Your Legal Clients

Knowing how much to charge your clients, in any field of work, can seem difficult at times. This issue is especially prevalent when dealing with legal clients and law firms. Truth be told, this problem can arise from a number of reasons. Whether those reasons be personal, financial, or anything in between, it’s obvious that one needs to get rid of this problem in order to benefit the most from your clients. With that said, here is a brief overview of the ways to stop overcharging or undercharging your clients, that we will be going over.

1.) Law Firm Billing Software: Also known as legal billing software, these tools help in tracking and managing cases and documents in order to bill and collect the right amount of money necessary.

2.) Paralegal Assistance: Qualified and well equipped, these assistants take on any legal work you need help, including advice and tips on how much to charge your legal clients.

3.) South Dakota Odyssey Case Management: This system was designed to handle the issue of ever and underpaying clients. It handles everything from financial case data supervision, to e-filing and online payments.

4.) Assuming all clients are the Same: Assuming that all clients are the same, meaning not approaching one case different from another, can in extreme cases, lead to loss of clients.

5.) You Don’t Feel Valuable Enough: Even though assisting clients in legal matters is a very valuable skill to have and to offer, not feeling that you are worthy enough of a clients time and money, most likely means you are underpaying or overpaying a client.

 

Before we get more in depth with these tips, note that the first three are more of resources that one can use to make sure you are not overcharging or undercharging clients, while the last two are personal tips that one can implement while on the job. Now that all of that is cleared up and out of the way, we now have a general idea of the terms and reasonings. So, let us get right into the specific details, without further ado, here are a few tips that let you know if you are charging your legal clients too much or too little.

 

Law Firm Billing Software

 

With law firm or legal billing software, you are solving the issue of underpaying or overpaying clients, first hand. Legal billing software, are design specifically to handle this type of legal work. By using these type of platforms, you are helping facilitate better communication between you and your clients. This, in turn, eradicates the problem of correct billing and payment, altogether.

 

Professional Assistance

 

As mentioned before, these highly trained and qualified professionals will take on any legal work, including billing and payments. As a licensed legal workers, they provide clients with payment opportunities such as loans and advancements. In addition, they handle other work of law and legal procedures, to make sure that the relationship between attorneys and clients is great. That way there is no issue over how much or how little to charge for your work.

 

 

Odyssey Case Management

 

Another great resource to use is the Odyssey Case Management system. Seeing about their work, you see that they handle any type of civil case, with the intentions of making sure any financial data or financial documents, are supervised and well taken care of. In simpler terms, they handle the billing of clients in a fair and just manner.

Assuming all clients are the Same

 

Although this may seem like a no brainer to do, being that all cases in the legal system are different in their own ways, there still seems to be a problem with treating clients the same. This great tip brought to you by the website, timesheets.com, goes into detail on this issue and explains how despite there being cases of similar issues, the clients themselves need to be treated in their own ways. What this means is, getting to know your client on a more personal level. Once a personal connection is established, when it comes time to charge for your legal work, there is less likely to be an issue by the client over how much is being charged.

You Don’t Feel Valuable Enough
Another great tip by business advice website, timesheets.com, this tip sounds to be more of a personal hump that you as an attorney, need to get over. It starts off in the beginning as a freelance legal advisor trying to make a name in the legal world. When one is starting off as a legal consultant, a lot of work is done for little to no pay just to establish connections within the business. However, there comes a time where your work becomes more valuable and needs to be paid accordingly. Once you get over that hump, you will have no problem explaining to clients why you charged them that certain amount.

Sources:
1.) https://www.timesheets.com/blog/2015/06/4-signs-you-are-under-charging-your-clients/

2.) http://www.callawyer.com/2015/12/have-you-been-overcharging-or-undercharging-your-clients/

3.) http://www.legalmarketingmadeeasy.com/not-charging-enough-for-legal-services

4.) https://www.lawyerquality.com/article_fees/

5.) https://www.entrepreneur.com/article/233301

6.) http://tamarasuttle.com/setting-different-fees-for-different-clients/

7.) http://okdork.com/how_to_not_feel_guilty_for_charging_what_you_are_worth/

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