The Headline Rate Dilemma: Is Your Law Firm Losing Revenue?

🟣 Law Firm Owners: Do your fee-earners use their headline rate all the time? Most of the time? Sometimes? Rarely? Never?

Apologies for being Joe Blunt but I can pretty well guarantee that they won’t all use it all the time.

🟣So, my next question is do you know the answer to that question?

Maybe you do and maybe you don’t.

🟣Do you expect them to use their headline rate all the time?

🟣Whatever your answers are, what is the point of a headline rate if it’s not being consistently used?

Now that’s a great question, though I say it myself.

🟣Since I imagine your headline rates have been calculated to cover costs and make a certain profit, if fee-earners are not using it all the time, what is the impact on the business?

💥Yep – a loss of revenue.

🟣How much?

Fill in the answer.

🟣Is it sustainable?

🟣How long for?

So many questions.

🟣The next biggie is why do your fee-earners not use their headline rate?

💥Because they do not believe they are worth it.

💥Because they are not comfortable with the rate.

💥Because they think thoughts like: I wouldn’t want to pay that.

🟣So, what is the solution?

You have to help your fee-earners understand why their headline rate is what it is by explaining it.

Even if you do that, it won’t be enough, because you need to tackle their inner thoughts and feelings.

And with all due respect, you probably don’t know how to do that.

Which is where I come in.

✅I help law firms (and other service-based businesses) to get paid their true worth consistently and unapologetically while keeping their clients happy, by uncovering and eliminating those behaviours which cause a financial loss.

If you want to know more, just get in touch.

I’m Vanessa Ugatti, author of Amazon Best Seller, True Worth: How to Charge What You’re Worth and Get It. I help accountants, lawyers and consultants to generate more income, have more time and create more freedom without having to get more clients, do more work or compromise value or values.

Ready to talk?

For an initial no-obligation chat, call 00-44-1202-743961 or to order your complimentary copy of Amazon Best Seller click here

1)   Plan your Christmas tasks so you have plenty of time and stick to them. It reminds me of that old age: “If you fail to plan, you plan to fail.”

2)   Have a budget for what you’re spending on gifts, food, etc. and stick to it. What’s the point of over-spending if it means you spending the next 3 months catching up?

3)   Programme in short bursts of “you time” so you can rest and recuperate. This is critical and, paradoxically, the busier you are, the more important it is for you to do this. When working with clients, I see the tendency to move from one task to another, like an automaton, and without giving themselves the time to think, acknowledge wins or rest.

4)   Keep a positive mental attitude. Not much more to say on this one, except that it will be easier to achieve if you apply points 1-3 and 5-8.

5)   Don’t take it all too seriously!

6)   When buying gifts, it’s not how much you spend, it’s how much thought goes   into them and how you feel when you buy them that counts. If you’re feeling stressed and buy something expensive in a rush, then the receiver is receiving your stress. On the other hand, if you buy gifts when you’re feeling relaxed and happy, then the recipients will receive that energy.

Which do you think they will prefer?

7)   When you notice the stress creeping in, stop, take a deep breath and feel grateful for everything and everyone in your life. This only takes a few minutes to do and yet the benefit can be proportionally much greater.

8)   If you have lost loved ones, it’s normal to feel sad that they’re no longer with you. I can personally relate to that one! Then you can flip it around and be grateful that they were a part of your life. Then focus on what you’re grateful for now. You may not always choose the circumstances in which you find yourself, however, you are always at liberty to choose what you think about them. Understanding and realising that is true power.

9)   If all else fails, just get drunk! 
When all the jobs are done, you can just relax and enjoy yourself. Then when you’re ready, reflect on the wins, challenges and insights that 2017 brought you and prepare for the coming year.
Thank you for reading and for your comments and I look forward to sharing more with you in 2018.
It only remains for me to wish you the happiest Christmas and a very prosperous 2018.