[Classic Rewind] Richard James-Michael Strauch --Pricing, Pricing, and Profits!

Description

About Richard James: Richard James, a seasoned legal expert with over 15 years of industry knowledge, has a proven track record of transforming law firms into thriving enterprises. With his expertise, he elevated a startup firm from scratch to a remarkable $3.5 million in revenue within 2.5 years and has since mentored over 900 attorneys, empowering them to make a meaningful difference in their clients' lives while achieving sustainable success.

About Michael Strauch: Michael Strauch is a dedicated expert in optimizing the sales process for law firms. With a proven track record, he has assisted over 100 law firms in significantly improving their close rates and transforming consultations into paying clients. Through his expertise and The Closing Room’s system, he has elevated firms' average close rates from 33.7% to an impressive 64.5%.

In this episode, Ryan, Richard James, and Michael Strauch discuss:

The importance of profit over revenue in small business
Mastering the art of pricing and sales for law firms
Navigating the challenges of hourly billing, flat fees, and retainers
Redefining value beyond expertise and experience

Key Takeaways:

Law firms often struggle with pricing their services correctly, but increasing fees strategically and implementing a consistent sales system can lead to higher profits without sacrificing client retention.
The myth that raising prices will drive away clients is debunked as a well-implemented sales structure can result in closing 60-80% of consultations, emphasizing the importance of a solid pricing strategy and confidence in the value offered.
Focusing solely on a high conversion rate might lead to overlooking the importance of diverse client profiles, clear communication, and achieving positive outcomes, which are paramount to client satisfaction and business success.
Law firms should reevaluate traditional hourly billing practices, acknowledging that clients prioritize results and communication over the level of experience, encouraging a shift toward a more client-focused and equitable fee structure.

"I don't understand why their ability and their seniority has anything to do with the hourly bill that you built.... And so where I see lawyers get screwed up and turned upside down all the time is they'll charge the right fee for themselves, but they won't charge the right fee for their associates or their paralegals or somebody else that's doing the work on the case." — Richard James

"They don't care who is necessarily completing the work, what they care about is that they get a good result at the end of it and that they have clear communication with the firm throughout if those two things are achieved." — Michael Strauch

Connect with Richard James and Michael Strauch:

Website: https://yourpracticemastered.com/

Richard’s email: richard.j@yourpracticemastered.com

Michael’s email: michael.s@yourpracticemastered.com

LinkedIn: https://www.linkedin.com/company/yourpracticemastered/

Facebook: https://www.facebook.com/yourpracticemastered

Instagram: https://www.instagram.com/yourpracticemastered/?hl=en

YouTube: https://www.youtube.com/@yourpracticemastered

Books: https://www.amazon.com/stores/Mr-Richard-James-Strauch/author/B00SLMR624

Podcast: https://podcasts.apple.com/us/podcast/your-practice-mastered/id1559067024

Schedule your free 1:1 Profit Breakthrough Session with Ryan here: https://go.oncehub.com/profit

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