Description

In this episode, Steve Fretzin and Gideon Grunfeld discuss:

• Strategies for pricing legal services effectively
• Overcoming psychological barriers to fee adjustments in legal practice
• The importance of tailoring legal service models
• Leveraging emotional connections and effective communication in client relationships

Key Takeaways:

• Lawyers often undercharge because they fear client objections, but raising rates with new clients or incrementally testing higher fees with existing clients can result in fairer compensation.
• Time is not always the best proxy for value in legal services; using flat fees or value-based pricing can align better with the real impact of a lawyer's work.
• Approaching legal service delivery as a relationship rather than a transaction allows lawyers to justify higher fees by emphasizing guidance, expertise, and emotional support.
• A subscription model can be a game-changer for repetitive, high-volume work, such as employment law, offering consistent engagement and client satisfaction.

"The value you're providing has very little to do with the time you're putting in. In fact, if you can make it go away really fast, the client values it even more. So, do not charge by the hour." —  Gideon Grunfeld

Got a challenge growing your law practice? Email me at steve@fretzin.com with your toughest question, and I'll answer it live on the show—anonymously, just using your first name!

Thank you to our Sponsors!

Rankings.io: https://rankings.io/

Rainmakers Roundtable: https://www.fretzin.com/lawyer-coaching-and-training/peer-advisory-groups/

Episode References: 

Huberman Lab Podcast: https://podcasts.apple.com/us/podcast/huberman-lab/id1545953110

About Gideon Grunfeld: Gideon Grunfeld was, for almost ten years, a large law firm business litigator and an antitrust attorney. As the president and founder of Rainmaking For Lawyers, he has since 2004 consulted with law firms and coached individual partners, of counsel, and associates to grow their book of business. In this capacity, he has helped thousands of lawyers increase their initial retainers, raise their hourly rates and flat fees, communicate their fees to clients, and increase their collections.

Connect with Gideon Grunfeld:  

Website: https://rainmakingforlawyers.com/

Email: gideon@rainmakingforlawyers.com

LinkedIn: https://www.linkedin.com/in/ggrunfeld/

Connect with Steve Fretzin:

LinkedIn: Steve Fretzin

Twitter: @stevefretzin

Instagram: @fretzinsteve

Facebook: Fretzin, Inc.

Website: Fretzin.com

Email: Steve@Fretzin.com

Book: Legal Business Development Isn't Rocket Science and more!

YouTube: Steve Fretzin

Call Steve directly at 847-602-6911

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.