As the market evolves, more and more attorneys are reconsidering their pricing model. The traditional method of charging by the hour works best for some. However, many clients have started to look for something different: Flat fees.

Flat fees are predetermined, total fees that are paid upfront before work begins. They aren’t for everyone. But could they be right for your firm?

Here are 5 Reasons to Consider Flat Fee Pricing:

 

1. You’re in control with flat fee pricing

Flat fees allow you to be flexible with your time and work on cases the way you think is best.

• Say goodbye to minute-by-minute time tracking constraints
• No more chasing down clients for payments (clients will pay upfront!)
• You can work your way, making work-life balance easier to achieve

 

2. Clients struggle to manage their budgets

When you quote potential clients your retainer fee and hourly rate, they hear the numbers, but still don’t know the price. No one likes being unsure of their finances. This unsurety leads to valuable trust being lost as your clients wonder if you really need the amount of time you’re taking, each hour adding to their stress and anxiety.

Even when your clients trust your abilities and think you are the best attorney in the world, they cannot help but cringe every time their bill increases. Additionally, they may feel pressure to rush through their interactions with you, which often leads to unasked questions and increased uncertainties.

 

3. Flat fee pricing builds attorney-client trust

With flat fee pricing, your clients know you are not just trying to squeeze as much money out of them as you possibly can.

Many people don’t know what they should be looking for when they search for an attorney… so they shop on price. The law firm that is able to quote a potential client one flat fee upfront, has the upper hand. Potential clients find a great deal of value in being able to work you into their budget without worrying about being hit with surprises.

From a client’s perspective: flat fees show that you care about them, not just their wallet.

 

4. Predictability helps you scale your law firm

It’s not easy to predict future income when charging by the hour. Sure, it can be done. But with flat fee pricing, it can be done much more easily.

With hourly rates, both the number of cases you’ll have and the amount of time you’ll spend on them are unknown variables. Flat fee pricing gives you a much steadier idea of your potential income on a case-by-case basis by removing that second variable.

 

5. Flat fee pricing is an easier sell

At the end of the day, your clients aren’t really paying you for your time. They’re paying you for the value of the work you do for them on their case. They care how long it takes you, but only because it directly correlates to their final bill.

The majority of people don’t have much experience searching for attorneys. The majority of people don’t have unlimited funds either. Unfortunately, an hourly rate can feel like an unlimited price.

Firms who adopt flat fee pricing gain the advantage of being able to tell their potential clients: “Here’s what you’ll pay. No surprises.”

 

. . .

Flat fees won’t work for everyone, but attorneys who handle estate planning, contract reviews and drafting, DUI cases, Bankruptcy, etc. are prime candidates. Does your firm use any flat fee pricing? We would love to hear your thoughts!

 

Check out the other articles from this month’s newsletter:

• Letter from the CEO
• Meet the Bettie: Tabitha
• Betties’ Favorite Recipe: Sweet Potato and Black Bean Enchiladas
• Top Tech Tools: iAnnotate

Ingredients:

• 1 ½ pound (2 medium/large) sweet potatoes
• 1 medium red onion (about 1 cup finely diced)
• 15-oz can of black beans
• 8 ounce can diced green chilies
• ½ tablespoon chili powder
• ½ tablespoon cumin
• ½ teaspoon garlic powder
• ½ teaspoon salt
• Freshly ground black pepper
• 2 cups salsa verde
• 8 ounces Colby Jack cheese, shredded
• 10 8-in flour tortillas
• Topping choices: sour cream, chopped cilantro, guacamole, pico de gallo, feta, queso fresco

 

Directions:

1. Preheat oven to 350 degrees F
2. Boil the sweet potatoes: Dice the sweet potatoes into roughly ¾-inch cubes (skin can be left on or removed). Place sweet potatoes in a pot and cover with 1 inch of water. Add a pinch of sale. Bring to a boil and cook until tender when pierced with a fork, around 7-12 minutes. Drain.
3. Prep the filling: Finely dice the onion. Drain and rinse the black beans. In a large bowl, combine the cooked sweet potato, red onion, black beans, green chilies, cumin, chili powder, garlic powder, salt, and fresh ground black pepper. Mix to combine.
4. Roll the enchiladas: Warm the tortillas for a minute in the microwave, or in a pan for a few seconds per side, so that they are flexible. In a large baking dish or rimmed baking sheet, spread 1 cup of the salsa verde. Fill each tortilla with a ½ cup scoop of the fillings, add 2 tablespoons of the cheese, and roll it up. Place each enchilada seam-side down in the baking dish. Repeat for the remaining tortillas.
5. Top with salsa and cheese: When all enchiladas are in the dish, top with the remaining 1 cup of salsa verde and the remaining cheese.
6. Bake: Place in the oven and bake for about 15 minutes, until the cheese is melted.
7. Serve: Garnish with sour cream, chopped cilantro, and other garnishes as desired!

 

Check out the other articles from this month’s newsletter:

• 5 Reasons to Consider Flat Fee Pricing
• Meet the Bettie: Tabitha
• Letter from the CEO
• Top Tech Tools: iAnnotate

Have you ever thought of yourself as a Mom and Pop shop?

Me neither. But the fact is, small businesses like ours provide nearly 70% of all new jobs in our country! When I started Betties, my desire was to support local Mom and Pop businesses across the US, yet I didn’t think of myself as one.

The 29th of this month is National Mom and Pop Business Owners Day, and I’d like to tip my hat to each of you. You chose the road less traveled. Whether you directly employ team members or indirectly hire through working with companies like Betties, you are helping to put food on the table for families, and that’s worth celebrating!

 

Here’s what I’ve been up to this month! I recently returned from Panama where I was able to celebrate the period before lent, mostly known as Carnaval, with my family.

I met cousins, aunts, and uncles all over the country who I’d never met before. One thing each of them had in common was an entrepreneurial spirit and gratitude for every meal we shared. I even learned to pray in Spanish before breaking bread from my cousin. As I discovered my roots, I learned that the entrepreneurial spirit flows through our blood. I was amazed to see how the tiny local pharmacy, run by one of my cousins, was able to provide a living for locals. They seemed to know everyone who came in and I could feel the connectedness amongst the community.

 

Everywhere we went, people spent time in local tiendas or outdoors hanging with neighbors and living in community. It was a beautiful experience. As we come up on Mom and Pop Day, I want to find ways to connect and grow our community of law firms and team members. I’m working on some fun ideas to create a stronger community and can’t wait to share more in the upcoming months!

 

Talk to you next month!

Emily

Check out the other articles from this month’s newsletter:

• 5 Reasons to Consider Flat Fee Pricing
• Meet the Bettie: Tabitha
• Betties’ Favorite Recipe: Sweet Potato and Black Bean Enchiladas
• Top Tech Tools: iAnnotate