Are you struggling to charge what you deserve? Raising your rates can be tricky, and right now, it might seem particularly tough or even insensitive to consider given the constant complaints about inflation and rising costs. However, not only do you deserve to be paid well for your work, but ensuring you can charge a reasonable amount could also make the difference in keeping your own family and firm safe in the long run.
So how can you raise your rates the right way? Through your marketing! But how? You’re certainly not going to announce that you’ve increased your rates or anything like that. Instead, it’s all in how you position yourself and your firm.
Content is a powerful tool. It can touch pretty much every aspect of your firm, and that includes your rates. If that seems impossible, consider this: Great content will build your reputation, positioning you as the expert and the go-to thought leader in your practice area. And when you’re seen as an expert, you can charge like an expert. It’s actually that simple.
However, this outcome hinges on having a steady stream of the right kind of content. Most importantly, it has to be educational and relevant. You need to appear to be the foremost expert on your topic, offering wisdom and advice to readers that answer the questions they’ve already been asking in their heads. Nothing is more compelling for a reader than finding all of the answers they need in one place—whether that’s your blog, your website, your podcast, or your social media platforms. Ideally, all of these spaces should be full of educational content.
That said, you don’t need to do an insanely deep dive into every topic you discuss to prove you’re educated. Remember, your average reader likely doesn’t know a lot about your practice area — you aren’t writing for other lawyers in your field. As long as you focus on the things you do, stay on topic, and offer some useful information, you’ll effectively build your reputation and give yourself the brand boost you need to raise your rates.
When you’re ready to actually raise your rates, the smartest way to go is implementing an annual or semiannual rate increase. Whatever timeline you choose, scheduling these increases will motivate you to keep putting out great content and doing your best work. You’ll feel like you deserve the increase, and the more targeted, top-quality content you put out, the less resistant your clients and prospects will be to work with you or balk at the price.
In fact, raising your rates will soon start working with your content to improve your reputation—people expect the best lawyers to charge a bit more and could get suspicious if your services and price seem too good to be true.
Don’t undersell yourself or listen to the people who say you need to be in a huge firm to charge what you deserve. With the right content strategy, you can make it happen.