0:26 – Should I raise my rate?
1:30 – Two-Step Process
Hi there! Alay Yajnik from lawyerbusinessadvantage.com. Today, I want to answer a question for you that I get from virtually all of my clients and a question is this: “Should I raise my rate?” There’s a lot that goes into answering this question, so let’s go and get into it.
Should I raise my rate?
I was just on a Revenue Accelerator™ call with a new client, and that client asked me a question that I get from so many of my clients which is, “Should I raise my rate?” There’s three steps that I want to show you right now to help you answer this question for yourself. Step 1: If you’re asking the question, “Should i raise my rate?” the answer is probably “Yes.”
But there is a caveat. If you raise your rate by $50 an hour that may seem like a lot to you, right? Going from $250 to $300, or $350 to $400, or $400 to $450 it can feel like a big step. But if you do the math, it doesn’t actually result in a lot of income to you at the end of the year. It’s a little bit of a bump, but it’s not going to make a huge difference. Now, what if you kept your rate the same but you max’ed out the hours? So that every hour that you could be billing was billed out, whether it’s 20 hours a week, 30 hours a week, or 40 hours a week. You’re billing out those hours. In most cases, that’s going to have a far larger effect on your income than raising your rate by 50 bucks.
So it’s a two step process. Step 1, make sure that you’re billing out your hours and that you’re max’ing out your hours. Then you can do Step 2, which is raising your rate.
Now, I have a question for you: What impact would it have on your life if you could grow your book of clients, fill up those billable hours, and then increase your rate?
The Attorney Referral Formula
If it have a significant impact on your life, then you should download my free e-book, The Attorney Referral Formula™. It’s a 5-step guide to significantly increasing your income faster than you could on your own. I’ve used it with my clients. It contains a proven approach. Using the techniques in this book, my clients have grown their income faster than they thought possible. I’m making it available to you for free. So click on this link to download “The Attorney Referral Formula.” My name is Alay Yajnik with lawyerbusinessadvantage.com. Thank you.
In this video, Alay Yajnik answers a frequently asked question by his clients. That question is “Should I raise my rate?”. Alay shares his insights about keeping the same rate but max’ing out the available time before raising your rate. He also shares his e-book that will guide lawyers to significantly increase their income.