Friday, February 16, 2007

Law Firm Marketing Consultants - What to Charge for Services

There are a lot of marketing consultants providing services to law firms of all sizes. There is an equal range of both quality of consultants and prices they charge. One of the most common questions I am asked by consultants I've been privileged to know or mentor is, "How much should I be charging for my services?" Many of the larger consulting firms have established price structures... the question is more common from solo and small shops.

My answer is, "You should charge what you are worth." I realize this appears to be a non-answer, but in fact, it is quite concise. Consider these three items:
  • Charge enough so the work provides a living (if in fact you can develop a full-time level of business).
  • Charge as much as the market will bear. To find that number raise your price until the market starts saying, "No".
  • Charge as much as you can say out loud to a client or prospect without getting the giggles or feeling foolish.
To the last bullet -- I have a consulting friend who has helped two different technology companies skyrocket their sales in short order and is responsible for a ton of incredible campaigns with many other clients. Her top billable rate is $150hr. When I was consulting my top billing was $300hr. I would consider her skills far superior to mine and yet she can't get over a personal hurdle of asking for more than $150.

While some might say there is a lot of science and formula for determining billing/project rates I will argue that it is something totally different... Which would explain why billing rates are all over the board. Use my three rules and see what happens for you.