The Best Pricing Strategy? but It's Not for Wimps

• Author: David V. Lorenzo
• Pages: 71-73

The Best Pricing Strategy… But It’s Not for Wimps §36.

71

§36.

THE BES T PRI CI NG ST RATE GY … BUT IT’S NOT

FOR WI MP S

The next strategy I am going to outline for you is not for wimps. If you are not the kind of

person who can stare adversity in the face and laugh, then you should stop reading immediately.

Today I am going to share something with you that less than two percent of all lawyers have

the guts to implement. I call it The Pinacate Pricing Process™. This is a strategy that can help you

grow your revenue without increasing your workload.

There are two steps to implementing The Pinacate Pricing Process™.

Step One: Build a Solid Value Proposition

Your clients cannot think of working with you as hiring a lawyer. They must view working

with you as a good investment. This means: If you are a transactional lawyer, you make the trans-

action more valuable. If you are a criminal lawyer, you give the client their best opportunity to

fulfill their earning potential by remaining free. If you are a divorce lawyer you give the client the

best opportunity to keep his dignity and the assets he really wants.

In The Pinacate Pricing Process™ you never, ever, quote your fee before you make certain the

client understands the value they are receiving. Contrary to the belief of most lawyers, it is YOUR

responsibility to make sure the client understands the value. Do not expect them to walk through

the door, give you a hug and say “Boy am I glad I found you.” You have to HELP THEM feel that

way by presenting the value your legal service will bring to their life.

Step Two: Charge Premium Prices

This is the easy part. If you have done a great job explaining the value of the service you

provide, you can charge a significantly higher fee than anyone else in the market. You read that

correctly. If you show the client your value, you owe it to yourself to be the highest priced lawyer

in town.

Look at it this way: You can be Walmart or you can be Bergdorf Goodman. You can be Motel

6 or you can be The Ritz Carlton. You can be Jet Blue or you can be NetJets. Not everyone can

afford the latter choice in these examples, but not everyone is an ideal client.