As attorneys, we are accustomed to tough conversations with clients. However, there is one tough conversation we all love to avoid: billing rates. With new clients, it is an awkward conversation. With existing clients, negotiating a rate increase can be a nervous affair. Here are our five negotiating tips, and a bonus sixth tip on retainers.
1. Do Not Be Afraid To Ask
If you follow the rest of the tips on this list, you should not be afraid to ask for a higher rate from your established client or negotiate a fair rate with a new client. Some brazen attorneys even skip the “ask” part, simply raising rates at the end of each year. This is not a responsible practice. Your client’s trust in you is paramount. Do not risk losing that trust with a unilateral rate increase. If you do your homework, understand your client’s situation, understand your own situation and work hard to demonstrate your value, you should not be afraid to start the conversation.
2. Do Your Homework
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