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Top 20 firm practice lead here. Minimum 10% plus pricing/rate raise + all low realization clients to standard realization or bye.
Funny thing. Some have left, shopped around, struck out and now coming back willing to pay.
Late to the chat, but agree with comments and direction shared by others. We’re top 20 firm and will be raising rates similarly. Any thoughts on notifying clients ahead of time, especially those that will go up way more than 10%?
10-20% for big clients. For small clients it’s multiples to get up to their minimum for a practice.
Surprise no. Will they still whine and complain? Absolutely
Great feedback! Thanks to all who shared! I feel less nervous about the fee increase strategy. Attempting to remain confident in the quality of service my team provides and avoid the fears that pop up of having clients fire me as soon as they dislike the fee level.
It’s all how you frame with your partners. Raise prices to keep and pay talent. Come on guys.
More than that. Good luck to me
Looking at 10% for most for most of mine, especially since I kept fees flat for most part year due to COVID. And yeah, bound to be some push back. Leadership expecting at least 10% here.
Tax is even higher with K-2/3
We are doing all k2/k3 as OOS at hourly rates. No choice for the clients
I usually increase 5% per year but this year I’m doing 10%. I think the media is conditioning everyone to the reality of high inflation. I don’t think it will be a surprise to them.
Meanwhile, Crowe, CLA and GT are low balling big time in my market to win and take away work.
Hahahaha BDO accusing someone else of low balling