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Set your hourly rate , have a reasonable estimate on the amount of time it will take, and just never budge. You can offer a 20% discount or deferred payment if a client is tight on money (v exceptional, when working with a startup for example) but don’t undervalue your time. Sometimes it’s really ok to let a client go who doesn’t value your contribution, in my experience, those are the most difficult ones.
This 👆
One of the biggest lessons I learned from my last boss was don’t second guess your rates or undercut yourself on rates. And let the lower-tier clients go, unless they make it up on consistent high volume. I can’t think of a good client I’ve had who made a significant push back on rate structure - and I’ve been sometimes surprised at some of the rates clients will agree to without flinching.
Client selection, including rate setting, is an art you’ll learn over time.
With very limited exceptions, the cheapest clients are the ones most likely to try to sue you for malpractice or bring bar complaints. It’s just not worth it to me anymore.
Good advice here - I would add that you’ll never get respect from a client who sees his attorney devalue him or herself (aren’t those student debts and long years of studying worth something?) The cheapskate hustlers are always on the phone and the first to accuse you of a slip-up. You are in fact subsidising them because they’ll pull you off more valuable work for the paying clients.
I once said to a cheapskate client ‘If I agreed what you propose this case is worth I might as well pack up and stack shelves at the local mall. So tell you what, go hire the guy in the mall because I’ve other clients who think I’m worth what I’m quoting, and see what result you get’. Sure enough, I got my fee.
You maybe made a mistake undercutting yourself. It’s better to stick to your prices, shows them you’re serious, and it prevents some problem clients who love to nickel and dime you.
What do you charge by the hour? A simple contract demand for a 50 page contract should prob take anywhere from 4 to 10 hours. If it’s a new area of law, will take longer.
Don’t do this in the future. Your time is valuable!
This is a good lesson to learn early, and fortunately it seems like it won’t be a hugely expensive one for you.
When signing up a client, you are the one who has the legal expertise in the situation. You are in the best position to estimate how long things should take, and you know what your hourly rate is/should be.
I know it’s hard to do when you are starting out, but stick to your guns. It will pay off in the long run. Not only because you will end up with a stable of higher-rate clients, but also because of the reduced abuse you will have to take. Clients that are paying low rates tend to have no qualms about taking up a ton of your time unnecessarily.
High rate clients tend to be much more respectful— they leave you alone to do your work because they know that wasting time on the phone or having you chasing rabbits is expensive.
Expert witnesses learned a similar lesson ages ago. They don’t charge outrageous fees because they need the money. They do it to keep their depositions short so they can get back to their real jobs.
And shiesty trying to get money. Should I feel weird about this whole thing?
We don't negotiate our rates. Credit the consult fee, but never give mates rates on a new retainer.
If the person is a repeat client, than sure. I'd give a discount in that case.
You went from $2,500 to $1,000. You really played yourself.