Few lawyers realise just how much discounting costs. They also don’t realise that a discount is a direct hit on take-home pay.
And the biggest mistake lawyers make is to hold their bill until the case is finalised before presenting it to their client.
When the client sees the full amount (“bill shock”), they invariably ask for a discount.
And the way to avoid discounting? Smaller, interim invoices while the gratitude curve is still high.
You also need to come up with your reason why you cannot offer a discount. Maybe something like “My rates are much lower than larger firms because I have already factored in a discount. If I cut my price I cannot offer you as good a service.”
Learn how to say no to a discount nicely, and it will make you millions throughout your career!
An extract from the Business Advice for Law Firms e-book by AJS