Summary
Expect to learn that the key to discussing pricing with a new client is patience and building trust by spending time with them, providing value without expectations, and waiting until the value is clear before presenting the price, resulting in a receptive and trusting audience.
3 Key Takeaways from this Video
- Patience is crucial: It is important to be patient when discussing pricing with a new client, waiting until the value of your services is clear and trust has been established.
- Build trust through value: Instead of immediately jumping into pricing discussions, focus on building trust by spending time with the client, providing value, and offering assistance in navigating their needs.
- Present pricing in a fair and collaborative manner: When the time comes to discuss pricing, approach it as a proposed price for a specific scope of work, rather than simply dictating the charges. This fosters a sense of fairness and allows the client to feel involved in the decision-making process.
Transcript
0:05 So one of the most critical things is when to have the discussion about pricing with a new client. The temptation of all lawyers is because talking about money is pretty scary for almost everybody.
0:19 They just want to get to it. They'd rather email it and just say I hope it works out, but it's actually the opposite, which is not unexpected really when you step back and think about it.
0:30 The number one thought you must have is patience. Just be patient. Wait until the value is really clear. Spend time with a client, build trust.
0:43 Give value away and don't expect anything in return. And by the time you get there, you'll have a ripe audience that will have built trust.
0:52 And when you give them the price and the scope or you give them the options, they'll believe you because they'll go like, you've been there all along for me.
1:00 You've been helping steer me in the right direction. And I trust you to be fair with me and do it in a way where it's not like this is what we're going to charge you to do this.
1:13 But this is the proposed price for this scope. How does that feel? And you'll be surprised that most people will just say that sounds great.