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7 common mistakes when pricing conveyancing services

28th November 2014

ETSOS partner Legal Mentors have written a 7 part series all about how to maximise your profitability from conveyancing. If you missed it we have brought all the tips together in one place… feel free let us know what you think.

7 Common Pricing Mistakes (click on each for more):

Assume the client wants a cheap price

This is a mistake because whilst some people just want a cheap price, most want good advice at a fair value. ‘Cheap’ is likely to mean cutting corners. If you do good quality law you can justify a reasonable price.

Failing to know and truly understand your costs

This is a mistake because if you don’t fully understand in detail the costs of your conveyancing department then how can you work out and quote a price that builds in an acceptable profit margin per transaction?

Allow just anyone to answer new business enquiries

This is a very common mistake. You wouldn’t leave the job of conveyancing to untrained staff or let them randomly decide how to process a matter would you? Equally, when handing enquiries you must have a clear sales process to help improve the conversion rate of enquiries to client instructions

Failing to have a clear sales process

Each new business enquiry is a ‘sales’ enquiry and has a cost attached, i.e. money invested in of your website, your marketing and business development initiatives. Such enquiries are like ‘gold dust’ to your business. Each new enquiry (sales lead) has cost you money. Establishing a clear sales process will improve the conversion rate of enquiries to new instructions and increase your income and profits significantly.

Cut your price to match your competitors

This is a mistake because it just drives the market down and down. There will always be someone cheaper. Rather, increase your price and explain the value of your excellent legal work and what can go wrong with a cheap job.

Quote a price for work too early in the conversation

This is a mistake because you need to know the client’s/prospective client’s own particular circumstances. They may be expecting to be paying a premium because of some complexity or timescale you haven’t yet discovered. You need to understand the whole picture before you can consider the price.

Stating a fixed price without first clearly scoping what is included

This is a mistake because the circumstances may substantially change and you have the right to charge more.

 

Avoid the 7 common mistakes and you will improve your Firm’s profits – GUARANTEED!

If you feel your firm could do with some help to avoid these common mistakes, contact us for a free, no-obligation chat about how we have helped other Solicitors to avoid these mistakes and thus make more profit.

Call Martin Wyatt on 01233 712150  or  Michael Porter on 01264 810595
martin@legal-mentors.com                   mike@legal-mentors.com

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