Training 2: The Secret Keys to Maximizing Your Fees: Strategies You Can Use Tomorrow
In this one day intensive you will learn how to ethically set and collect the maximum fee for your legal services and improve the quality of your legal services. We will explore common pitfalls for attorneys when setting fees and then you will create your own value based fee setting and collections system. We will provide each attorney with a workbook as well as electronic copies of all of the documents. You will have 60 days from the date of delivery to schedule and attend your 1 hour of mentoring/coaching with Mark C. Daly.
8:30 am – 8:45 am: Introduction and Welcome
- Personal story. Inner game, Outer game, Future game.
- Goals for the day.
8:45 am – 10:15 am: Fee Setting and the Model Rules
- We compare the challenges of the Time Based Fees with the Value Based Fees in light of the Model Rules.
- Model Rules of Professional Conduct 1.5 – the Rule of Reason.
- Fee Setting Models – Value Based Fees vs. Time Based Fees.
- Time Based Fees (TBF) – hourly rates, flat fees, contingency fees.
- Value Based Fees (VBF) – hourly rates, flat fees, contingency fees
10:15 am – 10:30 am AM Break
10:45 am – 12:45pm: Inner Game of Fee Setting and Client Service
- The Obvious Choice – a paradigm for providing legal services. What keeps you from being the obvious choice in your community?
- The role of beliefs in fee setting and client service.
- “I am only worth X”: Self-esteem – is this your basis for fee setting instead of client’s needs and values.
- “Not enough time in the day.”
- “Got to work harder (not smarter) to make more money.”
- Letting go of unprofitable areas of law.
- Mistakes that cost lawyers money and lower the quality of service.
- How to re-program beliefs.
12:45 pm – 1:45 pm: Lunch Break
1:45 pm – 2:45 pm: Ethics Discussion and Role Play:
- Case study – hourly rates, flat fees and contingency fees.
- Role play – practicing uncomfortable conversations
2:45 pm – 3:45 pm: The Outer Game: Fee Setting and Customer Service
- Agreements and Retainers for Legal Fees
- Customizing contracts
- Eliminate Legalese
- Risk Reduction
3:45 pm – 4:00 pm Afternoon Break
4:00 pm – 5:00 pm: The Outer Game: Collections and Penalties
- Provisions in contract
- Continuum of Leniency
5:00 – 5:30: The Future Game: What are you committed to achieving?
- Smart Goals: Support for Success and Coaching
- Operations manual
- Professional coaching
5:30: Conclusion of Program