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Many attorneys might think that by slashing fees and becoming the cheapest lawyer a client can find, you can drum up new business.
It's true that lowering the amount you charge might make you more appealing to clients.
But, you shouldn't act so fast. Being the cheapest attorney in town isn't necessarily the best marketing move.
After all, there's a certain stigma attached to being thought of as the "cheapest." And, many people might believe that there is some truth to the old saying that you get what you pay for. Cheap legal services could equate to poor representation in some clients' minds.
There are also some other reasons why offering a low-rates on your legal services may not be the best idea.
Discounting your services carries with it a double-edged sword. You as an attorney may feel dissatisfied because you are charging less than you normally would.
Your clients, on the other hand, might feel dissatisfied because they might start to think that you could actually discount your services even more.
So, what can you do to market yourself without making yourself look too "cheap"?
One alternative would be to allow more flexible bill payment methods for your clients. Some clients may not be able to cut you a check, but could afford to pay using credit cards or through installment methods.
Be wary, however, of offering to loan money to clients. It's generally advisable not to loan money in general, says Timothy J. Storm, a solo practitioner and professor at John Marshall Law School, to the Illinois State Bar Journal. Attorneys need to remember their position is of a lawyer, not a bank.
Though, despite all this, being the cheapest lawyer can be good for some lawyers. It all depends on how you want to market yourself. And, what kind of practice you have.