Many lawyers are reluctant to ask their clients for money and talk about their fees.
I’m working with a new client who has a substantial outstanding receivable problem because he doesn’t like to ask his clients for money. His goal for this year is to get his current receivables substantially reduced and not increase the total.
He’s reluctant to talk about his fees and how much money his representation may cost his clients. He’s afraid they might not hire him when they find out how much it’s likely to cost.
The thing is, in order to get paid and improve your cash flow you need to be willing and able to talk about your fees with your client especially if it means they don’t hire you. Better you don’t get paid before you do any work than after you do the work.
In order to achieve his goal my client has agree to face his fears and work on getting comfortable asking his clients for money before work starts and while he is working for them. He appreciates he won’t get comfortable asking for money overnight and is giving himself time to keep improving and having the awkward conversations. We brainstormed different scripts for him to use that are making these conversations easier than he thought.
Here are six good reasons why it’s important for you to overcome any difficulties or fears you have in asking your clients for money:
Feel the Fear… and Do It Anyway by Susan Jeffers is a great classic that can help you work through your fears around asking for money. The title really says it all, just do it anyway despite your fear.