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Bankruptcy lawyers will tell you their practices operate on razor-thin margins. Though clients believe their lawyers are living high on the hog, the reality is that the average case (if there is one, please let me know) can easily consume more time than the average legal fee unless the office is as efficient as possible.
And on top of that, you want to offer a discount on your services.
Are you INSANE?
Actually, no. It’s not a terrible idea to discount legal fees for members of the military, single mothers, disabled people, the elderly, short people, tall people, people who wear glasses . . . whatever your preference. If you want to give preferential treatment to a single group because of some affinity or sense of “doing good,” go for it.
But don’t step into the money pit of offering a discount via a coupon deck or flyer. Why? Because then you’re obligating yourself to discounting a legal fee before checking out the scope of the case. When you do that, you invariably end up losing money on the deal.
I don’t care if you’re new to the business, or if you’ve been in it for 20 years and are just trying to drum up more work. If you get the sudden urge to discount before seeing the client, resist.
Your bank account will thank you.
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Perception is everything. And the legal profession depends on perception more than most. Offering discounts carry the danger of pulling the curtain aside and exposing how tiny the “great and powerful wizard” really is.
For legal work I do not believe discounting is productive.