Do you ever discount your fees if you think someone can’t afford them? You know they need a good lawyer like you, but they just can’t pay your full fee? First- thank you for your dedication. I’m blown away by your compassion. Second- I’d love to give you a way to continue to do what you think is right at the same time you do what’s right for you.
I always say that work funds your life. Your law practice provides a return to you in the form of time and money. Think about that. You invest your time and your practice returns free time and income. The choices you make about specialty, clients served, office space, pricing, leverage, etc., drive the amount of time you work or don’t, and the amount of money you make.
The investment management world is where the return on investment conversation started. What if you think of your work time as an investment portfolio? You invest your time, expecting a certain return. That’s your business plan. If you put pro bono or discounted fee work into perspective as a planned PART of your practice portfolio, then you can be very intentional about the amount you do and how it impacts the overall portfolio return. Sticking with the investment analogy, you’re going to fund your discounted work with the higher returns on your full-fee work. You manage the mix, or asset allocation, to make sure that the average rate of return meets your requirements. You feel fairly compensated for the amount of time you spend working.
Putting the notion into practice, you need to know how much of your work capacity is available at any time at a discounted price. If the amount of time you choose to invest in the discounted work is booked- then you either decline or delay the prospective client who can’t pay full fee. When time available at a discount opens up, then you can take more work at the discounted rate. Otherwise, your focus remains making sure your full-fee capacity stays booked solid so that you can afford to fund that discounted work!
One of the reasons I love working with lawyers is that you are genuinely committed to service. What I want for you is to be able to be of service at the same time you make a good living. It’s all about being intentional and at choice. If you choose to discount your work for worthy causes, that’s fine. Just be sure that you manage your work capacity and the allocation of your efforts to discounted versus full-fee work.
Once again, we’re back to the airplane/oxygen mask approach. Follow instructions. Be sure to take good care of yourself first, so that you’re around to take care of any others who may need your help.
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