COVID-19 Resources for Lawyers
Featured Guest
Ted Waggoner

Ted A. Waggoner is the managing partner at Peterson Waggoner & Perkins, LLP in Rochester, Indiana. Waggoner has been...

Your Host
Adriana Linares

Adriana Linares is a law practice consultant and legal technology coach. After several years at two of Florida’s largest...

Episode Notes

When starting your solo practice, figuring out how to price your services can be very difficult. Many new lawyers undercut the market or undervalue what they have to offer. Additionally, in this emerging market of flat fees, they have to consider their strategy for setting legal rates. When charging for hourly legal services, what should be the lowest starting rate? How should a solo lawyer structure a system for flat fee pricing? What are the signs of undercharging and how should attorneys convey the value of their services to the client?

On this episode of New Solo, Adriana Linares interviews attorney Ted Waggoner about how lawyers should set their fees, hourly versus flat fee pricing, and educating clients about the true value of their legal services. When starting a new practice, Waggoner explains, lawyers should set their fees based on expenses, investment, the client’s budget, and, of course, profit. Each attorney will adjust these fees based on mistakes and experience. However, Waggoner also encourages lawyers to think like business people; have a discussion with the client about how valuable the legal services are and set fees accordingly. Lawyers need to establish a relationship with their clients in order to manage their expectations, educate them about value and benefits, and scope out the case. Waggoner also emphasizes the importance of research through blogs or consultants such as David Maister, Alan Weiss, and Ron Baker. In the end, he says, the fees are set to what the client wants to pay and is willing to pay, and whether the lawyer accepts that amount.

Ted A. Waggoner is the managing partner at Peterson Waggoner & Perkins, LLP in Rochester, Indiana. Waggoner has been an active presenter for lawyers Continuing Legal Education seminars, having lectured at the Solo and Small Firm Conference on topics such as Fundamentals of Successful Solo and Small Firm Practice; Tough Moments with Clients; and Selling Your Client’s Business. Waggoner has also contributed to articles in the ABA Journal and other ABA publications.

Special thanks to our sponsor, Solo Practice University.

Brought to You by
Newsletter

Notify me when there’s a new episode!

Episode Details
Published: November 5, 2014
Podcast: New Solo
Category: Best Legal Practices , Legal Support , Practice Management
Podcast
New Solo
New Solo

New Solo covers a diverse range of topics including transitioning from law firm to solo practice, law practice management, and more.

Listen & Subscribe
Recent Episodes
08/06/20
Back to Basics: Smart Marketing for Solos Part 2

Legal marketing expert Conrad Saam demystifies online marketing with no-nonsense tips about SEO, choosing a URL, and hiring a marketer.

07/02/20
Back to Basics: Smart Marketing for New Solos – Part 1

Conrad Saam gives an overview of the fundamentals of good legal marketing.

06/11/20
Making the Most of Your LinkedIn Profile with Dennis Kennedy and Allison Shields

Dennis Kennedy and Allison Shields share their insights on effective LinkedIn use from their book, “Make LinkedIn Work for You: A Practical Guide for...

05/21/20
Law Firm Leadership: Cultivating Positivity in Your Law Firm

David Holmes shares insights from his personal experiences as a law firm leader.

05/07/20
Help for Bar Associations: Insights on How to Continue Operations During COVID-19

Jill Epstein and Keith Fisher share insights on how they transitioned the San Diego County Bar Association to work remotely.

04/23/20
Tips and Tools for Surviving the Shift to Remote Work

Adriana Linares and Brett Burney offer tips and recommendations for remote work tools and services.