If low profits are worrying you, it might be time to adjust your rates. But with antitrust rules blocking local bar associations from offering guidance, how do you know what to charge? Whether you’re just starting out or need to boost cash flow, here’s how to determine if it’s time to raise your rates.
Start by deciding the value of your time. A good rule of thumb is to start at approximately $100/hour and then add the following as needed:
$5-10 for every year of practice
$50/hour minimum for specialization
Charge a premium if you’re the only specialist in your area
Access your firm's info & track time and expenses on the go.
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