What Are You Worth? Understanding Pricing for Dispute Resolution Professionals on Make Money Mediating #507

Navigating Your Worth: Setting Prices as a Dispute Resolution Professional

In this episode of the Make Money Mediating podcast, host Susan Guthrie provides an in-depth guide on how dispute resolution professionals can set their fees. She emphasizes the importance of constantly reevaluating one's pricing strategy and dives into various factors and considerations that impact fee setting. These factors include one's services list, experience, market demand, geographic location, client base, operational costs, and competition. Susan discusses different pricing models such as hourly rates, flat fees, modified flat fees, retainer models, subscription-based models, and packaged services. She highlights the significance of choosing a pricing model that reflects the true value of a professional's expertise and fosters long-term client relationships built on trust, value, and mutual respect. Susan encourages professionals to be open to adjusting their pricing models as their practices evolve.

In this episode:

00:00 Introduction to Pricing Strategies in Mediation00:37 Understanding the Importance of Pricing01:06 Developing a Comprehensive Pricing Strategy01:38 Expanding Your Service Offerings03:43 Factors to Consider When Setting Your Fees06:49 Understanding Your Market and Client Base09:00 The Impact of Geographic Location on Pricing13:11 The Importance of Understanding Your Costs15:15 Considering Your Competition16:52 Understanding the Value You Provide19:21 Exploring Different Pricing Models20:07 The Pros and Cons of Hourly Billing23:13 The Appeal of Flat Fees and Modified Flat Fees28:58 The Potential of Subscription-Based Fee Models32:04 The Benefits of Offering Packages33:04 Conclusion: The Importance of Reflecting Your True Value

Access the transcript: https://share.descript.com/view/6dqezVmkKjC

Here is the list of Fee Setting Considerations Reference in the Episode:

• Experience and Expertise
• Market Demand
• Location
• Client Base Capabilities
• Your Costs of Doing Business
• Competition Pricing
• Value Provided

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• JOIN SUSAN FOR THE ABA SECTION OF DISPUTE RESOLUTION'S SPRING CONFERENCE on April 10-13, 2024, in San Diego, California! Don't miss out on over 50 educational programs designed to meet your professional development needs. Information and Registration: Conference Information and Registration

• PRACTICE BUILDING WORKSHOP at the ABA Spring Conference: Dive deep into the practical aspects of growing a successful dispute resolution practice with Susan Guthrie presenting on "Blueprint for Success: Innovative Business Planning for Your Dispute Resolution Practice."

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