What are your competitors charging?
It’s always a good idea to understand what is happening in your market and where your prices fall relative to other options. This means you’ll need to do some research to know what other law firms and non-law firm solutions your ideal client may consider. You can talk to other attorneys in your area, do research online, or even ask your potential clients what other firms quoted them.
What are your firm’s revenue goals and costs?
It sounds like a given, but your business needs to receive more income than it spends on expenses. These should be considerations when you price your services.
It’s usually easier to work backward on this. Say you want to earn $100,000 a year. First, determine the total cost of your firm’s operating expenses by adding together expenses like monthly rent, phone, utilities, your software subscriptions, marketing expenses, virtual receptionist and bookkeeper, office supplies, etc for the year. If these annual operating expenses total $25,000, or about $2,100 a month, you’ll need to generate at least $125,000 a year, or around $10,500 a month.