How to Send Invoices that Clients are Happy to Pay
Introducing Guest Blogger Jeremie Fortenberry –
Jeramie Fortenberry is the founder of Fortenberry Legal, a law firm that helps clients from across the United States with estate planning and probate matters. He writes about trusts, estates, and tax planning at the Probate Lawyer blog.
Billing makes me uncomfortable. When I first started practicing law (at that time with a big firm), I felt sheepish to even broach the topic with clients. It seemed uncouth to start talking about money right when I was in the process of establishing what I hoped to be a lasting relationship. Because of my reluctance to discuss fees on the front end, I relied on my engagement letter to set expectations regarding pricing. My hourly rate was buried somewhere in the letter, along with information about how time was computed and how often I would invoice. That, I thought, should be enough to deal with the uncomfortable issue of how I would be paid for my services. […]
An in-house lawyer (let’s call her Sara) contacted me about helping her design a business plan for starting up her own law firm. I commended Sara’s wisdom in creating a business plan before leaving her corporate job. Surprisingly few lawyers actually do that. She explained that she needed the business plan in order to get a bank to lend her operating capital. While I silently questioned how realistic her expectations were, I asked how much she intended to borrow. She said, “I only need enough to cover my living expenses for a couple of months. Just until the money starts coming in.”