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Bring All Your Values to the Table
How do you gauge your success? If you are similar to many lawyers, you do so by your monetary value: your billable rate, how much you billed and the amount you realized and collected. Your personal worth may seem to be tied to your monthly draw. Why? Monetary value is easily defined and clearly quantifiable. But you have many more attributes that also hold value and they can play pivotal roles in your success. While some of these values may be more subjective and less easy to identify or quantify than monetary value, when you bring all of these values to the table, everyone will benefit. But before exploring these other values, let us first look at your success solely through the lens of monetary value.
Monetary Value
When running a lucrative legal enterprise, the contribution of price and monetary value are essential for your success. Price is the proverbial line in the sand that lets you communicate the monetary value of your product. Price also helps you determine and articulate your professional service worth, as acknowledged by your hourly rate or your project's value. Even if the price becomes a sliding scale, it will allow sometimes intangible things to be quantified and will indicate your value and the worth of your matter. That being said, you do not want your price and monetary value to lead you to your goals. Instead, you want to be guided by your other vital values and trust, with the measures you have put in place with these values, that your monetary value will follow suit.
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