Do you ever think about how much your upbringing impacts your ability to make money?
My dad never earned more than $28k and supported 4 people. There was plenty of struggle, secrecy, anxiety, and fear around money. I carried all that away with me.
I developed a money belief worm that showed up in my bank account throughout my career.
I only worked with non-profits for a long time as a consultant. I wanted to give back for what I had been given.
Non-profits were the neediest clients and often couldn’t afford other high-end consultants. But I took them on willingly to support them and their mission. I was poor until I figured out a method for them to acquire the funds to pay my corporate rates.
Later, the money belief worm popped up again when I was negotiating my first executive salary, which was $25k less than the market rate. It took me almost a year to correct that. And again, when I missed out on my first 6 figure success fee (it’s the tip for doing a great job) because I didn’t ask. (It didn’t seem right)
After THAT I got serious about figuring out my relationship with money, money blocks, loyalty, and love.
BEST of all, I now believe that it is essential to make a very good living if you want to do good in the world.
I always ask new clients why they became a lawyer. The answer is usually a variation on ‘to help people’. Most lawyers are purpose-driven like you and me. They derive a lot of satisfaction simply from being able to solve a problem or help in some way. That’s psychic pay. You still need to get the actual pay, what you are worth, from clients.
It can be very difficult to charge what you are worth when you come from a poverty mindset. It can be very difficult to charge what you are worth when you identify strongly with the working poor. It can be very difficult to charge what you are worth when you have survivors’ guilt over building a better life.
Originally, my purpose after law school was to help the little guy like my dad, who didn’t have the resources to be ‘in the know’ and often paid the price for that. That purpose was limiting me and my income.
My purpose now is to give people power through knowledge. I’ve expressed my purpose in so many different ways from being a prosecutor to being a mediator to being an Ombudsman, and now, as a Strategist.
I work with lawyers who know they want to change and just need the knowledge and support to make the change happen.
Helping people is a worthy goal that deserves to be well paid. You can give more when you have the financial and emotional resources available to give.
You can only give generously when you have something to give. You can only give your best when you are refreshed, secure and happy.
Keeping your pricing low has a negative impact on you and your staff. Charge what you are worth and look for other ways, besides discounts or write-offs, to help clients to financially be able to work with you.
The more profitable and sustainable your law practice becomes, the more people you can help directly and indirectly.
Like always, I’m talking to you but also to me. I struggle with a money block each time I uplevel my business. I needed to be reminded that it’s part of the growth process and might hurt a wee bit. I thought you’d like to know that too. After all, we’re on this journey together, and I’m a few steps ahead…
Did this resonate with you? Come talk about it in my Women’s Mastermind