637 – Overcoming Fee Challenges: A Guide for Legal Nurse Consultants – Pat Iyer and Barbara Levin
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Welcome to another insightful episode of Legal Nurse Podcast.
Today, we dive deep into the complexities of setting fees as a Legal Nurse Consultant (LNC). Join us as host Pat Iyer, a seasoned legal nurse consultant and business coach, and Barbara Levin, an experienced LNC and expert witness, unpack the hard truths about LNC fees.
Whether you’re just starting and unsure how to set your rates or you’re a seasoned consultant feeling like you’re not charging enough, this conversation is filled with valuable advice for you.
Pat shares her personal experiences, including the challenges of working with attorneys, the pitfalls of setting your fees too low, and the importance of having a clear fee agreement. We also explore different billing strategies—be they hourly rates, flat fees, or retainers—and discuss how crucial it is to handle attorney inquiries effectively.
This episode is a treasure trove of strategies to ensure you’re getting paid what you’re worth and that you’re running your business with financial clarity. So, gear up for a session that’s both educational and empowering.
The Overcoming Fee Challenges Podcast Addresses these Questions:
- What are some of the challenges new Legal Nurse Consultants (LNCs) face when setting their fees, and how can they overcome these hurdles?
- Why is it problematic for LNCs to charge lower fees initially, and what impact does this have on their business and client relationships?
- In what ways can LNCs ensure they receive payment on time from attorneys?
- How can LNCs confidently set their rates, and what role does confidence play in fee negotiations with attorneys?
- Discuss the advantages and disadvantages of using hourly rates versus flat fees for LNC services.
- What are replenishing retainers, and why are they important for LNCs in managing their cash flow?
- How does having a detailed fee agreement benefit an LNC, and what essential elements should be included in such agreements?
- Why is it critical for LNCs to refund unused retainer funds, and what could be the legal and ethical implications of keeping them?
- Explore the misconception among some LNCs that charging lower fees will result in more business. How can this mindset be detrimental?
- How can LNCs use retainer refunds and honest billing practices as a tool for building strong relationships with their attorney clients?
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What to Expect
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Your Presenters for Overcoming Fee Challenges
Barbara Levin
Barbara is an experienced legal nurse consultant. She is a past president of the American Association of Legal Nurse Consultants, and she served the state of Massachusetts for eight years on the board of Nursing, including three years as chairperson of the board. She has extensive experience as an orthopedic and a medical surgical expert witness and also works behind the scenes.
Connect with Barbara Levin by email at barbara@barbarajlevin.com
Pat Iyer
Pat Iyer is a seasoned legal nurse consultant and business coach with a rich tapestry of experience spanning over 30 years. Renowned for her keen skills in financial strategy and collection, Pat successfully ran a legal nurse consulting firm that achieved annual sales exceeding $1 million for the last five years of its operation.
Despite declaring that “numbers are not my friends,” she mastered the art of pricing and collections, especially from attorneys, ensuring timely payments and maximizing the worth of her services. Beyond her business acumen, Pat is a dedicated mentor, empowering countless legal nurse consultants to develop thriving practices through her insightful strategies and coaching. As a leader and expert in her field, she continues to assist professionals in navigating the complexities of business management and financial success.
Connect with Pat Iyer by email at patiyer@legalnusebusiness.com