My law practice has been struggling lately, to the extent that I'm thinking of slashing my rates in order to attract new clients. Is this a good idea?

Well, the answer to this partly depends on what your definition of “slashing” is. If you're thinking of shaving 10 percent off your rates for a new client, that may not be a bad idea, especially if you're desperate.

But if you're considering cutting your rates in half—say, charging $150 an hour for a divorce instead of $300—the cure will literally be worse than the disease. Why? Well, for starters:

If you can't lower your rates to attract new clients to your legal practice, what can you do? Well, that's a complicated question, and one that requires a complicated, many-pronged solution.

Ben Glass
Ben is a nationally recognized expert in attorney marketing and the owner of Great Legal Marketing.