March 2011 - Virtual Paralegal Newsletter Magazine

How do you determine your virtual paralegal-assistant fees? Everyone expects to get paid for their products and services but deciding how much to charge your clients is sometimes intimidating. You have to be careful that your prices are not too high where no one will hire you and on the other hand if your prices are too low you may not make enough money to cover your business expenses and make a profit. Virtual paralegals fees usually depend on their practice areas. Generally, virtual paralegals fees range from $30 -$100 per hour. Some charge a flat fee base on their projects while others charge by the hour. Virtual Paralegal Newsletter Magazine™ This Issue: Volume 11, 03/01/11 § How do you determine your virtual paralegalassiistan fees? § Forum discussion § Articles & blog posts § Dumb law § Writer/bloggers wanted According to SimplyHired.com the average annual salary for virtual paralegal jobs is $33,000. Average virtual paralegal salaries can vary greatly due to company, location, industry, experience and benefits. Compare virtual paralegal salaries by state There are several factors you should take into consideration when determining your virtual paralegalassiistan fees. You should research your market to find out what others in your practice areas are charging and further research why your competitors’ fees are more or less than the average fees in the market. One obvious reason is that virtual paralegal-assistants who charge less than the average price are new to the business with little experience; and others who charge more than the average price may have years of experience and already made a name and reputation for their business in the market. Other factors you may consider when determining your virtual paralegalassiistan fees are the following: § What is your level of experience? § Is there a demand in the market for your practice areas? § What state is your client located? Virtual Paralegal Newsletter Magazine™ Virtual Paralegal Networking Blog § What are the most common fears of starting and operating a virtual paralegalassiistan business? § Virtual paralegal-assistant business checklist § How do you determine your virtual paralegalassiistan services? § The Virtual Paralegal-Assistant Partnership § Have you started on your 2011 resolutions? § Virtual Paralegal-Assistant Job Posting Links § Incorporating your virtual paralegal-assistant business § Employer Identification Number (EIN) Click here for a copy § What is the minimum you can charge per hour to cover your over head costs? § How much do you need to charge to break even? § How long will the project take? § How much does your competitor charge for the same services? § Are you going to have to pay someone to help you complete the project? A helpful tool to assist you when determining your virtual paralegalassiistan fees is the Freelance Switch Hourly Rate Calculator. It allows you to factor in your business costs, billable time and gives you an estimate of what your hourly rate will be as well as your break even rate. Experts believe that the direct cost of your services, your business expenses and your competitors' price should all be taken into consideration when you determine your virtual paralegal-assistant fees. In addition, you need to determine your break-even point, where your cost and your income are equal, meaning there is no profit. Any service that you provide after your breakeven point is considered a profit. Most importantly, you should create a fee agreement for your clients and employees/independent contractors to sign before you begin any assignment. Writers/Bloggers Wanted-We are currently accepting articles and blog posts relevant to the virtual legal business geared towards attorneys, legal professionals including but not limited to virtual paralegals and assistants to be featured in the virtual paralegal newsletter magazine™. Dumb law -In Texas, a recently passed anticrime law requires criminals to give their victims 24 hours notice, either orally or in writing, and to explain the nature of the crime to be committed. © The Virtual Paralegal Training Center™ Virtual Paralegal Newsletter Magazine™ http://www.virtualparalegaltrainingcenter.com inbox@cdcvop.com Subscribe to the Virtual Paralegal Newsletter Magazine™ Virtual Paralegal Newsletter Magazine™ Volume 11, 3/1/11 About -Virtual Paralegal Newsletter Magazine™ The virtual paralegal newsletter magazine™ is the industry leading information resource for virtual paralegals and assistants to stay current on the latest news, regulations, technology and new development in the virtual law practice. http://www.virtualparalegaltrainingcenter.com § Free virtual paralegal directory § Virtual paralegal survey § Virtual paralegal-assistant e-Books § Network with virtual paralegals and assistants § Contact VPTC § Subscribe to virtual paralegal newsletter magazine™ Follow us on Twitter Like us on Face-book Read our Blog Join our Forum