To help solo and small firm attorneys maintain a more steady cash flow and master their law firm’s finances, here are nine tips for getting paid consistently, on time, and without the drama.
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Business owners, or I should say, successful business owners, know and track their key performance indicators (KPIs). At just a glance, successful business owners can see what’s working, what’s not working, and where to adjust.
As a solo practitioner, you’re a business owner and CEO, right? Of course you are. So, are you tracking these important measurements?
We ask the single most important question – can lawyers fail and survive and go on to thrive? Our position, failure is not a bad thing. What matters is what you do after your failure. Listen and learn.
To help attorneys better understand the trends that affect their business, LawPay has created a new infographic, “Recent Trends in Legal Payments.” Explore this infographic to see how changes in payment preferences could affect your law firm, and what you can do moving forward to improve payments in your practice.
Solo attorneys sometimes land in an office share setting. And look, I get it. The reasons for doing so can be compelling. There’s the savings on overhead, the presence of others who can provide personal and professional support, and the list goes on. While I have no desire to quash anyone’s desire to work in such a setting, I do feel compelled to share a story; because sometimes it’s just too easy to minimize and even ignore potential problems.
Like the harassment issue many ignored for 40 years, the stigma of leaving a profession to raise a family, start a new business or write a book is often seen by the person who chose to leave the profession as something to be ashamed of, forgotten or ignored. “Me Too.”
That jolly ol’ white-bearded, chubby guy in the red velvet suit with the fur trim is a better Rainmaker than you. While his clients, children, may not be your target market, if you acquire his characteristics and take on some of his abilities to bring in new clients and make them advocates for life, you can become the Rainmaker he is.
As we close in on our 9th birthday in 2018, we are planning changes at Solo Practice University. It’s time to shake the trees, streamline our community, and reconfigure our enrollment options and benefits. Open now so you don’t miss out on time-sensitive opportunities.
Prospective client Diane has a complex legal issue in Illinois. Her matter will likely generate millions of dollars in revenue. She receives two referrals, one for Grace and one for Alan. Diane decides to search for these lawyers on the ARDC website (this is the disciplinary agency that regulates lawyers in Illinois) to learn more about them. Diane learns from the website that Grace does not have legal malpractice insurance; but Alan does. They have both been active Illinois licensed attorneys for 10 years. Who does she pick? Wait! This is not only not a silly question, but read the answer and the changes now being implemented for those who don’t have malpractice insurance. Illinois is leading significant changes. You’ll be glad you read this.