With the release of Formal Ethics Opinion 482 in September of 2018, the ABA finally made it quite clear. Lawyers do indeed have an ethical duty to develop a disaster recovery plan. Do you have yours?
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We’re feeling a little crazy generous in 2019. It’s fall. That means it’s back to school. Time to learn, educate ourselves, expand our minds and put all that knowledge to use in exciting, creative and profitable ways. And we’re all about the exciting, creative and profitable ways for you to finally be your own boss.
In keeping with our mission, we’d like to pave the yellow brick road for even more lawyers who want to build their solo/small firm practices by offering our amazing Back to School Fall Special. But this year we’ve gone a little nuts and are doing something we’ve never done before.
Now through Tuesday, September 3, 2019, we are reducing our first month’s tuition to $99 and monthly renewal will be reduced to $55. And with our automatic renewal you will get this renewal price locked for life). Check it out! Join! And share!
Julie and I were working together to develop a comprehensive accounts receivable aging process for her firm and when we finally got to the end of the project and were ready to pull the trigger, she started to hesitate. We were on a video meeting so I could see her sit back in her chair and rest her hand over her chin. I could tell her wheels were spinning. “I can’t believe I have to do this, why won’t my clients just take me seriously and pay on time”? “Julie”, I paused. “People will take paying your invoices seriously when you take getting your invoices paid seriously”. The hard truth is, your clients need to see that you expect them to follow through with compensating you for the valuable services you have taken the time to carry out for them.
Unless you’ve been hiding under a rock of late, I suspect you are well aware of the rise of the attorney wellness movement within our profession. Now, don’t get me wrong. I’m not here to challenge the importance and value of all that’s going on. While I will admit I’m having a hard time wrapping my head around this mindfulness thing, and when it comes to yoga, well let’s just say I’m more comfortable in the weight room, I do deeply believe our profession is in a crisis, in part, for want of attorney wellness.
For years so many, myself included, have talked about the importance of trying to find a healthy balance between one’s work life and one’s personal life as part of the answer to this crisis. Those who tried and succeeded did so believing that, once there, all would be good with the world. I’m not buying it anymore, and with this post, I am publicly stating I will never encourage anyone to try to find a healthy work-life balance again!
Time and money are so interchangeable these days. We started exchanging time for money at our first few jobs where we clocked in to start getting paid and when we clocked out, the money stopped. Now that you own a law practice you have access to this new way to view time as it relates to money because you now have residual power. Residual money is not money you clock in and out for, it’s the money you receive because you have created a service supported by systems and aided by people (that are not you) that removes your money’s dependency on your hours. But the quest to discovering your residual money formula is more complex than just clocking in and out. Learn more.
Lawyers and those in their employ can and will make a mistake from time to time. It happens. Should a significant misstep ever occur on one of your matters, what might the fallout be? Think about this as a member of our learned and honorable profession. Clearly the client will be harmed in some fashion. Now, put yourself in your client’s shoes and ask who should be held responsible, particularly if a financial loss is part of the equation? You know darn well what the answer is. After all, if a lawyer representing you on a personal injury matter blew a statute that resulted in a lost opportunity for any kind of recovery, you would expect to be made whole and you know it. This is why I don’t get the excuses. Purchasing malpractice insurance isn’t about protecting lawyers. It’s about protecting clients should something go wrong, which makes it, at least in my mind, the right thing to do.
Free Guide: What Can LPMS Do For You?
It’s not uncommon for law firms to view technology as being grafted onto existing, offline office systems. Yet, one of the major advantages of a law practice management system (LPMS) is that it’s a holistic solution for your law firm. In this ebook, Jared Correia Esq covers 5 key processes in practice management that can be addressed through the consistent use of a law practice management system.
Download What Law Practice Management Software Can Do For Your Firm
Getting real with your numbers can be a difficult journey. What you think is going on financially in your firm can come into question very quickly once you crunch the numbers and they’re staring you in the face. We love the numbers because they don’t lie. There is no opinion and no bias, if the numbers don’t add up they simply don’t add up. The first step to understanding your firms’ profit is to figure out where it’s coming from.
An attorney never gets an accountability pass just because the representation is framed as a favor. One can’t casually look into a legal matter, pass along a little advice and expect there to be no fallout if something goes wrong later on. An attorney is either in or out. There is no middle ground here.