Check Out Our Top 10 Blog Articles!
Law Firm Suites has amazing blog content designed to help aspire and establish solo attorneys and small law firms. We’ve gathered the top 10 shoptalk articles on managing your cash flow from the Law Firm Suites blog. Take a look and see the benefit of this content.
4 Financial Considerations for Small Law Firms
The legal industry is a competitive marketplace. While there is no shortage of people in need of an attorney’s services there are also a lot of qualified lawyers. As such, setting up your small law firm can involve a variety of challenges. Few of these are likely to be insurmountable but they do require some serious focus. One of the primary areas for your consideration has to be your approach to your finances. Keeping on top of this aspect of your business can mean the difference between struggling to break through and your ability to grow and thrive.
5 Operational Advantages of Legal Funding
Although many attorneys and law firms already use legal funding to help cover cash flow while waiting for a lawsuit to resolve, the field is fairly new and not well-known yet. Both clients and attorneys can benefit from legal funding. Legal funding companies evaluate the likelihood of success in a pending lawsuit and calculate the sum the plaintiff can be expected to receive in damages. They then advance a portion of that future expected compensation, allowing both the plaintiff and their attorneys to receive money now, rather than being forced to wait months — or sometimes years — for the lawsuit to be settled.
What Legal Billing Software Is Worth the Investment?
Managing your law firm’s finances can be a tricky business with all the other things you need to do to keep your practice running smoothly in the long run. This is exactly why so many legal professionals are opting for billing software as the means of handling finances quicker and more efficiently. Why would you use a legal billing platform? Jake Gardner, one of the best essay writers at dissertation writing services, says there is more than one reason to embrace the new technology.
Why I Rarely Worry About Money as a Solo Attorney
Being a business owner is stressful, and the number one thing we stress about is money. Like many solos, I’ve spent many sleepless nights stressing about money and the future. Even more so after my divorce when my expense increased and I didn’t have my ex-spouse’s income to fall back on. This stress seriously interfered with my sleep patterns and caused more stress when I was too tired to get everything done; it got to the point where I couldn’t take the stress anymore, so I simply stopped worrying about money.
Money Management: 8 Tips to Benefit Your Solo Law Firm’s Bottom Line
Money management is essential for any attorney. These great money management tips will help you avoid being surprised when you look at your bank account balance. Money is a precious commodity for any attorney, and even more so when you are a solo attorney just starting out. Starting your solo firm is a nerve-racking process. Your financial status is never far from your thoughts. Finances often spawn worrying questions that can keep a solo attorney up at night.
Setting Financial Goals in Your First Year of Solo Law Practice
When I embarked upon my first year of solo law practice, I found it very challenging to set any kind of financial goals. I wasn’t a “rainmaker” in my previous job and I was starting the practice with no clients. In terms of finances, I really didn’t know what to expect (other than that comfortable twice-monthly paycheck would be ending). I spoke to other solos about this. Nearly everyone told me that the first year would be the most difficult. That most businesses are not profitable in the first year. Based on this minimal advice, I set a financial goal for myself (which was sort of like picking a number from thin air).
How To Master The Money Conversation
A common issue I hear from other lawyers is that they find it difficult to get paid. In my experience, combating this issues starts before you are even hired by the potential client. By being upfront about your fees and how you expect to be paid, it’s easier to manage clients expectations and weed out potential clients who will have a problem paying down the line.
Managing Cash Flow Peaks and Valleys in a Solo Law Practice
One of the biggest realities of being a self-employed lawyer is gaining the privilege of professional freedom, while giving up the financial consistency of a paycheck. This was exactly what I experienced when I first started my solo practice. But that doesn’t mean you have to wait for help to arrive on its own. There are things any lawyer can do to add a little financial security to their firm. Here are the top five things I’ve done within my own practice to balance out the cash flow peaks and valleys.
4 Ways a Law Office in Downtown NYC Shared Space Will Revive Your Practice
Running a law practice is a journey with many peaks and valleys. There are times when you can’t seem to make anything work in your favor and your success starts to stagnate. You begin to realize you need to make a change in order to rebuild your momentum. Matrimonial and family law attorney, Anne McCarthy, ran her solo practice out of her home for years, but felt she needed to try something different in order to continue the success of her business. The support system she gained from other lawyers in her shared space breathed new life into her practice.
How My Decision to Practice Law from a Virtual Office Jump-Started My Law Firm
We all take different paths to starting our own law practice. My path included a jeep full of clothes and my golden retriever sitting shotgun as I road-tripped home to Illinois from Wyoming and made my way to New York City a month later. In 2009, I hung my own shingle on a shoestring budget out of a studio apartment on the Upper East Side. Soon after, I decided to practice law from a virtual office through Law Firm Suites, which helped springboard my nationally recognized law practice.