Check Out Our Top 10 Blog Articles!
Law Firm Suites provides weekly blog content to help aspiring and established solo attorneys and small law firms alike. On this blog, we have gathered the top 10 must-read articles to help you with your firm’s cash flow management. Continue reading and see the benefit of this content.
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.
5 Operational Advantages of Legal Funding
Legal funding, or an advance against future receivables from a pending lawsuit, has come to the rescue for both cash-starved clients to resolve and for attorneys who are seeking to grow their businesses. 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.
4 Economic Essentials Every Solo Lawyer Must Know
Learn about the important numbers solo lawyers must continuously review, and ways to use them to make your law firm more profitable. Of the 1.3 million licensed lawyers in 2015, almost one million are in private practice. Of these, just under half a million were solo practitioners. Establishing a solo law practice requires paying attention to certain economic realities so you can manage costs and revenues and operate profitably. The initial calculations you should make are simple, but don’t let their simplicity detract from their importance. Look at the numbers, even if it is painful viewing, or else you might find yourself reluctantly exploring other career possibilities this time next year. Your law practice should be more than self-employment: It should be a thriving business.
What You Must Know to Write a Law Firm Marketing Plan that Will Produce Results
Only by having a comprehensive understanding of where your firm has been and where it is likely to go, without making changes to your existing strategy, do you have any chance of adopting a law firm marketing plan that will successfully achieve your financial goals. Do it any other way and you may be setting your firm up for failure. This time of year most law firms will be setting financial goals and making strategic marketing plans for the coming year. You will be setting goals and making strategic marketing for the coming year, right? Before you get started, do you know, with a reasonable degree of certainty, what your firm will earn over the next 12 months if you made no changes to your current marketing strategy? If you are not at least 90% sure about this number, you may be setting your firm up for failure.
How Solos Can Survive on an Inconsistent Budget
One of the most difficult aspects of being a solo lawyer is the unpredictable income. This uncertainty is a reason why many lawyers hesitate to hang their own shingle. Though my income has become more consistent over the years, it’s still vastly different from the reliability of a regular paycheck. It’s definitely not an easy life, but it’s certainly doable if you have the right plans in place. Here are some of my tips to help with just that.
How To Save Time & Money With Deposition Summaries
Any legal case or litigation involves deposition. It plays a crucial role in the handling of witness testimonies. Over the last few years, there has been a steady rise in the use of deposition summaries. Deposition summaries offer a plethora of benefits that paralegals now find very useful. However, it’s not an easy job to prepare an effective deposition summary. Hiring deposition summary services for you would solve a lot of your headaches. But, before doing that, you need to first understand how you could save time and money with deposition summaries.
For Solo Attorneys and Small Firms, Wasted Time is Wasted Money
I work at the reception desk at Law Firm Suites, a shared law office. Needless to say, with so many lawyers, I witness a plethora of quirks and odd behavior on a daily basis. One of our shared law office clients is a coffee aficionado. In fact, coffee “obsessed” might be a better description. On a weekly basis, I accept packages on his behalf from far off places like Italy, Uganda and Bolivia. They are all small production coffee beans. Once, he let me in on a “tasting.” It involved grinding the small amounts of beans, steeping them in hot water for a pre-determined time and miniscule sips. It was more formal than a wine tasting. His love of coffee dominates the day. It is not uncommon for him to have 6 to 8 cups during one work day. Yet, there is an unintentional by-product of his “bean love.” He constantly is shuffling by the reception desk and grabbing the men’s room key. He seemingly spends a good portion of his day walking to and from the bathroom.
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.
Your Executive Suites NYC Office Should Make Your Firm Money. It Probably Isn’t.
Easily collaborating with office mates is the best feature of renting a shared office space. When you work alongside many other professionals every day, it’s easy to exchange referrals or collaborate on projects. Attorneys should expect their New York executive suite office space to be as monetarily productive as a junior associate. And just as your junior associate has billable hours requirements to be profitable, your office space should be held to the same standard. Over the course of a year you should expect to receive at least enough economic value from your office (through referrals and other opportunities) to pay for your rental fees.
You May Be Missing Out On Referral Income As An Executive Suite NYC Attorney
Office arrangements can vary whether it is a standard commercial lease, a sublet office in a shared space, or a virtual office set-up. With any arrangement, it can be very easy for a law firm to overlook referrals from other areas of practice. Shared office providers like Law Firm Suites understand that referral systems are not only a good way to keep business for attorneys flowing, but they are necessary. Law Firm Suites personnel spend a lot of time helping clients find viable recipients within the office to take on many of these referrals.