Top 10 Articles on Managing Your Finances

By Law Firm Suites - September 4, 2022
Top 10 Articles on Managing Your Finances

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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 lead capture and conversion. Continue reading and see the benefit of this content.

A Lawyer’s Guide to Finding a Business Coach

If you’re a lawyer who’s decided to start your own firm and practice independently, you’ve made a savvy business decision. A solo practice frees you from the obligations of working for a major firm and gives you the liberty to choose what type of work you do and which clients you take on. However, running your own firm can also be scary. You aren’t just practicing law. You’re also a business owner, which means you’re responsible for everything from finding clients to managing finances. Find out how a business coach can help.

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. 

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 expenses 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. Once I let go of my worries about money, my business thrived.

5 Things to Consider When Choosing a Bank For Your Solo Practice

When I started my practice, one of the first things I did was open business bank accounts. TD Bank was a no brainer for me; I’ve done my personal banking with them for years. They are very convenient and, in my experience, have excellent customer service. I spoke with a business banking specialist and they helped me decide on the types of accounts I needed. I like to keep my banking simple, and TD Bank made that easy for me.

How Lawyers can Increase Revenue by Decreasing Busy Work

Lawyers who start practices are often amazed at how much administrative work is involved in running a practice, especially if their last job was at a firm where these tasks were handled for them. It can be downright intimidating. Practices require billing systems, accounting systems, case management systems, malpractice insurance, worker’s comp insurance, general liability insurance, health insurance, website maintenance, email maintenance, IT maintenance, search engine optimization, phones, faxes, brokers, bankers, and printers. That’s just a partial list. The temptation is to try to do everything on your own to save money, especially if you’re starting a practice on a shoestring budget.

How to Run a Law Practice on Less Than $400 Per Month

You’ve decided you want to start your own law practice. It’s a huge, life-changing move, but you finally feel ready to fulfill your dream of becoming your own boss. It’s exciting, but now the planning begins. Smart financial planning and thorough research were the two things that helped intellectual property and litigation attorney, Arthur Spence*, the most when he first launched his solo practice. “Everything was ready to go before I hit the ground running and, in that way, I think I had a bit of an advantage over some solo lawyers,” Mr. Spence said.

Your Executive Suites NYC Office Should Make Your Firm Money. It Probably Isn’t.

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. But in order for this to happen, the office suite must have a culture of collegiality. In an executive suite, collegiality starts with the suite’s management. Management must set the tone that it is acceptable, if not encouraged, for officemates to interact with each other. If management leads by example, tenants will follow.

I Automated My Law Firm’s Forms to Save Time & Money | #FollowAttorneyAmanda

Acquiring new skills to help advance your firm is key to making yourself profitable. Once I learned how to automate our firm’s intake forms we’ve seen many revenue gains and future ventures. Finding ways to stay profitable in your firm is important to creating longevity, gaining clientele, and establishing yourself in a niche market. Though it might require some extra classes and time spent after work the gain you will receive is much higher than you could expect.

Focus On These 4 Types Of Content To Grow Your Law Firm

In today’s digital world there is one marketing truth that remains unchanged. Content is king. Your potential clients want information, no, they need it. They are not going to hire a lawyer without doing their research first. You can expect they will have already studied up on not only the legal matter at hand but also on you, your firm and the competition around town as well. That is why your firm needs to be putting out relevant content that not only showcases your expertise as a lawyer but who you are as a person as well. That is the real goal of content marketing. People want to work with the best lawyer, but they also want to work with people they like too. If you can use content to cover these two points, then you are well on your way to convert those leads into paying clients well before they even call you.

7 Tips On Managing Your Finances

Managing your finances goes way further than just storing your funds in a bank account. It is extremely important to handle this tedious task. Mismanaging your finances will cause you to not know where your business is heading. Maintaining your financial records will let you know exactly how your revenue and expenses are stacking up, makes tax reporting and payments a lot more manageable, and will allow you to make well-informed discussions about your business.

About Law Firm Suites

Law Firm Suites is the leading NYC shared office space for solo attorneys and small law firms. At Law Firm Suites, attorneys get headache free sublet office space, virtual office rentals and litigation hotel services. Law Firm Suites has two locations in Manhattan, one in White Plains NY, and one in Annapolis MD. Law Firm Suites' community of self-employed lawyers are eager to help colleagues succeed, and routinely exchange over $2.5 million in legal business every year in each LFS business center. Connect with Law Firm Suites on Twitter and .

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