Improving Financial Results

How to Pick the Right Clients and Cases

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In our consulting work with attorneys on how to grow their practices, we often start with the question: who is your the ideal client?   As tempting as the answer may be, it is rarely  as simple as: “the ones who pay their bills”.

Of course, the “right” clients should have a need that aligns with your area of focus – and, yes, they also must have the ability to pay you (assuming you are charging hourly or on a flat fee basis).   In our experience, picking the right clients  requires deeper inquiry.   The attorneys we coach find that this additional …

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Filed Under: Improving Financial Results, Starting & Growing Your Practice, SuccessTips Blog, Upgrading Your Operations Tagged With: , , ,

Recession Response: How to Cut Expenses, Not People (or Client Service)

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With the last of the optimists throwing in the economic towel last week, we appear to be heading to zero growth at best or a double-dip recession at worst.  And much like the strange relief brought by the authoritative diagnosis of an illness after a period of anxious uncertainty, we can now focus on what to do next.

Trite as it may sound, it’s important to keep a consciously positive attitude about your particular situation.  If your practice is slowing down, you’ll need to stay focused on making sound choices in the months ahead.

Responding to a recession successfully requires …

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Filed Under: All SuccessTips, Improving Financial Results

4 Steps to Get Paid Faster

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Making collection calls to clients is never fun – and it doesn’t feel good for us or for them.  Yet effective billing and collections is a cornerstone of effective law practice management.

Here are 4 Steps you can take to improve the cash flow in your law practice and improve profitability – and increase client satisfaction at the same time:

1.   Be Direct about legal fees and expenses.

Do not shy away from the money conversation.   I use the word “conversation” on purpose because there needs to be two way communication about financial arrangements.  If you only rely on the …

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Filed Under: All SuccessTips, Improving Financial Results, Taking Care of Clients Tagged With: , , ,

Use This Part of Speech in Your Bills — Or Else

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Phone call, .5,  $180.  If you send bills that merely list categories of service, hours, and charges, you’re not only missing an opportunity to educate your clients, you could actually be alienating them.

Each bill you send is a powerful communicator of your value. When presented with a bill, clients look not only for the dollar amount; they also look for the effort expended on their behalf.

Though it’s understandable that you’d wish otherwise, how well you articulate what you’ve done to earn your fee is central to your client’s satisfaction – and thus to your overall collections success. …

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Filed Under: All SuccessTips, Improving Financial Results