LawBiz® Legal Pad On the Road!: Managing Cash Flow
Ed talks about setting SMART goals for lawyers.
Ed discusses why a law firm needs a business plan.
A friend once told Ed, "Specialize or Die!" Is that the case, or should it be "Generalize and Survive?" Ed weighs the pros and cons this week.
Are you billing appropriately? This week, Ed will offer handy tips that will help you collect what you billed to make sure that you’re getting paid.
Lawyers’ days are just as long as everyone else’s but the amount of work can be exponentially greater. Today’s clip offers some time management tips so that you can accomplish more in less time.
Ed offers 5 ways to increase your law firm’s revenue.
1. Emphasize collections.
2. Hire lateral lawyers to meet specific demands, a new practice area, a new need.
3. Leverage technology.
4. Create a cooperative compensation model that emphasizes the law firm as an institution.
5. Outsource functions that are better done by others. Delegate.
Ed shares some thoughts on electronic marketing and offers ideas on how traditional marketing can help you stand out in the crowd.
-You are more likely to be remembered, thus contacted, if you reach people on a personal level.
-Differentiating yourself will lead to increased :
–calls by clients and prospects
–calls from the media
-And most importantly: More money in the bank.
Factors to Consider When Marketing You Firm:
-Have a Marketing Plan
-Consider the commonality between you and prospective clients.
-Play the Numbers Game
-The more people you can get in front of; the better the chance of someone engaging you.
-Build a quality referral sources
-Understand that people learn differently
-Connect with other professions who share your market