One of the hardest parts of managing a law firm is the delicate balance between hiring the right number of staff members and ensuring that you can afford them. At different points in your practice, you’ll be tasked with tough questions. The solution to many of these problems is simple: hire the employees you need and create a compensation plan that is profitable for both you and the employee. Of course, that is easier said than done. So how do you figure out what you can pay a billable person? Read on to learn more.
You’re a good business owner. You know that it’s important to continue to invest in your business with a portion of your profits and you’ve worked to pay down your debt. The logic: “I pay down my debt and have no money left, not only do I have a lot less debt, but I also owe no taxes.” Not always so! Read on to learn more and see how your biz can prepare for tax season.
It’s tough being an attorney and a business owner. You’re tasked with doing work for your clients, while also figuring out how to keep your firm profitable and, if possible, enjoy the fruits of your labor. That’s why encouraging your team to help originate new cases is key! Let’s discuss.
You’re a good attorney. No, you’re a GREAT attorney. You get amazing results for your clients. People should be standing at your door, desperate for your services BUT that’s not quite how things have been going… We’re sharing the tools you need to help grow your referral network and become an in-demand firm.
Everybody says you need a budget. But do you? No, not exactly. You don’t really need to have a budget in the traditional sense. What you need is a “Profit Plan.” If that sounds new to you, it’s because it’s not a real thing. We made it up. But once you understand what a profit plan is and how it differs from a budget, you’ll be able to understand why it is a better alternative to traditional budgets and budgeting.
You’re tasked with being both an attorney and a business owner. Your strength is the former, but you’re being placed in charge of creating, reading, and understanding a lot of documents in order to handle the latter. We often get asked by attorneys what some of these documents are and why they matter. What is the purpose of a balance sheet?
If you want more clients at your law firm, you’re going to need to spend some money on marketing. The question that we’re often asked is “how much should I spend?” Our answer is usually some variation of a shoulder shrug and an, “I don’t know yet.” This is not unknowable. Our role is to consult with the attorneys we work with to determine how much to invest. But it’s also not something that’s set in stone. If you’d like to get a bit more information about how to analyze and optimize your marketing spend, read on!
Despite your revenue, your income, or your potential for high profits, most attorneys are also seen as big risks. That is why it is so important to make yourself “bankable” and to understand the choices you have available to you as you try to obtain the loans, lines of credit, and financial support you need.
How Do I Create a Budget for My Law Firm? Most of us understand, instinctually, the value of a budget. We get the idea that it helps to know where your money goes, how much you can spend in different parts of your business, how much you have left over, and more. But we also […]