Our Monthly Featured Post
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?
They say “one bad apple can ruin the bunch” and it’s true – especially in the workplace. But how do you know if you’re hiring that bad apple? Today we’re sharing our favorite tool to help evaluate your staff.
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.
