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27 04, 2007

10 Tips for Developing Associates into Rainmakers

2007-04-27T13:38:50+00:00By |Comments Off on 10 Tips for Developing Associates into Rainmakers

10 Tips for Developing Associates into Rainmakers

Today most law firms, large and small, expect partners to bring in business. In determining whether an associate makes partner, the firm usually considers whether the associate has the capability to bring in business.

Some firms don’t do a very good job of communicating this expectation to their young lawyers, however. In fact, some partners may actively discourage associates from spending time on business development activities, if that takes any time away from doing billable legal work. The firm then unrealistically expects a new partner to support himself with his own business like turning on a water faucet.

While firms that think longer-range may not begrudge the time an associate spends on client development, they don’t all have a policy for reimbursing associates for business development expenses. Young lawyers still trying to pay off student loans are expected to pay for any marketing lunches or other outside activities, bar association and section dues, and community association dues. Asking associates to lay out their cash to benefit the firm they are not yet members of can have a significant tempering effect on their efforts. Finally, some savvy law firms actively support mid-level and senior associate efforts to develop clients by providing time and financial resources, but very few provide real guidance to young lawyers about how to market themselves.

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22 02, 2007

Trimming Expenses to Fatten the Kitty

2007-02-22T12:37:43+00:00By |Comments Off on Trimming Expenses to Fatten the Kitty

Recently I have been getting a number of questions about reducing overhead in law firms, so this article will give you some tips. For a strong first step, get a clear picture of the existing expenses, and determine which of them are necessities, and which are luxuries.
Review and Investigate the Firm Financial Reports
Do you review your firm’s monthly financial reports? Do you really know what the specific numbers on your financial statement represent? Are there some categories that fluctuate pretty dramatically from month to month or year to year? If so, that might indicate some discretionary spending items, and it may be worthwhile to review the expenditures represented by those numbers. It may be appropriate to develop some approval procedures within those categories. Establish a budget and follow-up on over-expenditures to get a real handle on expenses.
By investigating the facts underlying financial reports, lawyers I know have discovered seriously overdue accounts receivable, employees using firm services and accounts for personal purposes, courier services used daily for routine non-urgent transmissions, unnecessary equipment service contracts for nonessential or infrequently used equipment, infrequently used season tickets, and downright embezzlement. (Lawyers are rather common victims of embezzlement.) Some of those expenditures sound deminimus, but with frequent repetition, they add up.

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19 02, 2007

A Year by Design, or by Default?

2019-02-10T23:15:55+00:00By |Comments Off on A Year by Design, or by Default?

A bright and talented lawyer lamented: “Where did all the money go?” He was a charismatic guy and had attracted a few good cases. Because he was a skilled lawyer, he enjoyed some success. However, when profits began to dwindle, at first he didn’t notice. Then he didn’t know how to adjust his strategy, because he didn’t really have one.
In the business world, companies can’t get financing if they don’t have a business plan. That’s because bankers know that owners who run their businesses by the seat of the pants are more likely to fail. A business plan doesn’t guarantee success, but in the process of creating one, we establish goals. We consider ways to achieve those goals and how to address the obstacles to achieving them. We set a clear intention about how we want to spend our resources of time, money and talent. That clarity of intention helps us make better decisions when opportunities or obstacles arise. Sometimes during planning we have thought through the consequences of various options in advance. Other times we can ask ourselves, “Is this opportunity more likely to move me toward or away from my goal?”

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28 01, 2007

Are You Getting in Your Own Way at the Office?

2007-01-28T13:25:23+00:00By |Comments Off on Are You Getting in Your Own Way at the Office?

    
 
 

Have you ever considered what role you may play in the effective functioning of your office staff? I have worked with lawyers who were unhappy with the performance of their administrative assistants, and who wondered what to do to correct the situation. I have worked with dedicated firm administrators and support staff who were stressing to the breaking point from working with difficult attorneys. Even as a lawyer myself, I learned that at […]
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10 01, 2007

What’s Holding You Back?

2007-01-10T16:45:28+00:00By |Comments Off on What’s Holding You Back?

A couple of years ago I wrote about strategies for actually accomplishing the goals we set for ourselves at the beginning of the year. It’s that time again, and you can read that article by going back to the January 2005 issue of The Practice Manager or you can view it on our website. If you implemented those ideas, I know you made a lot of progress. If you didn’t make progress or didn’t implement any strategy to achieve your goals, then some hidden factors may be influencing you. […]

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11 12, 2006

Lawyer Burnout Likened to WWII Pilot “Target Fixation”

2019-01-16T22:18:44+00:00By |Comments Off on Lawyer Burnout Likened to WWII Pilot “Target Fixation”

There’s an excellent article called Target Fixationon the “Life at the Bar” blog by Julie Fleming Brown. She likens lawyer burnout to the World War II fighter pilots who were so intent on hitting their targets that they failed to pull up in time after dropping their bombs, and literally hit their targets. If after reading Julie’s article you realize you need to find some ways to gain more time and disengage from “target fixation,” perhaps my article about ‘work/life’ balance tipsposted on December 7, 2006 will help. I’m also happy to brainstorm other solutions with you.

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7 12, 2006

Work/Life Balance: Are You Tottering on the Brink?

2006-12-07T10:04:19+00:00By |Comments Off on Work/Life Balance: Are You Tottering on the Brink?

As a coach to lawyers, this is the time of year when I really hear the life balance questions. All year lawyers struggle to maintain work/life balance, but the challenges become more acute during the holidays. At the same time that family and friends clamor for our attention, year-end deadlines for budgetary, tax or financial reporting purposes cause our clients to pressure us with non-negotiable demands.

Here are tips to implement all year long to help achieve balance between work and your personal life, but especially during the holidays.

1. Put your own oxygen mask on first. This is the most important tip, and the one you’ll be most tempted to skip. The flight attendants tell you this for a good reason. You can’t help others or meet their demands if you deplete your own reserves. What replenishes your energy? What relieves stress for you? Spending a few minutes with nature nurtures the soul, even if you merely water the plants in your office. Create space for 15 minutes of quiet at the start of your day, and protect it. It sounds counter-intuitive and maybe impossible, but my clients are surprised at how problems roll off their backs, instead of developing into time-sucking crises, when they start the day with quiet time.

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18 11, 2006

Business Development: Follow-up or Fall Down

2006-11-18T13:36:17+00:00By |Comments Off on Business Development: Follow-up or Fall Down

 Recently I celebrated a business development victory with a lawyer. I asked him what he thought was the most important ingredient in his success. “Persistence,” he replied. “I just kept following up.”
That’s where many of us fall down. We attend networking events, give speeches, join organizations, and do other things to be at the right place to meet prospective clients. We succeed in meeting what appear to be some good business prospects or good potential referral sources. Hooray! Now what do we do?

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16 10, 2006

Keep the Cash Flowing: Collection Tips

2006-10-16T12:11:06+00:00By |Comments Off on Keep the Cash Flowing: Collection Tips

A reader’s question: Do you have any tips on how to get clients to pay their bills more promptly?

Response: Cash flow is important to the success of every business, yet many lawyers do not design their practice to assure that collections flow in smoothly and regularly. The measures appropriate for your firm may depend upon the size of your clients, the type of clients you serve, and the types of matters you handle for them.

As you read through the suggestions below, think about how you might experiment with some of them or adapt them to your needs. Some may be new ideas for you, and others may be familiar ones that you have just gotten out of the habit of doing.

1. Get a retainer in advance. Hold a retainer equal to one month’s fees in trust until application against the final invoice. Invoice the client each month for the current work. If the client has not paid the first invoice by the time you are sending out the second invoice, notify the client that work will be suspended until the account is brought up to date. Certain practice areas tend to attract a high level of clients with poor payment patterns. Practitioners may want to charge the entire fee up front for such services, or provide in the engagement agreement that the initial fee installment applies to the first stage of the engagement. Provide that the engagement will be put on hold or terminated until the fee for each next stage is paid in advance.
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