Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
These days, we are unfortunately inundated with news of layoffs in the legal and legal marketing professions. This is a difficult time, fraught with anxiety and even fear. We are inundated, as well, with an overwhelming array of advice, which, like all advice, is only worthwhile if it fits one's personal abilities or predilections.
We have, now, literally thousands of lawyers and accountants looking for guidance through a very dark night. Most, of course, are job hunting, and the advice in that category has filled books with stuff that sometimes works, but not always. There are those who are frozen in the headlights. It seems incomprehensible that after all that education and training, there are no jobs in this wide world.
Then there are the entrepreneurial lawyers and accountants who see this situation as an opportunity to start up on their own. These are the brave and hardy ones who remember that every one of the AMLAW 100 and Big Four accounting firms started out as solos or partnerships of a few other hardy souls, which is a message that should help sustain all startups.
Every legal and accounting publication ' in hard copy or on the Internet ' is loaded with advice about how to start a practice. But what seems to be missing is realistic guidance on the practice ' the practice, not the theory ' of practice development: Not what you should do, but what you could do.
Some of it is obvious. Hit on your relatives, friends, and former colleagues who are still working. Talk to the placement people at your law school. Network.
Network? How? Join organizations. You've no doubt already thought of that. But which ones? Here's the trick.
It may take some time, but it works. And even if you do get a job, your contacts in your chosen organization will stand you in good stead. More:
Another technique that may be appropriate for you is to capitalize on current events that are appropriate to your specialty. A new law or ruling, for example, gives you an opportunity to call or drop a note to the local newspaper and offer to give a professional interpretation for their readers. If they publish what you say, then a reprint goes to every one of your prospective clients, with a little cover note.
Advertising would seem obvious, but most of it is expensive, and for greater return on the investment, requires professional help. Advertising looks easy, but as many a professional has discovered, it isn't. And even the major firms, using professional help, too often get it wrong.
Every one of these techniques is useful, whether you're starting out or have an established practice you want to expand. But if you're just starting a practice, these are relatively simple things you can do, without a vast expenditure, without the aid of outside marketing help. Relatively simple is important in the early stages of starting a practice. Unless you have unlimited resources, focus on a few prospects at a time, offering a few relevant services. In a startup practice, you're after one client at a time. The first one you get is the charm that leads you to the next one ' and the one after that.
One last point. Don't forget that law and accounting firms are a business, and one that competes against other firms. If you're planning on starting your own firm tomorrow morning, spend today thinking competitively.
These days, we are unfortunately inundated with news of layoffs in the legal and legal marketing professions. This is a difficult time, fraught with anxiety and even fear. We are inundated, as well, with an overwhelming array of advice, which, like all advice, is only worthwhile if it fits one's personal abilities or predilections.
We have, now, literally thousands of lawyers and accountants looking for guidance through a very dark night. Most, of course, are job hunting, and the advice in that category has filled books with stuff that sometimes works, but not always. There are those who are frozen in the headlights. It seems incomprehensible that after all that education and training, there are no jobs in this wide world.
Then there are the entrepreneurial lawyers and accountants who see this situation as an opportunity to start up on their own. These are the brave and hardy ones who remember that every one of the AMLAW 100 and Big Four accounting firms started out as solos or partnerships of a few other hardy souls, which is a message that should help sustain all startups.
Every legal and accounting publication ' in hard copy or on the Internet ' is loaded with advice about how to start a practice. But what seems to be missing is realistic guidance on the practice ' the practice, not the theory ' of practice development: Not what you should do, but what you could do.
Some of it is obvious. Hit on your relatives, friends, and former colleagues who are still working. Talk to the placement people at your law school. Network.
Network? How? Join organizations. You've no doubt already thought of that. But which ones? Here's the trick.
It may take some time, but it works. And even if you do get a job, your contacts in your chosen organization will stand you in good stead. More:
Another technique that may be appropriate for you is to capitalize on current events that are appropriate to your specialty. A new law or ruling, for example, gives you an opportunity to call or drop a note to the local newspaper and offer to give a professional interpretation for their readers. If they publish what you say, then a reprint goes to every one of your prospective clients, with a little cover note.
Advertising would seem obvious, but most of it is expensive, and for greater return on the investment, requires professional help. Advertising looks easy, but as many a professional has discovered, it isn't. And even the major firms, using professional help, too often get it wrong.
Every one of these techniques is useful, whether you're starting out or have an established practice you want to expand. But if you're just starting a practice, these are relatively simple things you can do, without a vast expenditure, without the aid of outside marketing help. Relatively simple is important in the early stages of starting a practice. Unless you have unlimited resources, focus on a few prospects at a time, offering a few relevant services. In a startup practice, you're after one client at a time. The first one you get is the charm that leads you to the next one ' and the one after that.
One last point. Don't forget that law and accounting firms are a business, and one that competes against other firms. If you're planning on starting your own firm tomorrow morning, spend today thinking competitively.
End of year collections are crucial for law firms because they allow them to maximize their revenue for the year, impacting profitability, partner distributions and bonus calculations by ensuring outstanding invoices are paid before the year closes, which is especially important for meeting financial targets and managing cash flow throughout the firm.
Law firms and companies in the professional services space must recognize that clients are conducting extensive online research before making contact. Prospective buyers are no longer waiting for meetings with partners or business development professionals to understand the firm's offerings. Instead, they are seeking out information on their own, and they want to do it quickly and efficiently.
Through a balanced approach that combines incentives with accountability, firms can navigate the complexities of returning to the office while maintaining productivity and morale.
The paradigm of legal administrative support within law firms has undergone a remarkable transformation over the last decade. But this begs the question: are the changes to administrative support successful, and do law firms feel they are sufficiently prepared to meet future business needs?
Counsel should include in its analysis of a case the taxability of the anticipated and sought after damages as the tax effect could be substantial.