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In addition to the stress of getting clients' legal work done, many lawyers have the added stress of running a business. This article gives a few quick tips to help you reduce that stress.
Financial Management
1. Get a Retainer - A retainer is your way of doing a credit check of a potential client. It measures both the willingness and ability to pay you
for your services.
2. Keep Time Daily -
The ability to generate good revenue for any business is based on having the best information. By recording your time on a daily basis, you will have the best information possible for billing your clients. Better information = better income.
3. Get Bills Out -
Make it a top priority to get bills out in a timely fashion. Some lawyers have even gone to twice a month billing. It means you get paid more frequently, and the amounts are smaller for clients.
4. Sign All Checks - Help your staff stay honest by not giving them the opportunity to 'borrow' money from you. As a check on outgoing money, be the one who signs all
checks (especially for Trust accounts).
Staffing
5. Be Nice -
Your staff is a primary contact for your clients. If you treat them nice, they will (more likely) treat your clients well. Given them regular feedback (a.k.a. constructive criticism) on their performance and reward them when they do well.
Marketing
6.J oin a Non-profit Board -
Besides being socially responsible, serving on a non-profit board will help you build your network of contacts. People hire lawyers based on relationships so you should always be building your network.
Customer Service
7. Return Phone Calls -
Perhaps the top complaint clients have about lawyers is they do not return phone calls. Primarily, clients are buying access to you. Give it to your clients by returning their calls.
Technology
8. Use Technology -
Lawyers (should) lose sleep over tracking so many deadlines. Technology can greatly ease this burden. Case Management software can help you manage deadlines, information and many other aspects of your client relationships. To find good information about legal technology, check out: www.abanet.org/tech/ltrc/home.html.
9. Use a PDA - As an extension of #8, use a Personal Digital Assistant (PDA). Palm and Pocket PCs allow you to take your office information with you. Good information is
more valuable when it's accessible.
10. Outsource - Consider outsourcing some of your law management functions. More and more options are appearing to outsource
technology, financial management, marketing and other law management functions. You are better off spending your time practicing law, than performing other tasks.
Hopefully these tips gave you some ideas on how to simplify your practice and reduce the stress of law management!
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