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LawBiz® TIPS – Week of November 11, 2014

LawBiz(r) newsletter

Last week, I addressed the issue of how to achieve new client business. This week, the issue is: How can I get paid for all of the work I've already done?

In some instances, you may consider closing your door to new business and focus on collecting for work already performed. In a number of instances, my clients have reported that the effort was worthwhile. They substantially reduced their accounts receivable for the month and then went back to prospecting for new clients. But, this time around, they were more attentive to the payment patterns of their clients and did not allow the A/R to creep up.

Book/CD package special: Get our "Starting Your Practice" package (below) to run your business more effectively, including how to collect your fee.

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Keep the Pedal to the Metal

Imagine this: You're on a road trip from New York City, where you live, to Hollywood, California, a place you've always wanted to visit. You've traveled 2,500 miles over the course of a week. You're almost to your destination, but you're tired. You're tired of traveling. You're tired of hotels. You're tired of being stuck in traffic and hearing the kids whining. Which of the following should you do?

(1) Stop by the side of the road, get out, and never reach your destination.
(2) Keep the pedal to the metal and get to where you're going.

The answer, of course, is #2: Keep the pedal to the metal. You'll never get where you're going-on a road trip or otherwise-if you don't stay the course.

One of the first things that I tell clients who engage me to sell their law practice is this: "Do not retire now just because you engaged me." That's what I call seller psychology. You will hurt yourself. You need to continue to grow or at least produce the same amount of revenue you've been producing.

I gave this advice to one client and a year later was very much surprised. We were not successful in selling that practice during that time frame, but at the end of the year, his practice had grown by 20 percent. That changed the whole valuation. It increased the amount of money that he would get when he finally did sell the practice.

However, it doesn't matter if your value grows. The important thing is that your practice doesn't shrink. You don't need to increase your marketing or social media presence or any other method of getting your name out there. You should simply continue to do what you've been doing. In other words, my advice is this: Don't stop. Don't stop what you're doing.

Starting Your Practice package

Create a firm that will be successful by design

Starting Your Practice

until Nov 30
(reg. $99)

To Order:

or order online at

Package contains:

  1. Collecting Your Fee: Getting Paid from Intake to Invoice

  2. Business Competency for Lawyers (eBook)

  3. 3 CD set: Small Firm Logistics: Turning Your Practice into a Business

Want to get your practice off to a great start? Ed Poll provides you with ways to simplify the process of operating a law practice. His insightful strategies and tactics help you find satisfaction and fulfillment in your career. Create a firm that will be successful by design, not by accident, and you'll be more effective with your clients and more profitable. Learn more.


Keep the Pedal to the Metal

Starting Your Practice - 2 book & 3 CD package - $79

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New Life After Law Coaching Program



"I met with Ed for my first appointment in the Immersion Program, and at that first meeting, he saved me thousands of dollars by encouraging me to change a method of billing I have used for years. Ed validated and encouraged me to change something so simple which was costing the firm money. Ed is insightful, truthful and motivating. I look forward to our future meeting!"

Los Angeles, CA

"I would highly recommend the services of Ed Poll to anyone in need of assistance with understanding their business, improving its operations, or valuing it for sale or transition to some other operational format."

Austin, TX


Ed Poll, LawBiz® Management   |   |   |   |


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