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LawBiz® TIPS – Week of December 30, 2014

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LawBiz(r) newsletter

Life is challenging, so the saying goes. And 2014 has provided many challenges for most. From microeconomic impact on the geo-political scene, to micro-financial issues for most lawyers and other small business folks, to family and health, change is the name of the game.

In cycling, we hope you keep the rubber side down and on the road. May you remain upright, healthy and in good humor in 2015. All else will follow.

holly Holiday Special ALL December One-time coaching session with me AND a copy of my book Life After Law (see below).

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lawbiz.com

Banking: More Than Just Checking and Savings

Banks offer a variety of services that represent opportunities for a lawyer whose firm has established a good banking relationship.

That business relationship can often be used to give you greater access to and more effective pricing for such personal banking services as the following:

  • Personal loans

  • Home mortgages

  • Discount brokerage services

  • Trust and estate services

  • Personal financial planning

  • Retirement counseling

  • Discounts on standard banking services for your staff, such as lower-cost auto loans or no-fee checking accounts

In addition, there are a variety of other services available for law firms.

  • Credit Card Services. If you have the client’s credit card information and permission to charge his account, you will get paid more readily, improving cash flow. The few dollars that it costs you to get the money faster—typically 2 percent to 4 percent, depending on your volume, the card, and your ability to negotiate with your bank and processing agent—is offset by the ease and assurance of payment as well as the speed of collection.

  • Office Services. Many banks offer services relating to functions such as staff payroll, pension administration, and even monthly billing and collection.

  • Investment Instruments. Law firms can earn a return on cash balances not needed for operating purposes by placing the money into such short-term investment instruments as certificates of deposit, business money market accounts, commercial paper, or U.S. government obligations—all of which a bank can provide.

  • Online Financial Services. These services can facilitate your cash management. For example, banks offer the opportunity to set minimum and maximum cash balances in a firm’s general account, with “extra” funds being transferred daily into interest-bearing accounts and cash advances being drawn from a line of credit if the general account falls below the minimum.

As your needs develop and change over time, be sure to talk to your banker about the various types of assistance that the institution can provide for you.

Brought back by popular demand...

Special One-Time Coaching Session

With Ed Poll, Principal, LawBiz Management

Ed Poll's Coaching Program

Special one-time coaching session with Ed (normally available only as part of the full six-month package) and a copy of Life After Law.
Note: This is a one-time offer with limited availability. First come, first serve.

About Ed:

- Lifetime Achievement Award, State Bar of California (LPMT)
- Fellow, College of Law Practice Management
- Board Certified Coach to the Legal Profession, SAC
- Member of the Million Dollar Consulting® Hall of Fame
- Learn more About Ed, his Coaching Program and his Books & CDs

IN THIS ISSUE:

Banking: More Than Just Checking and Savings

Special One-Time Coaching Session with Ed AND his book Life After Law - $275

LawBiz® Registry: Buy or Sell Your Practice

NEW SERVICE:
Ed Poll on YouTube

Buy or Sell Your Practice 

Twitter Facebook Linked In YouTube
New Life After Law Coaching Program

 

CLIENTS SAY:

"It is a joy and pleasure working with Ed and I look forward to each coaching sessions. My only regret is that I did not start sooner!"

JRL
Atlanta, GA


"It has been a pleasure and a real assistance speaking to Ed on a weekly basis about issues as they came up, and about developing a roadmap for future actions. It was great to know that no matter what the issue, Ed has been there to field questions and provide amazing ideas."

SEB
Central California

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Ed Poll, LawBiz® Management

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800-837-5880

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