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LawBiz® TIPS – Week of May 10, 2011

LawBiz(r) newsletter

As I'm writing this note, I'm in Oak Grove, MO, a small community east of Kansas City, MO. It's a sunny day after serious thunder and lightning last night, just a few days after the major weather patterns that impacted MO and AL and other areas in the South.

I just returned from a memorial service for my sister-in-law, a beautiful and simple service. As I say goodbye to part of the past, I'm also looking forward to the future, our National Tour that we start next month. I'm really excited by the opportunity to visit lawyers across the country. If you would like me to visit your bar association or law school to discuss the challenges that face our profession and your practice, in particular, be sure to contact me.

I'd appreciate your help by going to Facebook and "liking" the National Tour page. Thanks!
Ed signature

Is Your Environment Supporting Your Practice?

Use Your Coach
My daughter just moved into a new office. She was a sub-tenant in an existing space and decided to make a move to be in her own space, but was still uncertain about the expense and the timing to do so. She was under no immediate need to move now, and the decision to do so really was a forward-looking one that gave her options to expand her practice in the future. The problem, in her mind, was: is the up-front expense of getting from point A (old office) to point B (new office) worth it in order to realize greater potential future income? And as a conscientious lawyer should do when faced with such a concern, she decided to talk it through with her "coach" - me.

Three Considerations
I suggested that she look at her concerns through three lenses: the reasons to move, the factors to select the location she did, and how to build out the new facility. Such a perspective is essential to understand a new office space in terms of what you expect in revenues, what you can afford in expenses, what clients you will serve from this location and in your type of practice, as well as (lastly) how comfortable you will be in the physical environment where you will spend most of your waking time.

The Reasons to Move
From her perspective, the reasons to move were clear: she had greater potential to expand (and thus to generate more revenue), and she prized the autonomy of being in her own space. Her considerations for selecting the location were equally definite in her mind. Her new location was both more comfortable for her clients and had good access for parking, plus the location was convenient for her, her clients and for potential referrals. She was a bit concerned that the stone front of the building would connote that she was expensive, but this was not a major issue.

Building Out the Space
As for the third consideration, building out the space, I urged her to create a personal vision of the office layout she wanted and then to work with a space planner and architect to make this vision a reality. Such professionals can use computer tools to design and re-design not only the office space but its appearance - the "feng shui" of colors and comfort - and then work with subcontractors to make sure that the changes are done on time for the start of the lease. You want to be assured that you are in the physical space when your rent starts rather than still have to wait for the contractor to finish construction. The cash register just continues to sing. You need to be in the space, earning revenue, to offset the commencement of rent.

Be Comfortable With Your Decision
At the end of this analysis, my daughter felt a good deal more comfortable with a decision that she thought was right but initially wasn't certain about. It demonstrated that her office space and related amenities could speak clearly to the practice she had today - and wanted to have tomorrow.

8 Steps to Greater Profitability

The Lawyer's Path to Prosperity

8 Steps to Greater Profitability

Are you frustrated with how your law firm or practice is running? Are you looking for ways to jump-start your business? Do you want to make the dream of starting your own successful firm a reality?

This 8-CD set provides the most complete audio guide to law practice management available. From crafting a business plan to selling your practice for maximum value, Ed will lead you from start to finish through the eight most crucial steps to law firm success. Earn the living you deserve and find fulfillment throughout your career – embark on the path to success today! Learn more.

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In this issue:

Is Your Environment Supporting Your Practice?

8 Steps to Greater Profitability

Video: The Times, They Are a Changin', Part 2

Featured Video:
Ed Poll on YouTube video


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What Clients Are Saying:

"It is a joy and pleasure working with Ed and I look forward to each coaching session. 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

Ed Poll, LawBiz® Management   |   |   |
©2011 LawBiz® Management. All rights reserved.

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