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LawBiz® TIPS – Week of June 7, 2016

Ghosts?: Nothing to Fear with Proper Business Procedures

Ghosts are afoot. At least, some people think so.

According to a May 27, 2016, article by Debra Cassens Weiss in the ABA Journal, some people believe that a ghost is haunting a courthouse in New Mexico. Doors shutting of their own accord, a cold chill in the air, items dropping to the floor without cause, and sightings of a ghost donned in early 1900s attire are some of the strange happenings at the Alamogordo building.

This is not the only haunted courthouse, according to a companion article by Lee Rawles in the same issue of the ABA Journal. Many courthouses across the United States boast ghosts.

Do you believe in ghosts? Whether you do or not, there are always plenty of reported mysterious, unexplained happenings.

One thing, though, that is certain: in the business of law, there isn’t much that is unexplained. In other words, if you conduct your business as you should, you can count on certain outcomes.

Certainly, you can’t predict the economy. Likewise, you can’t predict the number or financial size of the clients whom you will attract. However, if you follow certain procedures, you can stem the effects of a bad economy and you can attract and keep a goodly number of clients. In other words, if you follow these procedures, you will set up the foundations for success and keep bad business ghosts at bay.

The main procedure is to establish a plan for your business of law. This is really a five-step process, including preparing to plan, identifying goals, developing the marketing plan, creating a financial plan, and evaluating and revising the plan.

It is important to note that plans for the future do not always mean anticipating growth. In a stagnating economy, planning to stay at the present level of revenue, market share, or practice size may be the most that a lawyer can expect.



Ghosts?: Nothing to Fear with Proper Business Procedures

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"Ed educated me on how to implement a plan for the management of my law offices, which I have set up in Santa Monica. With his help, I was able to conceive and put into effect a business plan which promises not only to simplify my business, but to make it more profitable as well. He readily pinpointed my needs and offered sage advice on what I could do to rectify the problems that I have been facing. For this, I am forever grateful and will highly recommend him to anyone who asks."

Santa Monica, CA

"Ed Poll recently assisted me in valuing and restructuring my law practice. I had built what I thought to be a sound business in my solo professional practice, and wanted above all to maintain what had been built for the sake of staff and clients, but yet remove myself from active practice management. Ed was instrumental in assisting me to create, negotiate and document a transaction that implemented my intended result and that will pay me handsomely for what I have built.

...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."

DMG, R.N., J.D.
Austin, TX


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