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LawBiz® TIPS – Week of July 25, 2017

Trying to Grow Your Law Practice? Ten Challenges You May Face...

The practice of law has many challenges, but the business side of the practice of law is, arguably, even more challenging. Having practiced as a lawyer for many years and a coach, professional mentor, and consultant for many more years, I have learned that there are ten challenges that must be overcome in growing a practice. Successfully addressing these ten items will help your business thrive.

  1. Covering increased cash needs to fund expanded accounts receivable.
  2. Funding the need for more educated personnel and lawyers as new sales revenue occurs.
  3. Monitoring accounts receivable to ensure that clients honor the payment clause of their engagement agreements.
  4. Determining if clients who fail to honor their commitments in the engagement agreement need to be fired.
  5. Deciding whether to continue to do pro bono work for economically troubled clients.
  6. Creating a line of credit with your bank to carry you during the shortfalls.
  7. Providing a clear path for repayment of the line of credit.
  8. Restraining the use of the firm's line of credit to pay lawyers' draws.
  9. Restricting your intake to your firm's areas of competency despite the need to meet payroll next week.
  10. Staying with your strategic plan or modifying it as need be and preventing your firm's rogue lawyers from going outside of the firm's strategic plan.

Good luck has been defined as the intersection between preparedness and opportunity. With this list, you can be better prepared—and preparedness seems to beget opportunity in turn.

However, it should be noted that reading about these techniques is the easy part. Consistently implementing and following through on them, however, requires perseverance and tenacity. That is your part in this equation.

Are you looking for helpful legal advice on growing your law practice? Contact a legal coach today at 800-837-5880.



Trying to Grow Your Law Practice? Ten Challenges You May Face...

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"In the short time that Ed has been coaching me, his comments and guidance have been invaluable. Within weeks, he has improved my self-confidence immeasurably, guided me to run my law practice more like a business and most importantly, helped me obtain my goal of increasing my income while decreasing the time I spend working. 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 with you sooner."

Atlanta, GA

"I was initially reluctant to expend the money for Ed Poll's strategic planning session, but knew that in order to grow in an organized manner, I needed to spend the time in a one-on-one session. By the end of the first hour of our session, Ed helped me formulate a plan which, when implemented, resulted in an amazing return on the investment of the session. Ed then proceeded to analyze my financial statements and helped me to see my business in strictly financial terms—something us attorneys don't normally do. If we had concluded our session then, I would have felt that it was extremely worthwhile and would have felt that I had received my "money's worth." But I have now used Ed as my business coach for the past two years and have been extremely impressed with his practical approach to the practice of law. With Ed's encouragement, I find myself coming up with creative ideas regarding how to grow my business. I now feel that I can engage in the business of law, leaving my team to engage in the practice of law."

London, England


Ed Poll, LawBiz® Management   |   |   |   |


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