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LawBiz® TIPS – Week of July 3, 2018

The Two Basic Areas of Sexy Business Purchases

Sexiness sells, but is it worth the price? This article is actually about sexiness, but not in the usual sense. This article is about the sexiness of business purchases.

The sexiness of business purchases involves two basic areas: technology and office space/furniture.


Purchasing new technology or upgrading existing systems represents a major commitment in time and money. Yet many lawyers and law firms seem to make decisions about what and when to buy based on the sexiness of the technology as opposed to other, more practical considerations.

When considering whether to make a purchase, you should consider the projected return on investment (ROI) of the purchase, the potential increase in efficiency, the potential to do something that couldn’t be done before, and the potential improvement of the quality of services offered.

Although technology can dramatically improve a law firm’s efficiency and quality of service, it is a tool, not a toy, and it needs to be viewed in that light. This concept is often given lip service when the sexiness of the new toy governs the purchasing decision.

Office Space/Furniture

The way that you dress creates a certain image, and this is true of the way that you dress your office, too. If you are trying to vet wealthier clients, you will want to think about “sexier” office space and furniture. Space in a strip mall is vastly different from space in a high-prestige high-rise building with large conference rooms and a lot of marble and glass. Similarly, there is a vast difference between solid mahogany furniture accented with fine framed art and metal filing cabinets accented with mass-produced pictures purchased at a big-box store.

Of course, the sexier surroundings come with a sexier price, and you have to determine if you can justify the price with the revenues you will receive from the clientele that you attract. There is nothing sexy about going broke.



The Two Basic Areas of Sexy Business Purchases

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LawBiz® Registry: Buy or Sell Your Practice

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"Ed's command of the podium and his connection and interaction with the audience were outstanding. His skills enabled us to successfully implement a new culture into the organization without damaging our relationships with outside counsel."

Torrance, CA

"When I had my own private practice as a solo practitioner, I wanted to run my office as efficiently and profitably as possible. I researched business coaches and discovered that most had "passive" models as their basis for coaching, i.e. they would promise all the things they would do for my practice without my having to invest time and energy into the process. I'm so glad I chose Ed Poll instead, for he had an "active" model, i.e. how much I got out of the coaching was directly dependent upon what I put into it. Over a period of six months, Ed conferenced with me and gave me weekly assignments for structuring my practice as well as giving me tips on how to work with clients from the initial interview through to the end of the case. After working with Ed, I didn't have a single outstanding account receivable over $500. The time I spent working with Ed was invaluable and I would recommend him to any attorneys interested in improving the quality and profitability of their practices."

Los Angeles, CA


Ed Poll, LawBiz® Management   |   |   |   |


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