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LawBiz® TIPS – Week of September 1, 2015

LawBiz(r) newsletter

Thunderous cloud bursts in the Pacific Northwest and scorching heat in the Pacific Southwest are dramatic examples of Nature's wonders, certainly different than "balance" as we generally think of the term in our lives. Entrepreneurs (and developing law firms) face the same dilemma of balance. We need skills, clients and capital. These three elements seldom come to the entrepreneur at the same time and in the same proportion as needed. The fortunate and successful lawyers/entrepreneurs do what they need as they grow their business, The Business of Law®.

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Driving Profits Through Data

Existing clients make up the base of your practice and provide a reliable, steady income flow. Fortunately, keeping the goodwill of existing clients and referral sources requires less time, effort, and expense than cultivating new clients. There are many ways to nurture an existing relationship with a client by using research.

Both Westlaw and Lexis have excellent database files dedicated to previous, current, and pending legislation on a federal and state level. For regulated industries, keeping up not only with current legislation but also with pending legislation is crucial. Thomas, from the Library of Congress, provides legislative information in the form of bills, resolutions, status of legislation, and links to committee reports as well as the Congressional Record.

On a state level, both Westlaw and Lexis have pending state legislation, committee hearings, budget information, oversight, and review on a third-party license database called "State Net". You can find the same information by visiting your state's website.

Some other places to look for ideas, content, or analysis of issues that affect businesses or people's personal lives are the websites for the largest accounting firms, consulting firms, and "think tanks." Major accounting and consulting firms conduct cutting-edge surveys on industries or issues affecting personal living issues like insurance and health care and publish the results with their analysis. This is a perfect opportunity for you to merge your legal and business acumen and discuss the finds with real problem-solving examples from your practice.

At your fingertips is an information world that can help you expand your market reach, develop new business, and increase profits for the long term. You now have the data to help you drive clients by industry, occupation, age, and personal interests tied to the specific services you have to offer in today's world of legal complexity. Use the information to your advantage—and, remember, it's what you don't know that can hurt you, especially when it comes to staying competitive in a tough environment.



Driving Profits Through Data

Check out this month's special!

LawBiz® Registry: Buy or Sell Your Practice

Ed Poll on YouTube

Buy or Sell Your Practice 

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New Life After Law Coaching Program



"In the short time at 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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