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In Recession, Lawyers Must Remember They're Businesspeople, Too
Venice, CA
Tuesday, March 24, 2009
FOR IMMEDIATE RELEASE
Contact: Derek McIver
Public Relations, The Ictus Initiative
617) 717-8294, Derek@IctusInitiative.com
VENICE, CA (March 24, 2009)—Law firms across the nation have not escaped the damaging effects of the economic recession. Attorneys are among the throngs of America's struggling small business owners, and they are finding that even basic lessons in business are necessary to keep their firms afloat. Dedicated to educating the legal community on all things business, law firm management expert Ed Poll, JD, MBA, CMC, served on an American Bar Association panel last week to discuss tips for lawyers looking to "survive and thrive in a down economy"
"Remind your attorneys that the law is a profession," commented Poll in last Thursday's session, "But it's also a business, and all attorneys must act in a business-like way in order to succeed"
During the panel, which qualified for Continuing Legal Education (CLE) credit in many states, Poll and other experts from across the country presented over fifty tips that lawyers can use to make their practices operate more efficiently and profitably. Specifically, Poll introduced tips to assist attorneys with banking, billing, and collecting. For example:
• Consider an automatic bank sweep: Set minimums for your checking account. At the end of the day, everything above this amount will automatically get switched from the checking account to the money market account where your money will earn interest.
• Shorten your billing cycle: You need not wait for one month. You can bill twice a month or even weekly. Or bill after a particularly good event occurs and the client is more favorably disposed to pay sooner than later because of the glow of victory.
• Stop work! Stop work when you don't get paid. Your first loss is your best loss … and your smallest loss. Don't keep working until huge sums are owed and the client will find it even more difficult to pay.
"In this time of economic uncertainty, it's critical that lawyers refocus on even the most familiar and basic business tips," commented Poll, "That way you can gain and maintain control of your firm's financial future"
About Ed Poll
Ed Poll, JD, MBA, CMC, is a nationally recognized expert in law practice management. He helps attorneys and law firms increase their profitability, consulting with them on issues of internal operations, business development, and financial matters. Poll brings his clients a solid background in both law and business. He has 25 years experience as a practicing attorney and has also served as CEO and COO for several manufacturing businesses. In 1990 he founded LawBiz® Management Company and is now focused on coaching, speaking, and training law firms.
Poll is the author of numerous publications that have become the definitive works in the legal field, including: Law Firm Fees & Compensation: Value and Growth Dynamics (LawBiz® Management Co. 2008), Attorney & Law Firm Guide to The Business of Law: Planning and Operating for Survival and Growth, 2nd ed. (American Bar Assoc. 2003); The Profitable Law Office Handbook: Attorney's Guide to Successful Business Planning (LawBiz® Management Co. 1996); and Secrets of the Business of Law®: Successful Practices for Increasing Your Profits! (LawBiz® Management Co. 1998)
Contact: Derek McIver
Public Relations, The Ictus Initiative
617) 717-8294, Derek@IctusInitiative.com
IN RECESSION, LAWYERS MUST REMEMBER THEY'RE BUSINESSPEOPLE, TOO
Law Firm Management Expert Discusses Tips for Lawyers Looking to "Survive and Thrive in a Down Economy"
VENICE, CA (March 24, 2009)—Law firms across the nation have not escaped the damaging effects of the economic recession. Attorneys are among the throngs of America's struggling small business owners, and they are finding that even basic lessons in business are necessary to keep their firms afloat. Dedicated to educating the legal community on all things business, law firm management expert Ed Poll, JD, MBA, CMC, served on an American Bar Association panel last week to discuss tips for lawyers looking to "survive and thrive in a down economy"
"Remind your attorneys that the law is a profession," commented Poll in last Thursday's session, "But it's also a business, and all attorneys must act in a business-like way in order to succeed"
During the panel, which qualified for Continuing Legal Education (CLE) credit in many states, Poll and other experts from across the country presented over fifty tips that lawyers can use to make their practices operate more efficiently and profitably. Specifically, Poll introduced tips to assist attorneys with banking, billing, and collecting. For example:
• Consider an automatic bank sweep: Set minimums for your checking account. At the end of the day, everything above this amount will automatically get switched from the checking account to the money market account where your money will earn interest.
• Shorten your billing cycle: You need not wait for one month. You can bill twice a month or even weekly. Or bill after a particularly good event occurs and the client is more favorably disposed to pay sooner than later because of the glow of victory.
• Stop work! Stop work when you don't get paid. Your first loss is your best loss … and your smallest loss. Don't keep working until huge sums are owed and the client will find it even more difficult to pay.
"In this time of economic uncertainty, it's critical that lawyers refocus on even the most familiar and basic business tips," commented Poll, "That way you can gain and maintain control of your firm's financial future"
About Ed Poll
Ed Poll, JD, MBA, CMC, is a nationally recognized expert in law practice management. He helps attorneys and law firms increase their profitability, consulting with them on issues of internal operations, business development, and financial matters. Poll brings his clients a solid background in both law and business. He has 25 years experience as a practicing attorney and has also served as CEO and COO for several manufacturing businesses. In 1990 he founded LawBiz® Management Company and is now focused on coaching, speaking, and training law firms.
Poll is the author of numerous publications that have become the definitive works in the legal field, including: Law Firm Fees & Compensation: Value and Growth Dynamics (LawBiz® Management Co. 2008), Attorney & Law Firm Guide to The Business of Law: Planning and Operating for Survival and Growth, 2nd ed. (American Bar Assoc. 2003); The Profitable Law Office Handbook: Attorney's Guide to Successful Business Planning (LawBiz® Management Co. 1996); and Secrets of the Business of Law®: Successful Practices for Increasing Your Profits! (LawBiz® Management Co. 1998)
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Ed Poll
Principal
LawBiz Management Company
Venice, CA
800-837-5880
310-578-1769
