Book review: Growing a practice in tough times

By Correy Stephenson The Daily Record Newswire According to figures released by the U.S. Bureau of Labor in May, the legal sector lost jobs in both March and April. Lawyers concerned about the continuing impact of the economic climate on their own employment can turn to a new book by well-known coach and law practice management consultant Ed Poll. "Growing Your Law Practice in Tough Times" urges lawyers and law firms to stay viable in changing economic times by thinking creatively and learning to adapt. Small firms and sole practitioners in particular often face lean times, Poll notes, so they need to be prepared for the changing market cycle. He lists 10 challenges to growing a law practice (for example, restricting intake to areas of the lawyer or firm's competency, even if payroll needs to be met), as well as 10 tactics for success (lawyers must sell solutions - not time as expressed in billable hours). Instead of focusing exclusively on cutting expenses, Poll advises readers to look to increase revenue with three core principles: getting the work, doing the work - and getting paid. A business plan - completed before the firm runs into money problems - is essential, according to Poll. Goals should be specific and include marketing components. Lawyers should also plan to target specific clients or industries. The cash flow of a law firm acts as a barometer of its success, Poll writes, and explains to readers how to manage cash flow using factors like volume and credit terms. Best practices include vigilance in collecting fees, stopping work if the client won't pay, and changing the billing cycle to even out cash flow. Instead of billing all clients on the same day, for example, Poll suggests staggering the bills by sending one-quarter of your client bills each week of the month. Poll draws on his 25 years of experience as a consultant for a valuable chapter on business development techniques, providing tips for lawyers on a variety of ways to pull in business, from public speaking to Web 2.0 efforts with social media. The book also addresses the costs inherent in running a business, from office space to technology to staffing. Poll doesn't neglect the hot topic of billing practices. Because of the recession, many clients began to push back on the fees charged by their lawyers. Poll explores options other than the traditional billable hour, and advocates that attorneys use an interactive process with the client to determine what means of payment to use. The next step - actually collecting fees - is covered in a useful chapter with suggestions on how to provide bills that convey value, figure out why a client won't pay, and get paid faster (try closing billing on the 25th of each month in order to get paid by the first of the next month). Published: Mon, Aug 16, 2010

––––––––––––––––––––
 Subscribe to the Legal News!
 https://test.legalnews.com/Home/Subscription
Full access to public notices, articles, columns, archives, statistics, calendar and more
Day Pass Only $4.95!
One-County $80/year
Three-County & Full Pass also available