Tuesday, February 5, 2013

Law Practice Fundamentals.

Due to deep seated psychological reasons, which years of therapy have not remotely approached addressing, I have always had it in my mind that I could not draw, paint, or do anything remotely "artistic". It's got something to do with my mother being an artist, and worrying too much about what other people would think about my artistic efforts. And yes, Dr. Freud, I know I married an artist, just to keep you amused.

However......once, in preparation for giving a talk on "Building a Law Practice", in an effort to focus on the basics of business, I made a little illustration. This is the only known work of its kind, created by my very hand.....
If I do not explain the meaning of this relic, I fear it may be later discovered and subject to mis-interpretation. The drawing is called "Law Practice Fundamentals". A law practice, or ANY business, is based on THREE basic things:

1. Getting the business.

2. Doing the work.

3. Managing the finances.

If a law practice (or ANY business) is having "problems", the source is often one (sometimes more than one) of these issues.  Most new law practices are initially challenged with Item #1.  I maintain this is easily overcome, though I have known lawyers starting out who claim to have great law skills, great work habits, and know how to handle their finances.  Yet they seem to have no time for marketing, and don't know whether and how to spend money on marketing.  Other lawyers know how to generate business, but they soon drown in it because they don't know how to manage time and/or they have too many cases (or cases they don't really know how to do)

To all these problem areas, or things that we don't know how to deal with, I would add that most empowering three letter word......Y E T.

Maybe this approach is overly simplistic, but breaking it down to these basics gives you a place to start. It also takes what can appear to be a broad question (How do I start or improve a law practice?), and targets areas for further concentration.

Maybe you don't know how to bring in business.....yet.

Maybe you don't have a field of law you you can be the "go to" person.....yet

Maybe you aren't great at billing and collecting and allocating resources.....yet.

Simple questions, with a simple (and hopefully) empowering answer.....YOU'LL LEARN (that's a fact)

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