Posts

Treasure Hunt: Uncovering Potential Existing Revenue Is Even Better Than New Revenue

Image
Business owners, including law firm owners, are always on the hunt for new revenue .   It’s like the everlasting gobstopper of planning for the next year or the next quarter.     Oftentimes, the search for new revenue from new sources becomes sort of like stepping over a quarter, to pick up a dime .   New revenue can be more expensive to get, than simply uncovering additional revenue from the work you’ve already put in .     Let me tell you w hat I mean, by outlining some examples:     -Can you raise your rates ?   If so, even an incremental increase can generate lots more money, when you consider that you bill a not insignificant number of hours every year & that yo u theoretically would not have to put in any extra work to generate more cash.     -Are you charging for everything you could be ?   If you r clients call & email you all the time, track every minute, and charge for it all ....
Post a Comment
Read more

Flat(tery) Will Get You Everywhere: How to Construct Law Firm Flat Fees

Image
Especially with the persistent and continuing use of artificial intelligence by lawyers, attorneys utilizing traditional, hourly billing models have sweatier palms tha n usual .   The elephant in the room posits the following question: If attorneys are getting more efficient using AI, doesn’t that mean that there are fewer hours for lawyers to bill?     Yes, that’s correct, Jumbo .     So, what now ?   Well, one option is to keep doing what you’re doing, and pray .   ( Perhaps , not valid.)  Th en , th ere’s the alternative to generate more work, such that the same amount of hours can be billed, only with more clients .   But, that’s also a function of how efficient you become .   If the use of AI makes you 10 times faster (not unreasonable) , are you going to increase your client load by 10x – that seems almost unfathomable, in consideration of how much time, effort and money it would then take, t...
Post a Comment
Read more