Last week, we gave you 4 reasons to rethink hourly billing in your law practice. Today I want to talk about the flat-fee pricing model, as many lawyers think that’s the answer to making law practice work, but in some cases, providing flat-fee legal services can be even worse than hourly billing.
Chances are you already know this. You struggle to capture all of your time. You spend the end of the day going through your time records to ensure that you’ve billed your clients for every minute you can. And, like every other attorney, you probably hate doing it. Yet, what other option is there?
A friend of mine posted on Facebook about a grinch lawyer who ruined her Christmas by dropping work on her desk Christmas Eve morning that had to be completed by the end of the day. It reminded me of a story about a client of mine who was shocked to discover he had turned into …
What Type of Lawyer Should I Be?
– A Christmas Story Read More »
Many people don’t believe it. Even lawyers are known to scoff at it. But many of you know the truth — you go to law school, spend a small fortune and come out to find the pickings are lean. Looking deeper than 6 figure school loans and the trend of fewer Big Law positions available …
We all know that legal services are being commoditized more and more. We see the new online Wills and Trusts and “Netflix of Law for Businesses” services popping up every day.
Given these times of turmoil and uncertainty, if you are anything like me, you may be wondering if you are doing all you can to help. You may be wondering if you are using your law degree to fulfill your purpose as a helper, a healer, a counselor, and a guide.
One of the lawyers in our New Law Business Model coaching program recently asked us to help her decide between 4 different potential business models for her law practice. She wanted to know how much money she could make if she were working five days a week under the following scenarios:
You’ve heard me say it here repeatedly, the traditional law practice model is broken. And, if you do not make a change in the way you practice law and serve clients, you are going to get caught behind the 8-ball, and keep struggling and maybe even give up the practice of law altogether.
The silver tsunami is coming. Between now and 2061, an estimated $59 trillion will be transferred from 93.6 million American estates to the future generations. That’s a whole lot of clients who need you.
This really is the elephant in the room, isn’t it? If my law practice was so successful and I was making more than a million dollars a year in revenue, and only working a few days a week… Why in the world did I file bankruptcy?
