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Billing is an essential aspect of running a successful law practice. It is how your law firm gets paid for its work, takes care of overhead bills, pays employees, and how you compensate yourself. If done incorrectly, your billing practices can threaten the very existence of your firm. Tracking and billing time to clients – whether it is hourly, flat fee, value or some hybrid thereof – is an important part of working in a law firm. Even in a contingency case you need to make sure your firm is reimbursed for costs.
Too often over the years, I have heard the excuses from attorneys about why they have not done their billing. Usually, the excuse is “I am too busy – I will get to it when I can.” Bluntly put, that is a poor excuse. If your firm is that busy, outsource your billing. The benefits of outsourcing your billing work and getting paid regularly will far outweigh the cost of outsourcing. My attorney/clients have a less than 5% AR.
Less than 5% AR!!
This book was written to help attorneys understand that billing needs to be a regular part of the process of handling a client’s case. This will result in being timely paid for your work, and as I like to put it, “not get stuck holding the money bag”. The billing guidelines will enable attorneys to bill their clients every 30 days, reconcile their trust accounts on a regular basis and keep the cash flow coming in on a regular basis.
Managing the business of practicing law should be as important to the lawyer as the practice of law itself. It is pivotal to the success or failure of a law practice. The lawyer who considers hanging his own shingle cannot appreciate all of the moving parts involved in managing a profitable law practice until he has actually done it. When you do venture out, on your own or in a partnership with others, you soon realize that there is much more to the business of practicing law than you ever expected. Everything about your law firm affects the most important asset that your law firm owns: the attorney/client relationship. In From Lawyer to Law Firm, we address the commercial aspects of practicing law that are unique to a law firm. During our combined 70+ years in the legal profession, we have both experienced situations which may seem unbelievable. No matter where you are in your legal career, Liz and Joryn offer you guidance and insights based on those experiences that will help to ensure success for both you and your law firm.
(For the discounted for the price of $49)