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Added for You - A Mind-Blowing Secret About Law Firm Cash Management
1) Firm HandshakeAt the very beginning, whenever you meet your interviewer, you need to make sure that you greet them effectively. You’ve heard that first impressions count. Well, the handshake is an integral part of first impressions. The key is to be firm without being forceful. However, be particularly careful when your interviewer has a particularly weak handshake. You should also be able to adapt and ‘mirror’ alternative handshake styles. If you’re particularly nervous about the interview then it’s worthwhile rehearsing your handshake with a friend beforehand.2) Good Eye ContactOne of the most common reasons for the interviewer leaving the interview with a negative candidate impression is lack of eye contact during the interview from the candidate.
Concentrating on a law practice is an ongoing endeavor; but the
Most MBA classes concentrate on change management at the Corporate Board Room and CEO levels and yet for every corporate board of directors there might be hundreds or even thousands of outlets and subdivisions. Change Management cycles are equally as important to same store sales, company profits and efficiencies at the unit level.If the team members and management at the store outlet level do not work together then the store is not efficient, sales slack and the system crumbles. If on the other hand at the store level everything is running smoothly at all stores then the Corporate Board Members look like geniuses, take all the credit, retire on the Golf Course and write a management book.Indeed the corporate level folks are partly to thank or to blame for the
Clients must be billed, payments tracked and accounts kept up to date, and receiving payments in a variety of formats is time consuming. Sometimes, law firm cash management can be anything but profitable.
It stands to reason that if all of one's time is consumed by business administration issues like collecting on unpaid accounts, banking and so on - this "multi-tasking" will not only waste time, but also cause the firm to actually lose profits for the following reasons:
1. Less time will be spent billing hours and making money
2. Money will be lost on accounts owing, and time will be lost pursuing them
So what's the solution - getting paid up-front, or perhaps using a trust account?
Both of those may be options, but the most adaptable and sensible option is to accept credit cards from your clients. This opens your doors to more clients - as it makes it easier for "cash-strapped" clients to pay legal fees. It also makes it easier to collect on A/R, because you can simply process the payment in a matter of seconds and the issue will be dealt with - instead of waiting for checks, or running all over town to collect them.
However, today's credit card mentality has created a dilemma, particularly for professionals working independently or with small firms and businesses. Typically, the procedure for accepting credit card payments has been fraught with rules, regulations and a lot of stress. And when time is short anyway, the process involved in setting up such a system can seem endless. The costs to set up a "merchant account" can seem intimidating.
Concentrating on a law practice is an ongoing endeavor; but the
“It’s not what you know, it’s who you know.”This old saying rings true in everything we do, especially in business. Finding contacts is key to the success of your business, and a great place to meet these contacts is at networking meetings or events. It is not enough just to attend networking gatherings, you need to know how to network. There are many sources of networking tips and information, but the following are ten tips that I find most useful.1. Set a goal prior to the eventFigure out who will be in attendance. Decide who you would like to target and what you would like to take away from the event. Having a specific goal will ensure that you remain focused and will have success.2. Pre-plan personal greetingYou nee
It stands to reason that if all of one's time is consumed by business administration issues like collecting on unpaid accounts, banking and so on - this "multi-tasking" will not only waste time, but also cause the firm to actually lose profits for the following reasons:
1. Less time will be spent billing hours and making money
2. Money will be lost on accounts owing, and time will be lost pursuing them
So what's the solution - getting paid up-front, or perhaps using a trust account?
Both of those may be options, but the most adaptable and sensible option is to accept credit cards from your clients. This opens your doors to more clients - as it makes it easier for "cash-strapped" clients to pay legal fees. It also makes it easier to collect on A/R, because you can simply process the payment in a matter of seconds and the issue will be dealt with - instead of waiting for checks, or running all over town to collect them.
However, today's credit card mentality has created a dilemma, particularly for professionals working independently or with small firms and businesses. Typically, the procedure for accepting credit card payments has been fraught with rules, regulations and a lot of stress. And when time is short anyway, the process involved in setting up such a system can seem endless. The costs to set up a "merchant account" can seem intimidating.
Concentrating on a law practice is an ongoing endeavor; but the
Follow their methods to create your own fortune.What a privilege. Over the last weekend I attended an action packed Entrepreneurs Bootcamp on Internet and Direct Response Marketing.Do the names of these famous entrepreneurs mean anything to you?Ted Nicholas - Master author and copywriter, millionaire by age 25, multi millionaireYanik Silver - Brilliant Internet Marketer, multi millioniareArmand Morin - Search on Goolge and you will find his name on 744,000 pages! Multi millioniareDerek Gehl - Partner of the late Cory Rudl of Internet Marketing Centre fame, multi millioniarePlus other famous entrepreneurs, too many to mention.The event was in aid of a children's charity and raised in excess of ?400,000. It was created
1. Less time will be spent billing hours and making money
2. Money will be lost on accounts owing, and time will be lost pursuing them
So what's the solution - getting paid up-front, or perhaps using a trust account?
Both of those may be options, but the most adaptable and sensible option is to accept credit cards from your clients. This opens your doors to more clients - as it makes it easier for "cash-strapped" clients to pay legal fees. It also makes it easier to collect on A/R, because you can simply process the payment in a matter of seconds and the issue will be dealt with - instead of waiting for checks, or running all over town to collect them.
However, today's credit card mentality has created a dilemma, particularly for professionals working independently or with small firms and businesses. Typically, the procedure for accepting credit card payments has been fraught with rules, regulations and a lot of stress. And when time is short anyway, the process involved in setting up such a system can seem endless. The costs to set up a "merchant account" can seem intimidating.
Concentrating on a law practice is an ongoing endeavor; but the
There is a rather famous true story called “Acres of Diamonds”.It is about a successful farmer who risks everything searching the African continent for diamonds. Ultimately he dies sick and penniless, while the new owner of his farm uncovers on his property the largest single diamond ever known to man.Point of fact: After helping hundreds of thousands of entrepreneurs and business owners, I’ll lay odds that story is true for YOU in more ways than you are currently willing to admit to yourself.No matter where you are on the success continuum, your ability to generate tens or hundreds of thousands of dollars in immediate windfall income is well within your reach. I know firsthand, because everyday, I am paid handsomely to do just that by my clients a
However, today's credit card mentality has created a dilemma, particularly for professionals working independently or with small firms and businesses. Typically, the procedure for accepting credit card payments has been fraught with rules, regulations and a lot of stress. And when time is short anyway, the process involved in setting up such a system can seem endless. The costs to set up a "merchant account" can seem intimidating.
Concentrating on a law practice is an ongoing endeavor; but the
No, we don’t mean Bodie and Doyle... now I’m showing my age! So you’ve started your new business and the purse strings are tight (We know, we’ve been there!) So why should you be paying out good money for a logo that you could do yourself?We’ll give you a few things to think about below...1. Are You Memorable?The one thing you want when you start any business are clients/customers! You need them to remember your company name and image in a flooded market, so your logo has to be original, memorable and eye catching all at once.Most companies now have computer software that allows you to create images and text or even use clipart, but using clipart in your logo will limit your appeal, anyone could use the same image in their logo and
Concentrating on a law practice is an ongoing endeavor; but the task of providing credit card acceptance capabilities can be downright overwhelming. The need to know everything there is to know about merchant services has caused thousands of professionals and business hopefuls to throw up their arms in frustration and declare "No credit cards accepted!"
Issues involving statement and transaction fees, in addition to annual fees, programs fees and monthly minimums are enough to annoy anyone, and it doesn't end there. So, in the long run, attorneys lose potential clients desperately in need for attorney services.
Daring souls who brave the murky waves of rules, regulations, waivers and fees to invest in the actual equipment/startup cost needed to perform a credit card transaction still face contracts and agreements for that equipment, and hours of research. Cost for leasing credit card processing tools ranges from $29.00 to $80.00 a month, sometimes more. Lease terms generally run 36-48 months and canceling the lease is often not an option. Once you sign, you're stuck. Leasers must also pay state tax, if applicable, and may also find themselves paying for "Loss or Destruction" of that equipment as well. If you default on your lease, it's your credit report that suffers.
As a result, attorneys often find themselves stuck between a rock and a hard place. And many attorneys, especially those working solo, or even those who belong to small firms, can ill afford to spend hundreds, sometimes thousands of dollars setting up and maintaining a credit card billing system for their business. Yet not doing so can cost them thousands of dollars in earning potential -
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