Authored By: Iris Garrett
We here at Advocate Capital, Inc. know about some of the difficulties our clients face when managing their law firms. We also know that for a solo practice, things can be even more challenging, especially if you have just ventured out on your own.
Randall Ryder of Lawyerist.com offers several tips for attorneys trying to figure out how to balance their books, keep their overhead costs low, and make a profit. We’ve listed some of the tips below.
Be a Minimalist
Ryder says the biggest mistake solo attorneys can make is adding overhead they don’t need, like choosing an expensive office in a prime location or hiring an assistant before they can afford one. He says when you start your practice, you should instead focus on three things: taking care of your clients, keeping the lights on and paying yourself. Also, by tackling your own administrative duties, you know exactly how your finances are doing and can adjust your overhead and workflow as needed.
Ryder says by choosing to run a paperless firm, you will not only save money on paper and postage, but you can rent a smaller office because you won’t need as much storage space for your files. He says paperless firms also allow you the freedom of working remotely. You don’t have to go into the office to pick up a file or print something, everything is stored on your hard drive.
Create Your Own Website Content
Ryder says writing the copy for your website is an excellent way to showcase your services before clients even walk through the door. He says outsourced material will cost you money and will probably read like a sales pitch. But by creating your own website content, your message will come across better to potential clients.
Like Ryder, our team at Advocate Capital, Inc. knows that running a solo practice can add a lot of responsibilities and challenges. Check out his full list of tips here to help you reduce costs and visit www.AdvocateCapital.com to learn about how we can help you and your law firm become even more successful.
Photo Credit: Dejan Bozic