The following post is an excerpt from our free e-book, Ridiculously Remarkable Legal Billing. When you don’t get your bills out in a timely fashion, you inadvertently cause yourself several problems. Here’s the first one from the book we identify. The longer you wait to send out the bill, the more likely you’re in for […]
In Part Two of our new book, we’re excited to present some specific billing and business practices you can put into effect today to improve your firm’s profitability. You’ll learn:
Recently, TED posted a fun lecture by Google engineer Matt Cutts called “Try Something New For 30 Days“. The gist of the talk is: what are you waiting for? There are so many things you want to try, why not conjure up a little Morgan Spurlock-ness and sign up for your own 30-day experiment? It’s […]
…There is a huge and very specific pocket of inefficiency that currently exists in the market for legal services.
While lawyers (particularly business lawyers) are trying harder than ever to generate and keep clients, there exists a ton of aggressive, smart entrepreneurs who need good legal services – and are willing to pay for them – but don’t seek them out for fear of irregular and/or unbounded bills.
While both clients and lawyers continue to lament the limitations and drawbacks of the traditional “billable hour” method of charging for legal services, a few new methods are rapidly gaining popularity. There’s just no question that we’ll see these intriguing techniques continue to enjoy increased adoption during 2011 and beyond. 1. Bill By The Pound. […]
Bad billing habits are ultimately one of the key causes of lawyer job dissatisfaction. Failing to send out timely bills (often caused by timesheet procrastination) directly results in higher receivables. Higher receivables lead to higher write-offs. Higher write-offs lead to less revenue. Less revenue leads to all sorts of financial stress – and extra stress […]
Part 2 of 2 in our leaked** letter detailing the worst billing practices in law firm history, from attorney Major Bill Fail. Installment 1 is found here… (**And entirely fake) LETTER CONTINUES…. 2. EVERYONE LOVES A GOOD ONE-LINER. Listing a single “Amount Due” on a bill (e.g. “Pay This Amount”) with no accompanying explanation or […]
Premised on the bedrock principle that the less revenue we bring in the less tax we pay, we surface the corollary: The more time we write off, the more bills we write down, the more tax we avoid. It’s that simple.
From the client’s perspective, getting a big legal bill long after the service was performed has the effect of feeling like a big nasty surprise. That can lead to uncomfortable discussions and, worse yet, often results in haircuts on your bill. The bigger and “lumpier” the bill (that is, the more things thrown in together), the further it is away from the time you provided the service, the more likely a discount negotiation is forthcoming.
Failing to send out bills on time can be one of the most costly aspects of a law practice. It can contribute to all kinds of practical problems, from firm-related operational issues to client communication troubles.