Economy got you down? When the economy takes a turn for the worse is the perfect time for you to think about doing things differently.
Those “sacred cows” – the way you have always done things – may need to be sacrificed in order for your practice to thrive. Now is the time to challenge the traditional ways of doing business and think creatively about your practice model. The way you conducted business in the past may no longer work for you now.
Tough economic times often bear witness to a number of paradigm shifts -- breaking out of a familiar pattern in order to create a new one. Too often, we get caught up in doing what is comfortable and what has worked in the past.
We do things based on rules that make sense at the time. Then, with the passage of time, things change. The primary reasons for the rules may no longer exist, but we continue to follow them because the rules are already in place.
Ask yourself these thought-provoking questions:
- Can you provide your services at a lower cost without sacrificing quality?
- How price-sensitive are your customers?
- If you were starting your practice today, how would you structure it to fit with current economic realities?
- What areas of your practice are the most profitable?
- Are there any opportunities to expand upon a profitable service, or eliminate those that are a drain on profits?
- Does your current client base provide opportunities for growth?
To reinvigorate your practice in today’s economic environment, consider making one change in your practice that makes sense today. You should also consider taking in our August 16 webinar that features my interview with top divorce attorney Lee Rosen on How to Make Flat Fee Billing Work for Your Law Firm; the details are below.
August 16 Webinar: How to Make Flat Fee Billing Work for Your Law Firm
Lee Rosen is one of America’s top divorce attorneys and practice management specialists who transformed his practice from relying on hourly billing to charging flat fee prices.
On Thursday, August 16, at 2 p.m. ET, tune in for my one-hour interview with Lee as he explains in detail how he set out to fix his cash flow several years ago and in doing so he fundamentally changed his practice – for the better!
As a direct result of his “radical” decision to switch to flat fee billing (which many of his colleagues told him couldn’t be done), his revenues have never been higher, his profit margins are larger, and he’s building a lifestyle law firm!
Listen in as we focus on hot topics like:
- Why your clients will love flat fee billing
- How to use flat fee pricing as a major differentiating factor
- The inherent conflict of charging by the hour
- Specific steps on how to position it with clients
- Which practice areas can benefit from flat fee billing
- Real world case study for consumer law attorneys
- Practical considerations for litigation-based practices
- How to improve your cash flow using flat fees
- Best practices when implementing flat fee billing
- 3 quick and easy ways to get started
- Potential pitfalls to avoid when setting up your system
Register now for this exciting one-hour interview with Lee Rosen on How to Make Flat Fee Billing Work for Your Law Firm.
If the time of this webinar doesn’t work for you, you can receive a recording of it to watch at your convenience; all you need to do is register now.