Any law firm that is planning to be successful must have a positive cash flow.  Your goal is to make your law firm profitable and then invest a percentage of that profit into additional marketing and resources to improve your client experience.

Your law firm marketing plan should be designed to generate positive cash flow in a consistent manner.  Consistent, positive cash flow take a great deal of pressure off of the owners and allows the remaining legal marketing strategies to ripen and begin to bear fruit.

Here are some tips from Richard Strauch, the COO here at The Rainmaker Institute on how you can systematically improve your cash flow system and cash flow situation.

  • Analyze your current financial situation, cash flow, and Profit and Loss statements.  Get a realistic picture of your financial situation right from the start.
  • Meticulously review all of your expenses and look for ways to reduce your overhead costs.
    • Develop a systems for reporting in all major financial areas with reports that the Partner(s) can easily run.  Do not be totally dependent on your staff for reporting.
  • Evaluate your billing policies and work with the Partner(s) and staff to improve collections.
    • Analyze all of your accounts receivable and create a system for tracking and reducing your accounts receivable.
  • Identify areas where your financials can be improved and train your staff to use your newly improved systems.

Focusing on your cash flow will make your office flow more smoothly and allow your partner(s) to know the financial situation of the firm. It also allows you to base your marketing plan on the real-world numbers that your law firm is generating.  You can then tailor your legal marketing strategies to the most effective revenue-generating techniques.
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Some of the information and strategies you will learn include:
• The 5 Immutable Secrets to Building a 7 Figure Law Practice
• Secrets of Building a Referral-based Law Practice for Busy Practitioners
• The Top 6 Most Powerful Online Marketing Strategies for Attorneys
• Action, Accountability and Next Steps
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