Maine Law Practice Management

Law firms lack structure, generally; and, that’s also true of how they compensate their lawyers, beyond their salaries .  And, that’s maybe the most dangerous game to be playing in the current hiring environment – because, if you can’t keep your current staff happy, they’re more likely to be able to find an alternate position, easier and faster than they ever have before.   Most law firm s rely on ad hoc bonuses for their employees; but, that’s a bad idea .  One reason that’s the case is because those sorts of bonuses come at random times for random reasons .  That creates an expectation that they’ll come along again, but without grounding for how or when .  And then, since there’s nothing tied to those bonuses aside from the whims of a managing attorney, it will inevitably lead to bad feelings for the attorneys who don’t get bonused, because there is no quantifiable reason for why or when the bonus was paid.     Now, contrast that to an environment in which bonuses and

A lot of law firms have been sitting on hourly rates for a long, long time.     But, trends are emerging that are causing attorneys to reconsider that hard stance, among them the fact that legal consumers are seeking flat fees -- they want to know the total cost of the representation .  Couple that with the fact that law firm rates barely keep up with inflation, and the massive changes that the rise of the convenience economy has wrought, and there’s probably no better time to reconsider your rates than right now.     If you do decide to shift off of your standard billing practices, there are a number of options, including:     -Raising your hourly rates, even incrementally, on a schedule, can deliver significant revenue gains over time.     - Launching flat fees on a rolling basis works as starting point .  It’s not like you need to decide tomorrow whether you are going to move to flat fees, or not .  Try them out, for certain new cases , and see if you can find the righ

I’m fond of telling lawyers that if they’re not making enough money out of their practices to generate a viable living, th en they have a hobby, not a business.     But, I don’t mean to denigrate hobbies .  Hobbies are great .  And, many lawyers are far too focused on be ing lawyers to develop one – but, they should !  Lawyers are people, too, and need an outlet.     Sure, it’s good to be a well-rounded person; but, having a hobby can also help you to drive business .     Look, everybody’s got specific things they’re interested in – and, some of them are weird, frankly .  But, the crazy thing about it is that there is a community out there for everyone .  Like basketball ?  You can find other s who do .  Maybe scrimshaw’s your thing ?  Somebody else likes it, too .  Collect state spoons ?  Somebody’s grandma does, and you two can hang.     The point is that attorneys can lean into their hobbies, to meet like-minded individuals .  And, those like-minded individuals c