Maine Law Practice Management

Most solo and small firm attorneys think of their law firms as a salary replacement for a full-time law firm job, with some upside: both on income, and freedom .  But, that’s it .  Lots of lawyers are looking to run out the clock on their practice, and then ride off into the sunset – or , work until they die .  I know I’d prefer the former ; and, if you do, too – why not ride off into the sunset with some loot, like the hero (or villain), in a Western movie?   Now, for sure, your law firm is a valuable asset to you throughout your career .  But, a law firm can be a valuable asset for sale, as well – even if many attorneys never consider that option.  A whole host of attorneys are out there optimizing their law practices for current revenue – but, far fewer of those lawyers are looking to create a saleable asset.   Yet, that can b ecome a significant chunk of revenue, for when you retire, or if you decide to move on + try something new, one day...

Most lawyers treat referral sources as a set-it-and-forget it sort of thing.  They’ll work really hard to build up that referral arrangement; and, once the referrals start coming in – things get set to auto pilot.   And, the referrals may continue coming in; but, the question is whether those referrals remain consistently good .  Because, as it turns out, referral quality can degrade over time; and, there’s a specific culprit.   Having an elevator pitch is one thing; but, your client work is more nuanced than that .  There are a number of different factors related to the types of client work you want .  So, when you talk to your referral sources, you’ll need to keep reminding them of the type of work you want, and whether and how that ask changes over time.     Referral maintenance is a real thing; and, if you don’t do it, it’s like skipping the barber shop or the salon: things can get hairy .  And, you’ll end up turning away...