You Must Run Your Solo Professional Law Firm

September 2nd, 2020 by admin Leave a reply »

The economic crisis in the United States was quite deep, and the ripple effects hurt the global economy, which contracted an average of 8% throughout the world. Some folks believe that there are recession proof businesses, or even recession resistant businesses. One might assume that lawyers and attorneys would always be busy no matter what because in the economic downturn companies have to sue for breach of contract, or smaller companies are filing for bankruptcy causing even more court paperwork and thus, need to hire an attorney.

However, this is a false assumption as law firms and lawyers are hurt by economic downturns. They do much better during expansion; in a business cycle where there is lots of business being done and everyone has cash flow, and they need to hire attorneys to build their businesses. With more business being done there is also more litigation which occurs.

Now then, in times of economic expansion many law firms are quite busy, and the smaller ones are often running around like chickens with their head cut off. These solo professionals are so busy they are working from six o’clock in the morning till eight o’clock at night, and there is little time to run the business. Even with the business manager partner it’s difficult to market the law firm, and manage it all.

Remember there is a lot to do, there is a lot of bookkeeping, recruiting of new clients, billing customers, handling complaints, dealing with all the paralegals and staffing of the law firm itself. It may look easy, but it’s easier said than done. Still, the rule of thumb here is, and this is something that all attorneys and small law firms should remember; “You Must Run Your Law Firm, Not Let It Run You!” Please consider all this.

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