What draws estate planning attorneys to client care programs? Sometimes, it’s cash flow.
At this point in the fiscal year, you should have a clear picture of how your firm did in 2018.
By the way, don’t be taken in by the level of activity in the office, whether you have a handful of needy clients who consume a lot of staff time for relatively little in the way of billing, or you’re giving away a lot of your time, busy doesn’t always equate to profitability.
One of the biggest concerns of any law firm is having consistent cash flow, not on a weekly or monthly basis, but on an annual basis. The attorney who has a great year will still wake up on January 1 of the next year and start with essentially no revenue, hoping that this year will be as good as the last one.
Recurring revenue can provide predictable and consistent cash flow to not only meet expenses but predict profits that can be used to expand the resources and capabilities of the firm or increase income for the attorney.
As a result, the financial stability and viability of the firm is enhanced, as the firm now has the opportunity to hire additional team members or invest in technology to leverage resources.
A budget becomes more of a spending plan, consistent with the short and long-term goals of the firm. An ongoing client care program that generates recurring revenue is good business, plain and simple.
The recurring revenue not only provides the cash for operations, growth and profit, but enhances the overall appeal of the business to potential buyers. We have had appraisers compare the value of a law firm with a well-established client care program, versus one that did not. The firm with the on-going client care program was valued at two to four times greater than the firm without.
There are TWO workshops taking place this Fall. Within weeks of attending a workshop, you and your team will be putting a client care program into action and 2019 will be a very different year for you and your clients.
Here are the details:
Workshop prices will be going up in 2019, so this fall is your best time to attend!
Not sure? Take a look at my book, How an Ordinary Lawyer Creates and Sustains an Extraordinary Client Care Program.
If you have any questions, please call – we’d love to hear from you. Megan Davitt is our Program Coordinator and she can help with any questions you might have: [email protected], or call 888-341-6222.