LawBiz® Legal Pad: The Warning Signs of Financial Weakness Options

[Editor]

Click here for Ed's detailed tips in this video

In this informative Legal Pad video Ed talks about the warning signs of facing financial challenge and discusses solutions that will make you able to thrive in today's economic conditions.

Signs of Difficulty

1. Any one client more than 10% of your total revenue.
2. Your A/R is progressively aging.
3. Your A/P is progressively aging.
4. You look to your bank to increase your borrowing.

Dealing with these Issues

1. Think of your practices as a business.
2. Think of your business as an investment.
3. Invest in technology.
4. Invest in your people.

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Ed's Latest Book, Published by WEST ®

Growing Your Law Practice in Tough Times
By Edward Poll

Following the worst economic crisis since the Great Depression, and facing a sea change in clients' demands and expectations, law firms must respond and adapt quickly and effectively. Law firms must choose the kind of law practice they will be; the marketing and business development tactics they will use; the overhead that is critical to their functioning; how to price, bill and collect for services; and how to manage the cash flow cycle. Success lies in identifying and capturing the right kinds of clients, providing the services those clients need in ways that add value, and ensuring prompt payment and the ability to grow profits. This book, based on the experiences of the author and his clients over 20 years of coaching and consulting, provides the keys to successfully thriving in the new era.

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