I think I will write an update to my book. I already have several ideas, like how to set and collect fees, virtual presence and marketing. The next edition will be offered on my website www.lawyersyoucantalkto.com as an e-book. But let us talk collections.
Value and efficiency are the ‘buzz’ words; clients like to know what they are being charged and why. ‘Transparency’ is key. Costs should be transparent to the client. The bill should be detailed and show each step and procedure performed, dates, time and who performed the service. This applies to any service business, especially those governed by ethical rules. It is a very basic idea. Reduce costs to increase profits. I periodically evaluate my marketing plan and advertising costs. Ditched the yellow pages last week over strenuous objections from the sales representative. No doubt I affected his bottom line, but his bottom is my saving. All I ever got from the hard yellow pages was price shoppers. After 7 years, I nixed the ads and saved myself a bundle. Build it and they will come has gone out the window. Time to beef up your online presence!
See you in my next post.
Nalini S Mahadevan, JD, MBA
Attorney at Law
Copyright 2010. All rights reserved.
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