Do you want to increase your realization rate? In other words, do you want to collect more of what you bill?
My clients usually do just that when they follow my advice to make a budget part of their engagement agreement. Not just any budget, but a budget that is collaboratively created between you, the law firm or lawyer, and the client. When clients become part of the process ... and accept the risks of the assumptions set forth in the budget ... they are far less likely to be critical, irrespective of the outcome. And when not critical, they know the lawyer provided the value bargained for ... and they pay the billing.
In this session, we will discuss the following issues, among others:
Why lawyers should budget
Budgeting as the foundation of the engagement
Budget parameters
The budget and the bill
Recommended Resources:
The Attorney & Law Firm Guide to The Business of Law, 2nd ed. (ABA 2003)
Law Firm Fees & Compensation: Value & Growth Dynamics (LawBiz® 2008)
Litigation Process and Case Management Manual (Lexis-Nexis 2003)
About Ed Poll:
The future is now! If you want your future law practice to be both profitable and satisfying, be sure you know those skills that law school failed to teach ... The Business of Law®. Our presenter is well known for enabling lawyers to dramatically increase their revenues and profits through his coaching programs!
Ed has walked in your shoes, practicing law for 25 years as a sole practitioner, partner in a small law firm and chief operating officer of a mid-sized law firm before teaching thousands of lawyers how to increase their profits. Edward Poll, J.D., M.B.A., CMC, is a certified management consultant, author and speaker on law practice management topics. He is Board Approved as Coach to the Legal Profession by the Society for the Advancement of Consulting, a Fellow of the College of Law Practice Management, and a member of the Million Dollar Consultant Hall of Fame. Eds latest works include Law Firm Fees & Compensation: Value & Growth Dynamics, A LawBiz Special Report (LawBiz 2008), Disaster Preparedness & Recovery Planning for Law Firms: A LawBiz® Special Report (LawBiz 2007), More Secrets of the Business of Law (LawBiz 2006). He can be reached at (800) 837-5880 or edpoll@lawbiz.com. See more at www.lawbiz.com and www.lawbizblog.com.
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