As lawyers we are in the business of providing professional services to our clients, with variances in hourly and daily rates (daily rates; if a barrister). There are some schools of thought that law is a profession and as a result it may be considered 'tacky' to chase accounts or speak about money with clients (if you are a solicitor this will mean actual clients or if a barrister solicitors as clients)? Others think law is a business and like any other business, lawyers have to be mindful and understand the basics of 'how to run and manage' a business. I would like to know how many employed lawyers, equity partners or owners of law firms, think law is a profession when they don't make monthly/yearly budgets? :-) However, business management doesn't form part of an undergraduate legal degree, which often means lawyers have technical legal knowledge but may not possess the necessary business acumen to manage and run their files, accounts and businesses, to ensure 'bad debt' is … [Read more...]
How To Reduce Solicitors “Pressure Point” – Clients Squeezing You About Costs
We live in a society where people make choices about what they will spend their money on, all day, every day. This includes the amounts they will pay for goods and services and most people will pay, without question, once they have decided! For example, peoples choices include ranges, which may involve a clients level of wealth, but may include such things as what shoes do I "need": Manolo Blanik or Jane Debster? Or what car do I "need": Lamborghini Veneno Roadstar or a Mazda 6? Do I choose to shop at Portmans, DJ's, Myer, Cartier, Gucci, Dior or Amani? Do I bargain with the retailer and ask for a discount when I arrive at the cash register, stating I don't have the funds to pay for the full price of the goods that I "need"? or do I check the prices on the label/showroom prior to purchase and accept those prices as the disclosed cost that the retailer requires to be paid for purchase of the goods? All money choices, hit the hip pocket of consumers to varying degrees, … [Read more...]