Today, we welcome back Mark Rockwell to The Law Entrepreneur. What Mark does is help solo and small, firm practitioners. Now he's an attorney by trade, but most of his adult life in business and I think that gives him a little different insight into challenges faced by solo and small firms. Because of that, he brings a different approach to coaching those law practitioners. We have a great conversation today about time tracking, charging what you’re worth, and creating an open and honest environment with both your clients and those working in your law firm. Listen in for some great takeaways to help you run a more successful firm today.
In this episode, Neil and Mark discuss:
- Challenges solo and small firm law firms face.
- Setting out expectations and scope of work with your client.
- Keeping on top of your accounts receivable and your time.
- Tracking time, managing distractions, and avoiding incorrect time reporting.
Key Takeaways:
- Nobody wants to gouge their clients, but if the client understands the value that is created and the work that is involved, they will be more willing to pay you for what you are worth.
- If you let your AR go too far, you will go from a big, well-paying client to a pro bono client very quickly.
- Interruptions are destructive to billable time and will be fatal financially.
- If you do not bill the number of hours in a day that you expected and planned for, you need to understand where that time is going and what activities are pulling you away from that time. Without knowing what those habits and problems are, there will be no change.
"At the end of the day, when lawyers aren’t billing enough, it’s a lack of confidence. I believe that in billing and capturing all your time, you have to be confident that you are creating value, the total number of hours that you're going to have billed against this project is going to be met with the acceptance of the client, and they're going to be willing to pay the bill. That is why it goes back to that upfront conversation of managing expectations and understanding the value that is being created." — Mark Rockwell
Get in touch with Mark Rockwell:
Website: https://coachrockwell.com/
Email: Mark@coachrockwell.com
LinkedIn: https://www.linkedin.com/in/coachrockwell
Listen to Episode 277 with Mark Rockwell here: https://thelawentrepreneur.com/episodes/277-law-is-not-just-a-profession-its-a-business-with-mark-rockwell/
Thank you to our sponsors!
- Ruby Receptionist - Virtual receptionist & live call services that will help you grow your office (and save money), one call at a time - to learn more, go to https://get.ruby.com/TLE or call 844.311.7829
- The Net Profit CFO - Ryan Kimler works with attorneys who want to enjoy higher net profits without working longer or harder. With just 9 Simple Numbers, Ryan will help you drive more profit to your bottom line-and he won't confuse you with all the details! Connect with Ryan at www.netprofitcfo.com.
Get in touch with Neil:
Website: https://thelawentrepreneur.com/
Twitter: https://twitter.com/lawentrepreneur
Facebook: https://www.facebook.com/thelawentrepreneur/?ref=hl
LinkedIn: https://www.linkedin.com/in/tyralawfirm/
Join Lawyer Club FREE, where lawyers and law firm owners come to reclaim control of their firms and their lives! Plus, get the full list of Best AI Tools For Lawyers inside!
Get in touch with Sam:
If you’ve enjoyed the podcast, please head to Apple Podcasts and leave a rating & review for the show! It only takes a moment, and really helps me to reach new listeners. You can also head to the website at TheLawEntrepreneur.com for more information on the podcast and my legal services.
Show notes by Podcastologist Chelsea Taylor-Sturkie
Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.
