Can You Be Too Successful at Collecting Fees?

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Achieving Balance in Work

At a recent presentation on our Road to Revenue National Tour, a young lawyer was concerned. She said that she has a new practice and has been successful in keeping her accounts receivable to a minimum. In other words, she has been able to work, bill and get paid quickly, the essential elements of the 3Dimensional Lawyer®. Her concern, though, was that her pipeline for new business seems to be empty. She worried that pursuing prompt payment from clients has an impact on additional work to be lined up for her to do.

Marketing, Production, and Finance

Such a worry is misplaced. For any lawyer, the order of practice priority is to get the work (marketing), do the work (production) and get paid (finance). This lawyer was obviously successful at collections, but she also had to be effective at the first two priorities, marketing and production, or there would have been nothing to collect! Her focus, then, needs to be on balancing the three functions so that her business pipeline remains consistently full.

Please see full article below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Ed Poll, LawBiz | Attorney Advertising

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