Most attorneys do not think of themselves entrepreneurs.
However, a law practice is a business and accordingly, you should be looking
for ways to generate profit wherever you can. Cutting costs is one way to
create more profits for you. Here are at least 3 painless ways that you can cut
costs.
The cost of paperwork You know this well - creating draft
after draft of documents, along with mailing, faxing and copying them all. More
and more offices now rely on recycling in-office paperwork. Have staff use blue
markers to "red-line" through the used sides of paper that can be
reused for faxing, copying etc. If an important document needs its own page
copy it. Another paperwork reducer is using e-faxes. (A personal favorite of
mine.) And always consider whether documents can be faxed or emailed, rather
than wasting paper. Draft documents should only be printed on recycled paper.
Another tip - attorneys often print out multiple copies of things, utilizing
expensive printer cartridges, when it would be much cheaper to simply make a
photocopy
Duplication of legal resources If your Lexis or Westlaw
services allow you to access certain periodicals or other publications online,
you will not then need to also obtain the print version. Often, it is less
expensive to invest in the additional database than to keep on purchasing the
updates to the hardbound books. It may feel comfortable to hang onto the older,
more comfortable way of doing things, but I find that attorneys usually
underestimate how intelligent and resourceful that they can be. You may want to
also look into your local law school or court law library. For infrequently
used resources, it will be less expensive to make a trip to such facilities.
You should also look into bar association resources, as well as discounts that
may be offered through them. Finally, for small firms or sole practitioners, it
is often beneficial to pair up with other practitioners and pool your
resources.
Bill Your Clients Lastly, it is important to keep track of
and recognize what can and should be billed to the client when it comes to
"administrative/office expenses". Copying charges, phone calls,
postage, research costs and other expenses may be billed back to the client. It
is now becoming a common enough practice that your client will likely not think
twice about absorbing these costs once you explain that such expenses will be
passed along to them when they retain you. Such cost shifting may be a bit more
administrative work, but it will allow you to pass on a substantial portion of
your costs - and ultimately generate a higher profit margin for you in your
practice.
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