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.
- 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:
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/
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Get in touch with Neil:
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Show notes by Podcastologist Chelsea Taylor-Sturkie
Audio production by Turnkey Podcast Productions. You’re the expert. Your podcast will prove it.