Jim is an attorney with a solo practice in downtown Brooklyn. After working for several years at a large firm, he started an independent practice on the premise that it made solid business sense to keep his overhead low.
When he called me early last year, he knew things weren’t working quite right, but didn’t know exactly what needed to be changed or how to do it.
Although Jim was billing a fairly decent hourly fee, he wasn’t making enough money.
He was stressed because he didn’t have enough time to complete client work, but still not getting home early enough to have dinner with his wife and kids.
And, he felt as if he never had time to manage his business.
After we spoke, it became apparent that there was one underlying problem that could resolve most of his issues – he had to learn to let go, hire an administrative assistant and effectively delegate work. Here’s why:
1. Jim billed $275 / hr.
2. 45% of Jim’s time was spent dealing with tasks that could be accomplished more easily and more effectively by someone who makes less than 10% of his hourly fee. These tasks included: answering the phone, bookkeeping, copying, scheduling and rescheduling client appointments, keep track of his court calendar, filing, running to the bank, ordering supplies, etc.
3. The frustration that Jim went through each time he engaged in a task that he was not qualified or interested in doing, took energy and focus away from the legal work he loved doing.
The results were amazing: By hiring just one person he was able to increase his revenues by 12% (even after paying the additional salary and benefits), go home an hour earlier each night, and still have time to manage his business and cultivate new clients.
Susan Martin, Law Firm Management
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