In this episode, Alay discusses: 

  • Growing your firm while still living your life and taking time off. 
  • Collecting fees that you’re owed.
  • Why this is the best time in years to raise your rates.
  • Push through mental resistance to bill more hours.
  • Various options for adding a team member to your firm.

 

Key Takeaways: 

  • Small incremental improvements in a few areas are easier and can have a powerful impact on growth. 
  • Collect your accounts receivable – it is money that is owed to you and can help grow your firm. 
  • If you’re light on hours, focus on billing just one more hour per week. You’ll find that you are able to bill more than you think and it will add up. 
  • This is the best time in years to raise your rates. Raising your rates allows you to earn more while working the same hours.
  • Consider bringing on at least one new person this year whose hours can be billed to the client. This will increase the capacity of your firm to generate revenue.

 

Tweetable Moments:

  • “You can make small incremental improvements in each of those areas, and the combined impact of all of those improvements builds upon themselves to create an exponential growth in your law firm.” —  Alay Yajnik
  • “The last thing your client wants is to owe their lawyer money.” —  Alay Yajnik
  • “If you’re an attorney practicing law, you should be able to increase your fees by 10% right now and people should not be batting an eye.” —  Alay Yajnik
  • “Make a few calls to bring in some overdue bills, send out rate increases, hire one person for your firm, and then bill a few more hours. Do that and you should be able to grow your firm’s revenue significantly.” —  Alay Yajnik

 

 

Connect with Alay Yajnik: 

Website: http://lawyerbusinessadvantage.com/ 

One Page Strategic Plan: LawFirmSuccessGroup.com

Email: Alay@YajnikGroup.com

LinkedIn: linkedin.com/in/alayyajnik

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