Posted by Chuck Newton: "I read an article on HuffPo Business recently in which they reviewed all of the most recently literature on the web and came up with the most expensive mistakes that a business could make starting out. That stated by HuffPo is ture, in my estimation, even if a little bit generic. As for lawyers starting out the advice applies as well and they represent many of the same mistakes. Avoid the mistakes, and new lawyers and new practices can improve their chance of financial success.
What do I mean financial success?
We all know any number of lawyers that are successful in hustling up clients and cases, and who have established a cash flow, but that does not mean that the attorney is a financial success. This is because money out plays as big a role as money in. Especially with solo attorneys starting out, all of the attention is concentrated on obtain clients and cases and caution is thrown to the wind as to overhead. The result is a practice that limps along, always trying to catch up, but that rarely allows the lawyer to bring home that much money. As a result of these early decisions, the lawyer is always feeding others instead of himself or herself.
Lack of planning...
Borrowing and spending too much...
Insufficient capital...
Inadequate pricing...
Not seeking advice...
Keep these things in mind when starting out."
Full text and active link are available at the source site listed below.
Source: Chuck Newton Rides the Third Wave, 12 November 2009
