I am the owner of an eight attorney estate planning firm in Jacksonville, Florida. Our firm handles estate planning and estate administration. For this entire year our financial numbers are way down and I am getting concerned. For example, compared to last year:
- Our revenues are down by 30%
- Our expenses are lower.
- Net income is down by 30%
- Take a look an your new matter intakes for the year - month by month.
- Examine the referral and marketing sources as to where this business is coming from.
- Prepare a open matter inventory report by attorney and matter type to get a count of the number of matters each attorney is handling
- Examine billable hours, non-billable hours, collected working attorney fees and realization rates for each attorney.
- Attorneys simply not putting in the hours
- Attorneys have time management and timekeeping problems and need to improve these skills
- Attorneys do not have enough work.
John W. Olmstead, MBA, Ph.D, CMC