In creating and managing a law firm’s money pot, consider the following: What mix of ingredients will help the firm’s lawyers successfully bill and collect? How about money as a factor? This ingredient is an important part of the mixture. Also, you must throw in peer recognition and evaluation. Most lawyers want the added spice that comes from working in a firm that knows its priorities and values. Add these ingredients in the right proportions and your billings and collections will flourish.
Motivation Essential
Lawyers will flourish because they want to succeed, but your firm’s culture must stimulate their motivation to succeed. Take away motivation and your billings and collections will suffer. The key is self-motivation, which is the fuel that drives most lawyers to succeed. Firm management should function primarily to protect and encourage each lawyer’s self-direction. Managers should interfere only in exceptional circumstances.
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