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Four Minute Fixation 3: Rule Number 1 - Get Paid First

Posted by David Lorenzo

Get Paid In AdvanceMoney makes your law firm go ‘round.  Without it, you are out of business. The most important conversation you have with your client is the one where you explain how you get paid.

But before we get into the foolish things lawyers do instead of getting money in advance, let me say: I love contingency fees and success fees (where permissible and advantageous).  They align your interests with the interests of your client.  You can make more money by leveraging your expertise, skill and knowledge.  That’s not what this article and video are about.

So contingency lawyers can move on to the next video. There’s nothing for you here.

There is one topic I repeatedly have trouble convincing lawyers to adopt.  That topic:

Get Paid in Advance

Here is the video:

Some lawyers are actually resistant to this pragmatic business strategy.

Can you believe it?

If you twist logic, you can make a case for doing the work and chasing clients down later.  Here are the three most common reasons lawyers give when they say they cannot get paid before rendering legal services:

Getting Paid in Advance is a Competitive Disadvantage

The twisted logic goes like this: Everyone else bills in arrears. I have to do it too or nobody will work with me.

That’s just crazy.

If you provide better value, have a distinct competitive advantage, and offer your clients and prospective clients a better experience, your billing practices are irrelevant. People will follow any reasonable procedures you have in place.

Create a law firm that is better than the rest and do business on your own terms.

I Will Not Know How Much to Bill

If you bill by the hour you set yourself up for this objection.  You are not certain how many hours you will work on any particular matter.  That means you can’t bill in advance, right?

Wrong!

You simply estimate how many hours you will bill (after an initial interview with the client) and multiply that number by your hourly rate.  Then you add 10-20% to that number as a “buffer” and ask the client for a deposit in that amount.

When the matter is concluded, you refund any unused funds to the client.  Get that part. You hand him a check at the end (not the other way around).

My Clients Do Not Have the Money

I love this one.

Some attorneys actually say: “I can’t bill in advance because my clients don’t have enough money to pay me. They need a payment plan.”

This is not Wal-Mart. You don’t buy legal services on layaway. If someone does not have enough money, they are a horrible client. Move on.

If you consistently come across people who do not have money to work with you, you should immediately implement an aggressive marketing plan to attract better clients.

Bottom Line

I’m sure you can come up with a few other reasons why you cannot get paid in advance.  No matter what you conjure up, it is simply bad business to do the work and wait for your money.  This philosophy puts your business in constant jeopardy.

It’s foolish.  Don’t do it.

Here are the most recent videos in the Four Minute Fixation Series:

Four Minute Fixation 1: Follow-Up After Networking

Do you go to lots of networking events and have trouble converting your new contacts into referral sources? Here is a video to help change that.

Four Minute Fixation 2: How to Get More Clients from Speaking Engagements

I’m sure this has happened to you. You give a great speech and you get no business. This video will fix that situation for you.  Watch it now and you’ll be amazed at how productive your next speaking engagement will be.

Direct Domain for Videos: http://FourMinuteFixation.com

I’m pleased to announce that we have set up a domain that will take you directly to section of the website where all the videos are cataloged.  Simply spell out FourMinuteFixation.com and you will be transported through cyberspace to a page with a cadre of close-ups of my ever-expanding face.

Print Four Minute Fixation 3: Rule Number 1 - Get Paid First Email Four Minute Fixation 3: Rule Number 1 - Get Paid First
 
Click this link for more articles by David Lorenzo
 

© Copyright 2008-2013 Rainmaker IP Holding, LLC. All Rights Reserved

Images used by license from Fotilia Stock Photos. Member ID 203997040

 

Want the Latest Update? Visit Dave Lorenzo's Profile on Google+

 

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Ethical Legal Marketing

Judson Cohen

“I thought I knew all about running my practice and generating work but, I have to admit, I learned a bunch from Dave Lorenzo.

I’ll admit it, I made the same mistake most attorneys make about new business. I assumed doing a great job for my existing clients was enough to guarantee new business.

Yes, you have to do a great job for your clients. However, that does not guarantee new business. Dave helped me put in place simple and effective tools to reach out to new clients and maintain a healthy relationship with past clients.

Dave Lorenzo continues to help me find sustainable, ethical ways to consistently attract new business.“

Judson Cohen
Cohen Law Offices
Personal Injury and Civil Litigation
Miami, FL

 

My Law Firm Marketing Guide

Marc Kleiner

“After spending years in law school and in the business world, I realize the value in staying up-to-date on strategy, practice management and marketing. 

My Rainmaker membership has been a valuable resource in helping me stay on top of my game.

Building a law firm is a combination of art and science.  I’m glad to have the Rainmaker Lawyer Systems to help guide me.”

Marc Kleiner
Kleiner & Cazeau
Aventura, FL

Powerful Law Firm Marketing Plan

Evan Richards

I’ve used Dave Lorenzo’s law firm marketing information and advice to grow my practice and the results have been great.

Thanks to Dave’s guidance, my firm, my employees and I were recruited and offered an opportunity to join a prestigious firm here in Australia. 

Everyone is wondering how a young guy like me managed to build my practice from the ground up within a year.  Dave and Rainmaker Lawyer Consulting have helped give me an edge.

Evan Richards
St, Adelaide SA, Australia

 

Superb Legal Marketing Expert

Gerry Oginski

“There are only a handful of legal marketing experts that I think are truly superb at what they do. One of them is Dave Lorenzo, the author of the Rainmaker blog. I’m proud to say that I receive all of Dave’s e-mails discussing tips and advice that lawyers should be doing on a regular basis. He gives real-life practice advice that lawyers can implement immediately in their practice. I only wish I had learned about him years ago when I went out on my own.

I am a New York medical malpractice and personal injury trial lawyer for over 21 years and Dave clearly “gets it” and understands legal marketing. I am also the Founder of the Lawyers Video Studio and a avid student of lawyer marketing. Dave’s marketing tips are right on target.

Any lawyer looking to improve their marketing should look no further than Dave Lorenzo.”

Gerry Oginski, Esq.
The Law Office Of Gerald Oginski, LLC
Great Neck, NY

Essential For My Legal Marketing and My Law Firm

Loren Donald Pearson

“Since I began working with Dave I no longer spend sleepless night worrying where my next client will come from. 

Dave has helped me set up a number of legal marketing systems to help my practice grow.  He is a trusted advisor essential to my law firm.

I share information with him that goes beyond legal marketing and he offers honest, objective feedback based upon his years of experience working with other attorneys. 

I strongly recommend Dave Lorenzo and Rainmaker Lawyer Legal Marketing.  Hire him today!”


Loren D. Pearson, Esq.
Assouline & Berlowe P.A.
Miami Beach, FL

Your Law Firm Marketing Strategy Has Transformed My Practice

Mark Fried

“Thank you for your contribution not only to my firm but to the legal community. The strategies you have made available to me have transformed my practice and my life.

The guidance you have given me has allowed my paralegal and me to provide better service to my clients. This is extremely positive and has increased the referrals from my clients to me.

You are truly the best at enabling me to ‘make more rain’ with your law firm marketing strategy”.

Mark Fried, Esq.
Mark E. Fried P.A.
Miami, FL

Dave Helps You Achieve Your Attorney Marketing Goals

Leslie Zigel

“Dave Lorenzo is one of those people who know how to tap into an individual’s ultimate career and personal potential and unlock the life force that is necessary to manifest the drive and desire inside of everyone to achieve their full calling.

I highly recommend David’s attorney marketing services if like me, you seek to work to live, instead of living to work.”

Leslie José Zigel, Esq.
Ziglaw
Miami, FL

Your Lawyer Marketing Process Has Revived My Practice

Scott Wagner

Dear Dave,

Rarely do I take the time to write a recommendation or testimonial.

But it is tough not to return the love when someone does the following:

You’ve refueled my fire to practice law.

You’ve made me earn more money.

You’ve made me proud to be an attorney.

You’ve made me a happier person.

You’ve made me a better parent and friend.

Read it again because it is the truth.  It’s also what we all want out of life.  Your lawyer marketing process provides those keys to success and for that I thank you.”

Scott A. Wagner, Esq.
Moore & Company, P.A.
Coral Gables, FL

Marketing for Lawyers: Dave Lorenzo is the Real Thing

Brett Panter

“David V. Lorenzo author and founder of Rainmaker Lawyer, is the “Real Thing.”

David has the Ideas, Concepts and Drive to help a lawyer or law firm grow their business.

He knows what it takes and is willing to help those who want to grow. David is well educated and experienced and a pleasure to work with. David can become a part of the fabric and integrity of your law firm and give you the techniques and methods for marketing for lawyers, that have taken years to learn and perfect.” 

Brett Panter, Esq.
Sr. Partner
Panter Panter & Sampedro. P.A.
Miami, FL

Dave’s Rainmaker Legal Marketing will Make it Pour

Robert Rogers

“Dave has an excellent understanding of what makes businesses succeed and recognizes the importance of a good work/life balance.

I highly recommend Mr. Lorenzo’s services for any attorney that wants to understand better the wealth potential of their own practice, as well as increase the amount of time doing and living the way that we all want to. When teaching you how to rain make, Dave’s Rainmaker legal marketing will not just help you make the rain fall; he’ll make it pour.”

Robert Rogers, Esq.

Robert Rogers Law Firm, PA
Coral Gables, FL

Law Firm Marketing Plan Charged with Energy

Alicia Santana Torres

“David Lorenzo has successfully transferred the skills he acquired during a brilliant career in business consulting to the legal profession.  The lawyers in the room who had already been coached by David Lorenzo stood out from the crowd for their business vision, practice satisfaction and a solid law firm marketing plan.”

Alicia Santana Torres, Esq.
Santana Torres Law Offices, P.L.
Coral Gables FL

Lawyers Marketing Their Services are Blessed to Have You

Barry Stein

Dear David:

As you already knew, and as I learned, what separates you from any other such service is the time you spend to learn and understand the attorney’s practice you are working with AND to explore the goals and objectives of the attorneys involved. This two prong approach allows for you to develop a unique plan for lawyers marketing their services.

For those who love the practice of law, it is a real relief to have someone who loves to assist in the promotion of that work. Thanks for deciding to create Rainmaker Lawyer Consulting and as corny as it sounds, I know I am blessed by your having entered my life, both professionally and personally.

Barry A. Stein, Esq.

De Cardenas, Freixas, Stein &  Zachary, P.A.
Miami, FL

Attorneys Marketing Their Law Firms Can’t Go Wrong with Rainmaker Lawyer

Steve Klitzner

“No matter what Dave is charging these days he is worth every penny.  He will help you make a great living and live a great life.

He regularly transforms underperforming law firms into rainmaking powerhouses. 

If you want direct interaction action with a law firm marketing and strategy expert who helps attorneys marketing their practices grow revenue fast, there is only one thing you can do…call Dave Lorenzo right now.”

Steven Klitzner, Esq.
Miami, FL

Great Law Firm Marketing System

David Edelstein

“As a criminal defense attorney, I am used to fighting against overwhelming odds.  It’s a tough job.  I face difficult challenges on a daily basis.  But the truth is, none of those challenges are as tough as starting a law firm and finding clients.  Law school prepares you for many things but marketing certainly isn’t one of them.

That’s where Dave Lorenzo and Rainmaker Lawyer Consulting come in.  Dave helps me refine my law firm marketing plan, execute the strategy and measure the results.  The guidance, expertise and support I receive from him are invaluable.

If you love the law and you want to build a firm that suits your lifestyle, I highly recommend working with Rainmaker Lawyer Consulting.  Listen to Dave and follow his system.  Making more money is good, but having a law firm designed around my life is even better.”

David Edelstein, Esq.
Law Offices of David M. Edelstein, P.A.
Miami, FL

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Rainmaker Lawyer Consulting is a business strategy firm that specializes in law firm marketing, attorney marketing, marketing for lawyers, and legal marketing strategy. If you have read this far down on this website you are obviously searching for something. Call us and we will help you find it. 305.692.5531