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Protexure Tips: Financing for the Small Law Firm

September 17, 2013

One of the hardest things to do when starting a small law firm or solo practice is to develop discipline with your finances. Many attorneys spend money on things such as hiring staff they don???t need and building an expensive website, before they have a solid client base. Here are a few financing tips that will help your firm at the beginning and at later stages as well:

  1. Focus on the client

What is the best way to gain clients in your area of practice? This is an essential question to ask yourself as you start to build your client base. Since clients are the lifeblood of your law firm???s success, this is the one area you can splurge on (every once in a while). Especially for a new firm, spending money on going to conferences, building a website (that’s affordable), and doing some basic online marketing (social media) will cost time and money. Based on your area of practice, account for building and retaining your client base in your budget and don’t be afraid to go over budget if you think something will significantly build your client base.

  1. Do things yourself

Like stated before, hiring unnecessary staff is a common mistake among small law firms. There are many administrative tasks that you, as a solo practitioner or a partner at a small law firm, can do yourself. For instance, drop off filings at the courthouse yourself. This may cost you some time, but if done in an efficient way can save you a significant amount of money and give you a constant pulse on your practice.

  1. Don???t confuse necessities for luxuries

Although there are a lot of ways to consolidate your expenses and reduce your budget, do not neglect the things you need most to keep your firm running. A common thing that lawyers neglect is insurance coverage. In any business, you want to protect your assets and the health of your business. Professional liability insurance can protect you from a suit brought by an angry client, and you never know when a suit may be brought against you. Even if you win this case unprotected, it could put your practice into a hole that is impossible to climb out of.

If you are a small Firm or solo practitioner seeking Professional Liability Coverage, we are here for you! Please visit our website??( call (877) 569-4111 for a Quick, Free Quote. Our policy rates are extremely competitive and geared towards the needs of small Firms and solo practitioners. Don???t forget to Like us on??Facebook, Follow us on??Twitter, and, as always, follow this??WordPress??Blog??for the latest news, tips, and guides for small firms and solo practitioners!

Protexure Lawyers /// Professional Liability Made Easy

“I found the Protexure representatives to be extremely professional, knowledgeable, and courteous. They found similar coverage for me for a substantial amount less than I had been paying. I have been pleased with Protexure’s service and would recommend it highly.”

- David M. Lipschutz, Esquire

Receiving a quote from Protexure Lawyers is made super easy by the quick response time of their team. The renewal process is different from what I have ever seen, they offer a mostly filled out application which made the process even easier for me!

- Eric Schwab - Woodbridge, NJ

It was a pleasure working with you, - you gave me the most competitive price, quick turn around and good follow-up.

- Howard S. Kavenow

My account representative was very helpful in assisting me to complete my application. He made me feel like my questions and my business were a priority to him.

- Kim Davis

When faced with a substantial increase from our existing malpractice carrier, we received the name Protexure Lawyers from a referral. On contact, they were not only very prompt in processing our application, but also responded to several coverage questions we had. So far, the service has been excellent.

- Law Office of Shriver, O'Neill & Thompson

Mr. Dixon contacted me many months ago and I told him I renew my policy in September and that it would be helpful to contact me in July or August of this year. He did that; he was very patient with me and assisted me with the application process. He was extremely prompt in replying to my inquiries. I had been with the same company for many years so I was reluctant to leave them. He made the transition quite simple. I am fortunate that he was the salesman who contacted me.

- Robert Lewin

Thanks. You guys got my business because (a) your price was great, and (b) you were responsive and on top of things (a number of insurers surprisingly were not).

- Scott Maxwell

I first came in contact with Ryan on a cold call. Usually I am dismissive of these types of calls, but Ryan was brief and to the point - no hard sell or over promising. In the end, I received a less expensive policy than others I researched. I guess not all cold calls are a bad thing.

- Steve Hunter

Ryan offered to compare my current insurance with what he and his company could offer. I took him up on this, and gave him my pertinent information. I did my own research, and discovered that his quote was lower and the carrier had an A rating. I contacted my existing agent to see if she could match the quote. I had been her customer for a number of years and thought that was fair. She was unable to match Ryan's offer.

- Steve Hunter

I discussed some minor differences in the policies with my account representative, and throughout the process, he was easy to reach and called me back promptly. I value this a great deal. In the end, it was clear to me that I would receive a less expensive policy than I currently have, with the same coverage and excellent customer service.

- Steve Hunter

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