The Secret Plan To Launch Your Firm Into 2024: Finances

Watch the YouTube version of this episode HEREAre you a law firm owner who needs more financial tips to grow your firm? In this final episode of a five-part series, Jim and Tyson discuss financial strategies for law firms. Jim shares how it is a great financial hack to diversify revenue streams so you are able to get cases from different areas. There are probably dozens of cases that would never enter the door if you did not seek them out in different sectors. This will allow for a wide variety of cases and clients that could be beneficial for your firm. Another way to diversity is something called “white labeling”. This is when you offer something to a client in partnership with another law firm. This could be offering your client a package from another firm, where you get a percentage of what is sold.Tyson shares a tip of cutting costs where it makes sense. Review all of your expenses, which includes subscriptions and softwares and really iron down what you are actually using for your firm. If you know something is not useful, cancel that subscription so more money goes into your pocket.Listen in to learn more!1:16 The importance of exploring new sources of income4:08 Tips to save money and increase profitability6:00 Emphasizing the importance of having a work-life balanceTune in to today’s episode and checkout the full show notes here.