Solo Law Firm Marketing Advisor Says Attorneys Are Limiting Their Annual Earnings

Feb. 17, 2013 - PRLog -- Solo law firm marketing advisory service How To Manage A Small Law Firm, during their last Quarter Sales Meeting at the Biltmore Hotel in Coral Gables, Florida, took a stand regarding the trend amongst lawyers involving detouring investments from their own firms to other high-risk businesses. Advisor and co-founder RJon Robins stated that limiting a law practice’s earnings to $250,000/year might be extremely detrimental to its potential; and implementing internal effective tactics could translate into far better returns than any other external investment.

According to the National Association for Law Placement, 5.7 percent of new law school graduates are seeking self-employment since 2010. Based on his interactions with new and veteran attorneys across the country, RJon Robins says that while most new lawyers look at him for direction, as they do not understand the important elements needed for growth; in 2012 he saw many profitable solo law firms invest in other businesses, such as real estate and bonds, ultimately limiting their practice’s performance.  

Billionaire lawyer and King of Torts Joe Jamail bluntly expresses a common tenet: “Hedge funds are dangerous.” He continues saying, “Best and worst investments? Best: A law degree, no question about it. Worst: Airline stocks.”

For Robins, the reason why attorneys making $250,000 a year decide to go out of their zone of competency and risk their profits is that they are usually overworked and have lost drive. They often feel more confident delegating the job of building their own wealth to other CEO’s and businessmen running their own agendas, which, in his view, can be very risky: “If they [lawyers] took action and implemented operational systems and properly marketed their own firms, investing in themselves could provide much greater returns with minor or no risks.”

With a strong focus on providing solo law firms the direction they need to work efficiently while consistently increasing revenue and quality of life, RJon says: “My goal is to show attorneys how they can succeed in their own area of expertise by investing in themselves, improving upon what is already in existence - skills, staff, systems, etc.”

After a How to Manage A Small Law Firm session, attorney-member Kyle Walker shares his personal experience, saying, "The presentation was very impactful towards my goals of starting my own firm. The ideas allowed me to critically think about business planning. He [RJon Robins] did a great job at delivering comprehensive concepts and case studies to help me understand how I can successfully run a very profitable law firm.”

Lawyers attending the January Quarterly Meeting were introduced to a brand-new program, specifically designed for firms annually grossing $0-$250,000. The program is now fully available and includes tactics to take legal businesses to the next level. More information on How To Manage A Small Law Firm and the newly launched program can be found at www.HowToManageASmallLawFirm.com.

About How To Manage A Small Law Firm:

Founded by RJon Robins, a member of The Florida Bar since 1998 and the first and only lawyer to ever serve as a Law Practice Management Advisor with The Florida Bar Law Office Management Assistance, the legal management and marketing advisory service currently has 100+ members. How To Manage A Small Law Firm helps attorneys across the country with virtually every aspect of starting, marketing, managing, buying and even selling a successful and sustainable small law firm. Further information is available at http://www.HowToManageASmallLawFirm.com