ILNews

IBA: How to Save Time and Increase Cash Flow

Back to TopCommentsE-mailPrintBookmark and Share

By Mark Hershman, Hershman Associates

Time is money. You may not be able to detail it on a year-end balance sheet or claim a whiled away afternoon as a legitimate loss, but the old adage is still true. For lawyers dependent on hourly billing, managing time is one of the most essential professional practices to be mastered.

It is also one of the most difficult to master. Seasonal fluctuations and unpredictable clients make it nearly impossible to set a rigid daily schedule and keep to it throughout the year. Chaos often reigns over best intentions. Some very specific techniques are the key. Those who practice techniques in the Professional Practice program report a substantial savings in time and increase in cash flow.

Blocking your time into like tasks is a proven tactic for increasing productivity. Not only does it increase efficiency because less time is spent “getting back into the project,” but it is likely to also reduce errors and duplication of efforts. Multi-tasking may be the current norm, but it also is a source of stress and is, usually, the least effective use of time. If you actually stop to analyze what is being accomplished well, you’ll agree that juggling several balls only means that one is likely to be dropped. Your full attention is what clients expect and deserve.

Like multi-tasking, falling slave to electronic devices is another common mistake that is easy to remedy. Continually being interrupted by emails and cell phones results in your attention being divided and a very reactionary use request tends to get more of your time. One person’s urgent request tends to get your immediate attention, whether it really is a true priority task or not. Immediate response is simply not always the best way to address an issue. This, of course, requires discipline, and for many, a major change in mindset. Many times, it is simply as easy as letting phone calls go to voice mail or shutting off the cell phone.

Scheduling everyday activities into a routine time slot is another effective technique for managing your time. For example, setting aside a 2 to 4 p.m. window for a client meeting gives a predictable and organized structure of your day. Similarly, answering phone calls and emails during a set time period and having a designated time when the door is shut and the staff considers this a “do not disturb” time for other important steps in the process.

Encouraging your team to respect and support this system is also key. Once they understand the motivation and benefits, they are likely to cooperate and even implement their own time-management tactics into their day. The result is an entire office that operates more efficiently as a team.

Understanding why and how to set priorities is also essential. This step, although it sounds simple to some, is actually one of the hardest for most attorneys. “Emergency” questions and the last-minute client always seem to push their way to the top of the Must-Do-Now list. This reactionary type of work system makes it nearly impossible to devote ongoing, quality time to long-term issues such as client development and staff management.

A diagnostic look at your working habits and challenges is the first stop in identifying roadblocks and potential for increased efficiency. Then, working with an experienced coach to enact a Professional Practice Solution is the next step. Studies show that those who have used this time-management program have reduced their work time by up to 10 percent and increased revenue by up to 30 percent. Imagine how that kind of result would affect you!•

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in Indiana Lawyer editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT
Subscribe to Indiana Lawyer
  1. It's an appreciable step taken by the government to curb the child abuse that are happening in the schools. Employees in the schools those are selected without background check can not be trusted. A thorough background check on the teachers or any other other new employees must be performed to choose the best and quality people. Those who are already employed in the past should also be checked for best precaution. The future of kids can be saved through this simple process. However, the checking process should be conducted by the help of a trusted background checking agency(https://www.affordablebackgroundchecks.com/).

  2. Almost everything connects to internet these days. From your computers and Smartphones to wearable gadgets and smart refrigerators in your home, everything is linked to the Internet. Although this convenience empowers usto access our personal devices from anywhere in the world such as an IP camera, it also deprives control of our online privacy. Cyber criminals, hackers, spies and everyone else has realized that we don’t have complete control on who can access our personal data. We have to take steps to to protect it like keeping Senseless password. Dont leave privacy unprotected. Check out this article for more ways: https://www.purevpn.com/blog/data-privacy-in-the-age-of-internet-of-things/

  3. You need to look into Celadon not paying sign on bonuses. We call get the run

  4. My parents took advantage of the fact that I was homeless in 2012 and went to court and got Legal Guardianship I my 2 daughters. I am finally back on my feet and want them back, but now they want to fight me on it. I want to raise my children and have them almost all the time on the weekends. Mynparents are both almost 70 years old and they play favorites which bothers me a lot. Do I have a leg to stand on if I go to court to terminate lehal guardianship? My kids want to live with me and I want to raise them, this was supposed to be temporary, and now it is turning into a fight. Ridiculous

  5. Here's my two cents. While in Texas in 2007 I was not registered because I only had to do it for ten years. So imagine my surprise as I find myself forced to register in Texas because indiana can't get their head out of their butt long enough to realize they passed an ex post facto law in 2006. So because Indiana had me listed as a failure to register Texas said I had to do it there. Now if Indiana had done right by me all along I wouldn't need the aclu to defend my rights. But such is life.

ADVERTISEMENT