Practical tips for making money in a tough economy

MoneyThe evolution of the practice of law from "an honored profession" to a "business" is often lamented, according to Gretchen Koehler Mote, Esq. However, a framed document from the 1800s listing a fee schedule clearly reflects that lawyers have never wanted to work "for free" and have always had to consider how to "keep the lights on," whether those lights were lanterns or halogen.

Practical tips:

  • Get your name out by community and professional involvement;
  • Do what you say you will do, when you say you will do it;
  • Clearly explain the scope of what you will do;
  • Use engagement letters and written fee agreements—use retainers;
  • Send regular status updates to clients;
  • Bill for your services reasonably and regularly;
  • Save for that "rainy day"—not every month hits a "home run"; and
  • Spend less than you make.

For more helpful information, check out the Ohio State Bar Association's online law office resource, OfficeKeeper.



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