No matter what the condition of the economy is, almost all businesses are looking for the most practical ways of saving money, and legal businesses are no exception. There are various techniques that can be used to make your law firm more profitable. Keeping estimates and budgets well organized will be beneficial for your business . When you know how to organize your data, saving money becomes an easy task.
To help your law firm save money , we have gathered 3 pro tips that will keep you on the safe side. We have also included a bonus tip, which will benefit your company in the long run. Also, we recommend using legal tools and apps to store your documents in a cloud-based system.
Want to know more? Let’s dive in.
Shop Legal Items Online
From buying office items to legal inventory, it is better to browse the internet and shop online. Visiting store fronts can put you at a loss due to the higher prices charged for items. As well as the amount of time spent searching for the items you need. Furthermore, when shopping in store you are limiting yourself to only what that store and their distributors have to offer. Oftentimes, international sellers have more affordable prices and great quality products.
On the other hand, buying the cheapest products may be saving your law firm money initially, but not in the long run. Although your goal is saving money, make sure the quality of the products you are purchasing are high and will last you a while. Being selective and particular with your purchases is important for your company. However, weighing your options with multiple companies online instead of purchasing from one store front can save you money while buying quality products.
The Power Of Social Media for Your Law Firm
Nowadays social media channels are providing much more information than in the past few years. From countless learning opportunities to promoting the products and services, they have turned out to be highly influential. Estate lawyers, family law lawyers, and personal injury law firms are getting the maximum advantage of social media platforms by using them for marketing purposes.
Finding potential clients can be difficult especially right now with the world we are in. Getting your name out there can be strenuous and financially draining. Fortunately, with social media, reaching out to clients in need of a law firm is much easier, and less expensive.
Here it is worth mentioning that small firms face the problem of managing their social media accounts. The simple solution to this problem is hiring a social media manager. Social media managers can help handle all of your social media tasks even from remote locations. Hiring freelancers is a great option for getting quality work but avoiding paying TA/DA and other expenses.
When it comes to promoting your business to a wider audience without any additional costs, Facebook is a great platform. Facebook has the world’s largest community of users from all over the world. No matter what your area of expertise and branch of work is, Facebook is a great way to bring in clientele. Advertising on Facebook allows you to reach out to your target audience in an effective way.
If you are spending heavily on marketing, try using Facebook as an alternative and also cheaper form of marketing to reach a larger audience. If Facebook is a foreign platform, and you don’t quite know how to navigate, there are many courses offered online to learn the ins and outs and get you on your way.
It is estimated that more than 50% of small and large businesses use Instagram for marketing purposes. Instagram is gaining popularity around the world as the most effective marketing tool because it focuses on visually attractive content. Here you can meet with the people who are actively looking for solutions to their problems.
Although it may not be as popular with the older generation, the younger generation is highly oriented towards the use of Instagram. Marketing your company on Instagram is a great option when trying to save money but with quality outcomes.
Creating a Bank Account for Your Law Firm
Creating a separate bank account that is used specifically for office supplies and needs can help track what the company is spending. Keeping your personal account separate from your work account will only help budgeting in the most efficient way. Create monthly budgets for specific items, because spending blindly and not keeping track of the amount of money being spent on supplies and utilities can rack up a hefty bill.
Budget Your Money With the 50 30 20 Rule
The most practical way to save money as a law firm owner is the 50 30 20 rule.
With this rule,
- You set 50% of the budget aside for your fixed expenses such as bills and inventory.
- 30% of the budget goes for discretionary and individual expenses.
- 20% of the budget goes to your savings account.
With this technique, you can make flexible budgets for your monthly or weekly expenses. This is the golden rule that is used for the most profitable law firms.
Having Access To A Legal App Can Give You An Edge
MyLitBag is an IOS-based iPad digital binder legal tool. By using this app, law firms can save tons of money by replacing their countless amounts of physical binders and documents with digital copies on their device. With a touch of a button, firms can send thousands of password secured binders at a cheaper price and in a more sufficient and timely manner. Enjoy a 7-day free trial right now and see how having this legal tool can change the way you store and send legal documents.