Download - Economics of Practicing Consumer Law 2012
![Page 1: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/1.jpg)
The Economics ofConsumer Law Practice
Houston 2012
Ronald L. BurdgeThe Law Coach .com
© 2012 RLBurdge
![Page 2: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/2.jpg)
Do Good
© 2012 RLBurdge
![Page 3: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/3.jpg)
Do Good
You have to
Do Well
If you want to
© 2012 RLBurdge
![Page 4: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/4.jpg)
Planning Nowfor a Practice Later
“Personal Life” Social Media
- vs –
“Law Life” Social Media
![Page 5: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/5.jpg)
Rules to Remember
Knowing Your Numbers
© 2012 RLBurdge
Tips on Starting a Practice
![Page 6: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/6.jpg)
Tips on Starting a PracticeTips on Starting a Practice
Starting a Consumer Law Practice Without Clients
(and Without Starving)
© 2012 RLBurdge
![Page 7: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/7.jpg)
Tip #1 on Starting a PracticeTip #1 on Starting a Practice
Read
Jay Foonberg’s
Book
© 2012 RLBurdge
![Page 8: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/8.jpg)
Tip #2 on Starting a PracticeTip #2 on Starting a Practice
Market yourself to other lawyers
© 2012 RLBurdge
![Page 9: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/9.jpg)
Tip #3 on Starting a PracticeTip #3 on Starting a Practice
Avoid costly phone book display ads
© 2012 RLBurdge
![Page 10: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/10.jpg)
Tip #4 on Starting a PracticeTip #4 on Starting a Practice
Get an easy-to-remember
phone number
© 2012 RLBurdge
![Page 11: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/11.jpg)
Tip #5 on Starting a PracticeTip #5 on Starting a Practice
Publish a Professional Announcement
In local bar newsletter
and newspaper
© 2012 RLBurdge
![Page 12: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/12.jpg)
Tip #6 on Starting a PracticeTip #6 on Starting a Practice
Write articles
on Consumer Law
for bar newsletter
© 2012 RLBurdge
![Page 13: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/13.jpg)
Tip #7 on Starting a PracticeTip #7 on Starting a Practice
Give speeches to
Bar Organizations
and civic groups
© 2012 RLBurdge
![Page 14: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/14.jpg)
Tip #8 on Starting a PracticeTip #8 on Starting a Practice
Hire a support staffer
who has the aptitude
to research people and records
© 2012 RLBurdge
![Page 15: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/15.jpg)
Tip #9 on Starting a PracticeTip #9 on Starting a Practice
Set up your own web site yourself
And use a catchy name and then blog, blog, blog, blog
Work Social Networking
© 2012 RLBurdge
![Page 16: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/16.jpg)
Tip #10 on Starting a PracticeTip #10 on Starting a Practice
1 + 1 + 1 + 1 + 1 = 1
© 2012 RLBurdge
![Page 17: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/17.jpg)
Tip #11 on Starting a PracticeTip #11 on Starting a Practice
Pick an easy-to-find location
for your new office
© 2012 RLBurdge
![Page 18: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/18.jpg)
Tip #12 on Starting a PracticeTip #12 on Starting a Practice
Set up your office in same Building
with other attorney offices,
For referrals and mentoring
© 2012 RLBurdge
![Page 19: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/19.jpg)
Tip #13 on Starting a PracticeTip #13 on Starting a Practice
Pay referral fees in cookies
to referring attorney’s secretary
© 2012 RLBurdge
![Page 20: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/20.jpg)
Tip #14 on Starting a PracticeTip #14 on Starting a Practice
Write a column
on Consumer Law
for local newspaper
© 2012 RLBurdge
![Page 21: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/21.jpg)
Tip #15 on Starting a PracticeTip #15 on Starting a Practice
Limit contingency fee cases
to ½ your case load
© 2012 RLBurdge
![Page 22: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/22.jpg)
Tip #16 on Starting a PracticeTip #16 on Starting a Practice
Remember: the best advertising you will ever get is from a happy client.
Make your client’s case your case … make it personal.
© 2012 RLBurdge
![Page 23: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/23.jpg)
Bonus Time !
© 2012 RLBurdge
![Page 24: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/24.jpg)
www. The Law Coach .com
© 2012 RLBurdge
![Page 25: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/25.jpg)
www. The Law Coach .com
© 2012 RLBurdge
![Page 26: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/26.jpg)
www. The Law Coach .com
© 2012 RLBurdge
![Page 27: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/27.jpg)
The Practice of Law ?
© 2012 RLBurdge
![Page 28: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/28.jpg)
Riches to Rags
© 2012 RLBurdge
![Page 29: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/29.jpg)
Riches to Rags
TheKingofTorts
Melvin Belli
© 2012 RLBurdge
![Page 30: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/30.jpg)
Rags to Riches
© 2012 RLBurdge
![Page 31: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/31.jpg)
Rags to Riches
© 2012 RLBurdge
![Page 32: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/32.jpg)
Old RuleOld Rule
$ in$ in-Bills paid outBills paid out
== $ Left Over $ Left Over (your profit)(your profit)
© 2012 RLBurdge
![Page 33: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/33.jpg)
© 2012 RLBurdge
![Page 34: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/34.jpg)
New Rule
It’s a Business
Run it like one
The Name of the Game: Profit
© 2012 RLBurdge
![Page 35: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/35.jpg)
“What do you mean, my paycheck will be a little late this week?”
© 2012 RLBurdge
![Page 36: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/36.jpg)
New Rule
Be a Lawyer
Not a Business Manager
© 2012 RLBurdge
![Page 37: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/37.jpg)
TheProblem
Solution?
![Page 38: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/38.jpg)
New Rule
Hire a Business Manager
And Pay them Well
© 2012 RLBurdge
![Page 39: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/39.jpg)
SCORE.org
© 2012 RLBurdge
![Page 40: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/40.jpg)
New Rule
Have a Budget
And Live by it
© 2012 RLBurdge
![Page 41: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/41.jpg)
Time Management Matters
© 2012 RLBurdge
![Page 42: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/42.jpg)
Time Gobblers
Confusing Priorities
“Paper” Shuffling
Interruptions
© 2012 RLBurdge
![Page 43: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/43.jpg)
New Rule
Have a Budget
And Live by it
© 2012 RLBurdge
![Page 44: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/44.jpg)
New Rule
Know Your “Break Even” Number
© 2012 RLBurdge
![Page 45: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/45.jpg)
New Rule
Know Your Daily Numbers
© 2012 RLBurdge
![Page 46: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/46.jpg)
New Rule
Recalculate Your Hourly Rate
Reverse Calculate it
© 2012 RLBurdge
![Page 47: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/47.jpg)
Know Your Numbers
EGN / IGN = Hourly Rate
Expense Generating Numbers
Divided by
Income Generating Numbers
= Hourly Rate© 2012 RLBurdge
![Page 48: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/48.jpg)
Expense Generating Numbers
Taxes Rent
Salaries Telephone
Utilities Debt Retirement
Supplies Equipment
Repairs Advertising
Maintenance Insurance© 2012 RLBurdge
![Page 49: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/49.jpg)
Income Generating Numbers
Total Firm Billable Hours
Whose hours ?
© 2012 RLBurdge
![Page 50: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/50.jpg)
Total Firm Billable Hours
Attorney
Paralegal – Law Clerk
Secretary
© 2012 RLBurdge
![Page 51: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/51.jpg)
Weight the Rates
0
0.25
0.5
0.75
1
AttorneyParalegalSecretary
© 2012 RLBurdge
![Page 52: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/52.jpg)
Weekly Billable HoursWeighted
RateAvailable
HoursBillable Hours
Attorney 1 45 45
Paralegal .5 40 20
Secretary .25 20 5
Total 70© 2012 RLBurdge
![Page 53: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/53.jpg)
Reverse Calculating Hourly Rate
Example:
1 Attorney - $100 k Salary
1 Paralegal - $42 k Salary
1 Secretary - $30 k Salary
© 2012 RLBurdge
![Page 54: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/54.jpg)
Reverse Calculating Hourly Rate
Expense Generating Numbers
Divided by
Income Generating Numbers
= Hourly Rate
© 2012 RLBurdge
![Page 55: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/55.jpg)
Expense Generating Numbers
Taxes Rent
Salaries Telephone
Utilities Debt Retirement
Supplies Equipment
Repairs Advertising
Maintenance Insurance
= $7,000© 2012 RLBurdge
![Page 56: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/56.jpg)
Reverse Calculating Hourly Rate
$7,000 + 15% = $8,050 (EGN)
Divided by
70 – 15% = 59.5 hours (IGN)
= $ 135.29 Hourly Rate
© 2012 RLBurdge
![Page 57: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/57.jpg)
New Rule
It’s a Business
Run it like one
The Name of the Game: Profit
© 2012 RLBurdge
![Page 58: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/58.jpg)
New Rule
The Cost of Losing Billable Time:
15 min/day = 1.25 Hr/wk
= 65 Hr/yr
65 Hr x $150 ………... = $9,750
© 2012 RLBurdge
![Page 59: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/59.jpg)
Bonus Time !
© 2012 RLBurdge
![Page 60: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/60.jpg)
Top 3 New Rules
To Really Succeed
1. Be a Lawyer, not a Manager
2. Know Your Numbers
3. Give it Back
© 2012 RLBurdge
![Page 62: Economics of Practicing Consumer Law 2012](https://reader035.vdocument.in/reader035/viewer/2022062514/55849457d8b42a0f5a8b46e5/html5/thumbnails/62.jpg)
You have to
Do Well
If You want to
Do GoodHouston 2012
Ronald L. BurdgeThe Law Coach .com © 2012 RLBurdge