Quick Cash Infusions For New Law Firm Owners – My Shingle

If you've failed to bring existing customers with you when starting a new business, it may take some time for cash to flow through the door. Don't despair – there are plenty of creative quick buck ways to surprise you when your practice gets going. While most quick cash solutions don't match your hourly rate, ideally they give you enough leeway so that you don't have to take in unwanted customers because you have to make rent.

That said, quick money is what the name suggests: a quick fix to get you through a difficult period. In most cases, quick cash infusions do not provide a solid foundation for sustainable practice. Furthermore, like all quick fixes, quick buck can be addicting. You may find it easier just to say yes when defending a few deposits a month for a coworker for $ 350, a guaranteed payment, rather than digging in and doing the hard work of finding clients that you want set for $ 350 an hour.

Some other thoughts on quick cash options:

What are the opportunity costs? Even if you do need the money, you should know that the time you spend on others costs time building your own practice. Wonder if you'd better spend 20 hours drafting a $ 100 an hour summary judgment or devoting that time to blogging, social media posting, podcasting, or other networks that could lead to higher paying jobs.

Is the quick cash solution “in and out”? Sometimes a quick cash opportunity can involve gnarly, brain-heavy work that drags you on for weeks, tires you and distracts you from your work for clients? The best quick buck solutions are getting on and off – like processing a deposit or writing a package of five blog posts.

Will the fast cash solution move your business forward? Quick cash solutions work well when they are in line with your long-term goals. For example, if you want to build a litigation-based practice, you will be introduced to local court practice by performing appearance work for a colleague. Likewise, the handling of judicial criminal cases or the activity as a trustee in an inheritance proceeding is an addition to a criminal defense or estate planning practice.

Can you make them an offer they can't refuse? Often times lawyers need on-call work but are unsure of what they might need. So, in addition to letting lawyers know that you are available to contract work, present them with a menu of tasks that you may be performing.

Let's talk about these options for making quick money. Here is a short list:

1. Court Dates – Court dates are the most obvious – and therefore often the most competitive quick money solutions. Most courts have panels that appoint criminal defense lawyers for misdemeanor and crime cases. Responsibilities vary widely in terms of the level of experience required to handle cases, and some may require additional training. Note that judicial appointments are not limited to criminal defense but can include probate (trust), family law (Guardian Ad Litems), or appeals to state and federal courts.

2. Hearing Officers – Occasionally, local authorities or bodies may need hearing officers to chair or govern administrative procedures. Hourly wages vary and positions may require specialist skills – but it's the kind of gig that can improve your company's resume. Hearing officer opportunities are often posted on the websites of local lawyers or trade associations, as well as on Indeed.com.

3. Additional Faculty – Working as an associate professor is a lot of work and doesn't pay much – as I learned when I was teaching contract law in a lawyer degree program. That is, an additional position has side effects; It has some prestige and can give you access to commercial legal research that you may not otherwise be able to afford

4. Freelance – As I indicated earlier, freelancing for other lawyers is another quick cash option that most lawyers, including me, have already started. Freelance jobs can range from simple tasks like dumping or document reviews to drafting contracts or specialized work. You can find freelance work directly by connecting with other lawyers or joining platforms like lawclerk.legal. Freelance rates vary from $ 25 an hour to fifty percent of your billable rate (so $ 125 if your usual rate is $ 350).

5. Daylongs for Legal Adjacent – For me, one of the most fascinating concepts for quick money work is the "Daylong" for legal neighboring services such as blog posts, implementation of legal tech, cutting videos or setting up systems. In one day, you'd be tasked with taking the hands of a busy lawyer – like setting up document automation or developing a year-long Instagram campaign – and getting as much as possible done in one day. Daylongs work for other lawyers because they get their job done – but they are also great as a quick buck because they happen in a limited amount of time and don't stop you from getting on with your other work. Of course, you don't have to be a lawyer to offer a full day. However, if you have skills such as legal marketing or workflow systems, many lawyers would prefer to buy from another lawyer.

6. Selling Expertise – If you are an expert on topics like labor law or immigration, or a seasoned attorney, you can update the practice guides for Westlaw or grade exams. And since many legal technology companies automate processes, they may even be able to offer consulting-based services.

7. Sell Your Stuff: Don't overlook the opportunity to sell used furniture or clothing to help fund your legal practice. Websites for online sales abound – and getting rid of the old ones makes sense to pave the way for your new practice.

8. Not Legal – Some lawyers are now selling real estate, insurance, or jewelry. There's nothing wrong with that either, and it's another way of flexing those entrepreneurial muscles.

Bottom line: when you start out and need money to pay the bills, do whatever you can to get through. As long as you strategically think about the approaches you are taking to getting money in the door and avoiding an addiction to low-end work that doesn't lead you to your next goals, you will find that you can be fast in no time we have outgrown quick cash solutions.

By getthru

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