Suviving the Economic Roller Coaster
With the economy being in such a tailspin, looks can sometimes be deceiving from a practitioner's view. While more clients may come to you with the need to file bankruptcy, it is not a good idea for you to prematurely break the bank in professional or personal spending.
Think about it - clients coming your way seeking to file bankruptcy are already having a tough time paying their bills. As the lawyer handling the bankruptcy proceeding, you are expecting to be paid for your services as well. Your clients might find this difficult to do in their current financial situation. Taking a realistic approach to this possible scenario means that you must continue to be vigilant in making good investments with firm dollars and in streamlining office procedures.
So before you hire new staff, take the extra vacation, or lease the new car, be aware that these decisions could come back to haunt you later. The name of the game is wise spending, not big spending. Your careful planning now will set the stage for greater returns later.
