Announcing Money Health Central

money health centralHave you ever looked at the sorry state of personal finance information out there?

Books written by people with absolutely no experience or credentials shoot to the top of the bestseller lists.  Blogs purporting to help solve personal finance problems churn out nothing more than endless streams of coupon codes and affiliate marketing offers.  There’s no end to the crap that consumers get shoveled at them, yet they eat it up.

It’s like the diet industry.  All the late-night informercials are selling pills that do nothing, yet Americans run to their phones at 3am and beg for overnight shipping.  We all know it’s al illusion, yet we buy into it over and over again.

Over the course of approximately 15 years I’ve had the privilege of meeting thousands of people who are over their heads in debt. For many, bankruptcy has been a welcome means of obtaining relief from their debt problems. For others, the federal laws have offered no help.

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4 Tips For Marketing Your Bankruptcy Practice With Craigslist

Marketing your bankruptcy practice is never easy, online or offline.  No matter what the world thinks, our margins are small when it comes to operating our law firms.  Every dollar out must have a positive impact on the bottom line or it’s wasted.

In the past I’ve talked about using Craigslist for legal marketing purposes, and it seems as if it’s a hot topic.  Given the fact that there’s so much competition in the field right now, this is a good time to revisit the zero-cost marketing game that is Craigslist.

Here, then are my 4 Tips For Marketing Your Bankruptcy Practice With Craigslist:

1.  Choose Your Headlines Wisely. In reviewing the ads showing up at the top of the section today, you can easily see that none of the headlines really grab you by the throat and force you to take notice:

Craigslist Headlines

In fact … well, there are no headlines.  Huge mistake.

Remember, people who read ads scan them for what looks the most interesting.  You need to ask a provocative question, tantalize the reader, or make a bold promise that will encourage them to click on the ad.  If they don’t click, they don’t call.  Period.

2.  Format Your Ads For Greater Effect. Sure, you can use Craigslist as a purely text-based medium.  In fact, it’s just like the old classified ads that lawyers used to buy in the newspapers and Pennysaver papers.  But did you know you can easily use a graphic ad for your Craigslist posting?  Check this one out:

Marketing A Bankruptcy Law Office With Craigslist

The ad could be improved but the fact remains that this one is a heck of a lot more effective than a straight text ad, seen here:

Boston Bankruptcy Lawyer On Craigslist

Does this ad work?  I’m not sure (I don’t know the lawyer who posted it) but I’m going to guess that it’s not nearly as effective as what the first firm did.  Just think – for a few hundred dollars you could get yourself not one, but a number of professionally-designed graphic ads to really make your firm stand out.

3.  Remember that it’s not about you. As with any type of legal marketing, the focus should always be on the prospective client.  Most lawyers suffer from an overabundance of “I” and “we” – and that fails to answer the key question of, “What’s in it for me?”  Phrase your ad in a way that answers this critical question for greater effectiveness.

4.  Make A Non-Threatening Call To Action. Your prospective clients want nothing less than to come to your office to talk about bankruptcy.  Going to a lawyer is scary, and making a bankruptcy consultation appointment isn’t going to happen until they actually make a decision to file.  Craigslist visitors tend to be more in the information-gathering phase, so a call to action that involves a lead generation piece is going to be most effective.

Have you advertised on Craigslist for your bankruptcy practice?  What’s worked for you?  Sound off in the comments below!

Managing The Bankruptcy Practice – Does It Scale?

Managing A Bankruptcy Law Firm

When you’re setting out to manage your law firm, the one thing you need to ask is whether a particular process or procedure scales.  That is, whether the management process you put in place today will still be valid when you’re pushing out 30, 40, 50 or more cases each month.  Whether your Chapter 13 case management procedures will still work if you’re doing more above-median income cases (or below-median ones, as the case may be).

For most bankruptcy lawyers, the answer would be a resounding no – their case management system doesn’t exist because they don’t see a need for it to do so.  And that’s something that spells potential ruin for your ability to manage your bankruptcy practice as it grows.

When I first started practicing bankruptcy law my case management system was … somewhat extreme in the eyes of the casual onlooker.  I instituted a (then) complex filing system with file numbers for all client matters, colored subfolders and forms for action items (mind you, this was before everything could be managed online).  My intern (yes, I had an intern even before I had a lot of clients) thought I’d lost my mind – why do so much work if there were only four clients in the entire office?

My logic, however, was simple.  If I put the system together before I needed it, it would function when I did need it.

Three years later I was working on 30 bankruptcy cases a month and there was no early way for me to remember everything I needed to recall.  The crush of information was too great.  But with my system, all went smoothly.

So here’s the thing – when you look at a file, ask yourself whether you can possible remember every aspect of it when you’ve got 100 or more just like it.  If the answer is no (and it will be), you need to formulate a way to document the nuances.  Intake documents, checklists, cross-referencing and tagging play an important role in keeping the system scalable.

We each have our way of organizing our thoughts, so yours will likely be different from anyone else’s system.  Regardless, you need to take action now – before things get out of control.

Photo courtesy of picknjim.

Toggl: Track Your Billable Time Easily (And Free!)

Managing a bankruptcy law office requires the ability to keep track of where time is being spent, by whom, and on which matters. For many bankruptcy lawyers, however, time tracking is costly and difficult. There are a bunch of programs out there to help lawyers track time, but they’re all cumbersome and cost money.

You already know I hate to spend money unless it’s for an awesome reason.

About two years ago I was looking for a simple and quick way to track my time.  I didn’t feel like shelling out a bunch of money for a full-featured case management system (I was using Basecamp at the time for my case management, and it didn’t have a real-time application), and even a program like Time And Chaos seemed like overkill.

All I wanted was something I could click to start and click to stop.  I wanted to get reports showing my progress, and I wanted to be able to print out a PDF for my fee applications.  It had to be free, too.

Too much to ask, I thought.  Then I found Toggl.  And over two years later, it’s better than ever.

Toggl is an online time tracker that tracks the number of billable hours you spend on a client project.  In real-time.

Once you register (for free), create a new project for a new client, and “toggl” the on button. Toggl starts tracking the time spent in real-time, right in the web browser.  You can even download an application to your Mac or PC and the data will automatically sync with the web server. Hit stop when you’re done.

Toggl will put together reports – PDF or CSV – for invoicing your clients.  Beyond that, the system lets you look at your time in graphical format.  How much time you’ve billed each day, week, month, etc.  Which days were most productive, least, and stuff like that.

Bottom line?  It’s awesome.

The application is free for up to 5 timekeepers on your team, and the cost is modest for bigger groups.  So go check it out and see if it suits your needs.

Remodeling The Bankruptcy Law Practice

Managing a bankruptcy practice is hard work.  You’re working with clients, bringing in new business, and doing the heavy lifting.  Starting a bankruptcy practice is also difficult, and for different reasons.  But what if you need to start a bankruptcy practice while managing the existing one?  In other word, re-creating a law firm from within?

I’m in the process of arranging to have some work done in my apartment.  We moved in about 12 years ago at a time when we really had no business getting a mortgage in the first place.  With little money behind us and just starting out, my wife (then girlfriend) and I opted to take the place as-is.  And though it was decent enough at the time, the years have taken their toll on our corner of the world.

Specifically, the wood floors need to be re-done.  12 years and a dog have conspired against out (once) lovely floor.  Now it looks like something out of a haunted house.  No choice, we need to get the floors sanded and polished.

Suddenly our lives are turned inside out.  Boxes to be packed, stuff to be moved around, dust curtains to be installed.

But life will go on.  It will be inconvenient but we know that once it’s all done we won’t have to worry about dodging splinters when we walk through the living room.

I always talk about new marketing and practice management ideas for the law firm; most of it comes from running a profitable bankruptcy law firm, which is my perspective as a consumer bankruptcy lawyer.  But how do you implement new ideas and strategies without destroying what may otherwise be a fully-functioning practice?

It’s a question I’ve been thinking about quite a bit lately.  After all, most bankruptcy lawyers are solos or in small firms and don’t have the luxury of ripping out half the practice at a time and leaving the rest undisturbed.  If you’re shutting down, you’re done.  With the transactional nature of consumer bankruptcy work, that’s not an option.

Change needs to come in small bits and pieces, not all at once.  Want to go to an electronic faxing method, scrapping the fax machine entirely?  Open the new account with MaxEMail (my preferred vendor), eFax, or whatever service you choose.  Test it out for a week by forwarding your existing fax number.  Then, after you’ve made sure it works, you can start giving out the new number to clients.  Keep the old one forwarding for a year; then you can disconnect it.

Employees taking too much time off?  Need new policies?  Draft up the manual and pass it around for review and comments.  Let it sink in for a few weeks.  Then, after you’ve made sure everyone’s seen it, announce an effective date a month int the future.  Announce the date and send out periodic emails to staffers to remind them.

Thinking about a virtual assistant to help with the bankruptcy petition drafting?  Find someone you like, train them and give them one petition.  Just one.  Review it, file it, and then give them a second to handle.  Don’t fire your existing paralegal until the virtual assistant has done enough for you to know that he or she is reliable and capable.

See, it’s all a question of transition.  If you make these enormous and jarring changes they’re bound to backfire on you.  You don’t need to move out of the house to get the floors refinished, you can do it room by room.  It takes more time to get done, but you won’t need to worry about being homeless.  The rest of the house will continue to chug along even while the work continues.

Photo courtesy of isnoop.
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