The Revenue Focuser the key to maintain your profit in any economy Revenue Focuser Step-By-Step Instructional DVD Instruction Letter LWP Revenue Focuser Exercise Law Firm Efficiency Insights Legacy Building, Suite 202 555 French Rd. New Hartford, NY 13413 (877) 299-0326 info@lawyerswithpurpose.com www.lawyerswithpurpose.com
Welcome to the LWP Revenue Focuser, the key to maintain profitability in any economy. In one hour, you will discover: (1) The relationship between revenue, expenses, and profitability; (2) The core elements to create a profitable practice, identify and manage your expenses, and create the revenue necessary to be profitable. (3) How to determine the optimal level of expenses. You will calculate your monthly revenue goal, and determine what you really need to be profitable. We will show you how to get your team enrolled to identify and control your current expenses to an acceptable level. Identify what role each team member is responsible for that creates revenue for the firm. You will calculate the number of client appointments that you need monthly to reach your revenue goal. Implement a plan to achieve these goals, and walk away with a better understanding of how your firm generates revenue, and transition your practice into a successful business. The best way and highly recommended way to go through this training is to pretend that you have just paid $2,500.00 to have a consultant come to your firm, and begin to help you identify how to improve your efficiency and make you more profitable. Get real serious about your practice, schedule an uninterrupted 2 hours with your team together, and view the DVD, complete the activities, and answer and discuss the questions in the work book. Together you will change the way you look at your practice and support each other in creating a more profitable practice. You will find a variety of fill in the blank, true or false, and even some open answer questions. The work book is to support you in anchoring the concepts and creating an action plan to become more profitable. Fill in the blank answers and true and false answers come directly off the DVD. Open answers questions are for you to discuss with your team to identify actions to help you become more profitable.
Let s get started : start your DVD Chapter 1: Introduction 1. Today s program will enable you to create and. 2. Completing this exercise will help you discover how much money you need to, and how to generate the needed and the you will need to make sure it gets completed. Chapter 2: What you need to know 1. According to Michael Gerber, the problem with most small business owners is that they don t own a, they own a. 2. What is the fatal assumption? Why does Dave Zumpano say this causes most attorneys to fail? 3. What is the difference between variable expenses and fixed expenses? Why should you keep fixed expenses as low as possible? 4. What are your expenses? Identify if they are fixed or variable. (Ensure all your expenses were included in your overhead expenses figure.) 5. What is the #1 expense most attorneys forget to account for? 6. The revenue you generate is a function of what 3 key things? 1. 2. 3. 7. True/False - There is no recession in Medicaid Planning? What makes it true or false?
8. What is your current marketing message? Is it working? 9. Are you generating consistent referrals? 10. Do you own a job or a business? (Team members do not need to answer) Chapter 3: The Ground Rules for completing the activity 1. Complete the following checklist a. You have calculated your overhead b. You have identified what you would like to earn (Owner & Partners) c. All of your team is present and accounted for d. Everyone has a copy of the Revenue Focuser and Efficiency Insights form e. You have chosen a facilitator for the activity f. Everyone has completed Chapter 1, 2, & 3 on the DVD and workbook Chapter 4: The exercise 1. Are you confident you can each your revenue goal? 2. What are some potential obstacles that could cause you to not reach your revenue goal? 3. Was the firm efficiency percentage what you expected? Why? Chapter 5: The Conclusion 1. What are the biggest challenges facing your business today? 2. What is the next step your firm is taking to improve the efficiency and profitability?
Congratulations on completing the LWP Revenue Focuser program. LWP has the training, tools and systems to help you become the finest practice in your market. Start distinguishing yourself from the commodity market, ensure your message gets heard, and provide clients the options to solve their needs. To learn more about LWP or complete your complementary Law Practice Profile, visit www.lawyerswithpurpose.com. Identify your blind spots that keep you from success.
LWP Law Firm Revenue Focuser - sample What do I need: How much revenue do I need per month? Monthly Overhead (rent, staff, subscriptions, memberships, etc.) How much do I want to earn per month? Total revenue needed per month? What do Clients Pay me For? Time spent with client or without Time needed per fee Revenue Source Meeting 1 Meeting 2 Meeting 3 Meeting 4 Meeting 5 Attorney Staff Atty. Staff Atty. Staff Atty. Staff Atty. Staff Atty. Staff Base Will 1.5 0.5 1.0 1.0 1.0 1.0 3.5 2.5 Enhanced Will 2.0 0.5 1.5 1.0 0.5 0.5 1.0 0.5 0.5 1.0 5.5 3.5 RLT 2.5 0.5 2.5 1.5 1.0 1.0 2.0 1.0 0.5 1.0 8.5 5.0 ipug Planning 3.0 0.5 2.5 2.0 1.0 1.0 2.0 0.5 0.5 1.0 9.0 5.0 Medicaid Qualification and Application How to Generate Revenue Needed 1.5 1.5 0.5 2.0 0.5 2.0 2.0 0.5 1.0 2.0 5.5 8.0 (1) (2) (3) (4) (2) x (3) Revenue Source Average Fee # Needed/ month for goal (5) (6) (3) x (5) Total Revenue Time Per Fee Total Time Needed Attorney Staff Attorney Staff Base Will 795.00 4 3,180 3.5 2.5 14 10 Enhanced Will 1,595.00 1 1,595 5.5 3.5 5.5 3.5 RLT 3,500.00 1 3,500 8.5 5.0 8.5 5.0 ipug Planning 6,500.00 2 13,000 9.0 5.0 18 10 Medicaid Qualification and Application Time Spent by Office (attorneys - be honest) 3,500.00 1 3,500 5.5 8.0 5.5 8.0 Monthly Totals 24,775.00 32 24 51.5 36.5 Day Mon Tues Wed Thurs Fri Sat Sun Total Hours Worked Per Week Total Atty. Hours Total Staff Hours Total Hours Worked per Month (week x 4.33) 10 10 10 10 10 8 4 52 225 7 7 7 7 7 35 151.5 Efficiency Factor- How efficient are you with your time to generate revenue? (1)* (2)* (3) (4) Hours needed per month to generate Revenue Hours Worked Per Month Efficiency Percentage by type (1) + (2) Efficiency % firm [1(A) + 1(B)] + [2(A) + 2(B)] Attorney (A) Staff (B) Attorney (A) Staff (B) Attorney Staff Firm 51.5 36.5 225 151.5 22.8% 24% 23.4%
LWP Law Firm Revenue Focuser What do I need: How much revenue do I need per month? Monthly Overhead (rent, staff, subscriptions, memberships, etc.) How much do I want to earn per month? Total revenue needed per month? What do Clients Pay me For? Time spent with client or without Time needed per fee Revenue Source Meeting 1 Meeting 2 Meeting 3 Meeting 4 Meeting 5 Attorney Staff Atty. Staff Atty. Staff Atty. Staff Atty. Staff Atty. Staff How to Generate Revenue Needed (1) (2) (3) (4) (2) x (3) Revenue Source Average Fee # Needed/ month for goal (5) (6) (3) x (5) Total Revenue Time Per Fee Total Time Needed Attorney Staff Attorney Staff Monthly Totals Time Spent by Office (attorneys - be honest!) Day Mon Tues Wed Thurs Fri Sat Sun Total Hours Worked Per Week Total Atty. Hours Total Staff Hours Total Hours Worked per Month (week x 4.33) Efficiency Factor- How efficient are you with your time to generate revenue? (1)* (2)* (3) (4) Hours needed per month to generate Revenue Hours Worked Per Month Efficiency Percentage by type (1) + (2) Efficiency % firm [1(A) + 1(B)] + [2(A) + 2(B)] Attorney (A) Staff (B) Attorney (A) Staff (B) Attorney Staff Firm
Law Firm Efficiency Insights Discuss as a Group What did I learn about... 1. My revenue sources? 2. The time it takes to do each revenue source? 3. How many I need to reach my target revenue. 4. My current efficiency Each Person Answer separately What stands out from this is / What I m excited about is :
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