LAW FIRMS: DON’T LET COVID-19 STOP YOU FROM GETTING YOUR TRUE WORTH

There was never a better time!

I really didn’t want to jump on the band wagon and talk about COVID-19. I do not want to appear sensationalist and certainly believe that we all have a responsibility to look after ourselves and, as a result, each other, by following medical advice.

As I sat musing this, taking best advice and putting it into action, it brought me to a realisation. This was backed by a couple of conversations with leaders in law firms where we discussed how to ensure that they were going to continue to get their true worth, despite challenging conditions and when the pressure is on to deliver work, continue to bill and to collect cash to run the business.

COVID-19 probably won’t kill you yet ….

One of the potential hazards of living through a ‘crisis’ as this seems to have turned into, is that fear is rife. When vast quantities of fear are being pumped out into the atmosphere, it spreads like wildfire.

So, if you are feeling fearful, it is likely to lead to decision-making and behaviours that are fear-based, which means that you run the risk of killing your business.

In addition, if you as the decision-maker is fearful, then it’s more than probable that your staff will be too. Your staff need to see fearless, compassionate, leadership.

You have a duty of care to staff and your business to set the course to steer through the challenging circumstances. It’s important to take steps to ensure that your business continues to run effectively and of course profitably. If that means remote-working, then embrace it.

One of the challenges will then be monitoring how your staff are both in terms of mood (well-being), productivity and fee-earning.

In respect of the last point above, when it comes to fee-earners, particularly those who are already prone to under-estimating, discounting unnecessarily and over-servicing clients, unchecked or uncorrected, in this current climate and with remote-working on top of it, this behaviour is only likely to continue or worsen.

Apologies if I sound like a harbinger of more bad news, because that is not my intention.

So what can you do to mitigate these circumstances?

Stay cool, calm and collected.
Make rational decisions based on logic, not fear.
Ensure regular communication with staff to keep them up-dated, engaged and feeling valued. Peter Gill, Managing Director of Engage Solutions Group can help with this. https://www.linkedin.com/in/petergill911/
Consider using this time as an opportunity to bring in remote-training to your fee-earners to ensure that they are able to maximise their fees, while continuing to create real value for their clients or on-line motivational talks to uplift and inspire staff. (I can certainly help with both of these.)

People and businesses still need your services and some areas of law may be busier than usual, such as employment law.

This is not a time to devalue yourselves and reduce your fees.

This is a time to stay strong, calm and charge what you’re worth.

I’m Vanessa Ugatti, author of Amazon Best Seller, True Worth: How to Charge What You’re Worth and Get It. I help accountants, lawyers and consultants to generate more income, have more time and create more freedom without having to get more clients, do more work or compromise value or values.

Ready to talk?

For an initial no-obligation chat, call 00-44-1202-743961 or to order your complimentary copy of Amazon Best Seller click here

1)   Plan your Christmas tasks so you have plenty of time and stick to them. It reminds me of that old age: “If you fail to plan, you plan to fail.”

2)   Have a budget for what you’re spending on gifts, food, etc. and stick to it. What’s the point of over-spending if it means you spending the next 3 months catching up?

3)   Programme in short bursts of “you time” so you can rest and recuperate. This is critical and, paradoxically, the busier you are, the more important it is for you to do this. When working with clients, I see the tendency to move from one task to another, like an automaton, and without giving themselves the time to think, acknowledge wins or rest.

4)   Keep a positive mental attitude. Not much more to say on this one, except that it will be easier to achieve if you apply points 1-3 and 5-8.

5)   Don’t take it all too seriously!

6)   When buying gifts, it’s not how much you spend, it’s how much thought goes   into them and how you feel when you buy them that counts. If you’re feeling stressed and buy something expensive in a rush, then the receiver is receiving your stress. On the other hand, if you buy gifts when you’re feeling relaxed and happy, then the recipients will receive that energy.

Which do you think they will prefer?

7)   When you notice the stress creeping in, stop, take a deep breath and feel grateful for everything and everyone in your life. This only takes a few minutes to do and yet the benefit can be proportionally much greater.

8)   If you have lost loved ones, it’s normal to feel sad that they’re no longer with you. I can personally relate to that one! Then you can flip it around and be grateful that they were a part of your life. Then focus on what you’re grateful for now. You may not always choose the circumstances in which you find yourself, however, you are always at liberty to choose what you think about them. Understanding and realising that is true power.

9)   If all else fails, just get drunk! 
When all the jobs are done, you can just relax and enjoy yourself. Then when you’re ready, reflect on the wins, challenges and insights that 2017 brought you and prepare for the coming year.
Thank you for reading and for your comments and I look forward to sharing more with you in 2018.
It only remains for me to wish you the happiest Christmas and a very prosperous 2018.