Increasing Profits for Your Law Firm

— by Victoria Ring

Problem: An attorney graduates from law school with knowledge of the law and how to interpret it; but they never learn the day to day operations of the law firm or how to market their practice.  That task used to be performed by law students, paralegals and legal secretaries. However, in the field of debtor bankruptcy, many attorneys are preparing their own petitions and marketing their own law firms.  In doing so, attorneys eliminate 90% of their overhead expenses and dramatically increase their profits.

But where does an attorney go to learn how to properly prepare a bankruptcy petition? There are many CLE courses for bankruptcy but none of them specifically address the Chapter 7 or 13 petition.  In the past, attorneys and paralegals had to learn either through trial and error (with the court) or by training through someone who had the experience.  But this type of training is not only inconsistent but it does not guarantee professional quality.  And without these two ingredients, the law firm for a bankruptcy attorney will lose profits and eventually collapse.

It is a known fact that if the bankruptcy petition is prepared correctly in the beginning, the entire case will process through the system with less complications. Additionally, potential problems can be addressed before filing; thus saving even more time and money.

REAL LIFE EXAMPLE

A law firm in Maryland was told by several of their attorney friends that preparing the bankruptcy petition paperwork was a piece of cake.  So, when a client came into the office with $4,000 in their hand wanting to file a Chapter 13 because of a foreclosure sale in 2 weeks, they promptly filed an emergency petition to save the home.

Typical example right?

Yes, but this is normally a bad decision.  It is a proven fact that if clients wait until the last minute to save their home, it is going to be extremely difficult and time-consuming to gather all the information needed to properly prepare the petition.  And when an Emergency (or Skeleton) petition is filed, the attorney only has 15 days to get the remaining schedules and Chapter 13 Plan filed.

When they run out of time, many attorneys are then forced to file an extension, which automatically causes the attorney to appear disorganized and unreliable. These negative feelings (that the court may form from this behavior) can have an effect on future cases the attorney may file.  Therefore, it is vitally important for the attorney to learn how to earn brownie-points with the court rather than create negativity from the beginning.

A SUGGESTED METHOD

When I set up new law firms and train new attorneys in paralegal-type operations, I always stress never to file an Emergency petition unless it is absolutely necessary and there are no other alternatives. Besides, when the debtor is aware they are on a deadline to save their home, they are more inclined to get the information the attorney needs to prepare the petition.  However, when an Emergency petition is filed, the client thinks everything is covered and they are not motivated to get the information needed as quickly.

Secondly, new attorneys need to realize that properly preparing a Chapter 7 or Chapter 13 is VERY DETAILED and a great deal of information is required (much like IRS tax returns.)  Without this information, the attorney will normally be filing several amendments to the schedules and a great deal of time will be lost; and time is money.

REFERENCES

If you would like to learn methods to save your bankruptcy law firm a great deal of time and money; and how to increase your profits, contact the author, Victoria Ring at:

http://www.victoria-ring.com
Email: victoriaring1958@gmail.com
Cell: 719-659-0743

Also, contact Karen Fairchild; a California bankruptcy who recently trained with Victoria. Her contact information is:

http://www.karenfairchild.com
Email: karen@karenfairchild.com

Or, enroll in My Bankruptcy School; the first online school specifically designed to train attorneys and their staff in the Chapter 7 and Chapter 13 bankruptcy petition. Visit:

http://www.mybankruptcyschool.com

We wish you the best of success.

 

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