Simple Ways for Lawyers to Save Money

Every few months I take a look at what I’m spending on my business and make every attempt to cut down expenses.  What I find fascinating is that almost every time I revisit the issue there’s something I can reduce.  Which ticks me off because I could have been saving that money for probably the last 6-12 months and just missed it.

But this is a live and learn topic.  So I’ll share with you some of the top 3 ways to cut your operating costs:

1. Negotiate.  Call up every software provider, landlord, subscription provider, malpractice insurance carrier, etc. and ask them what can be done to reduce your price.  You’ll get those that say you can’t (in which case it’s time to start shopping around), those that will just drop your price because you asked (which of course you follow up with by saying “is the best you can do?”), and those that will be able to do something but will also reduce the level of service or quality of product they are providing (which is often ok depending on your needs).
2. Only pay for what you use.  This includes office space, paralegal services, etc.  There is no need to keep a full-time office or a full-time paralegal if you are not getting more out of them than you are paying.  Seriously consider an a-la-carte life.   Now, I do maintain a full-time office because I just can’t work at home (not for too long at least) but let’s just say I don’t NEED a full-time office and you probably don’t either.  Yes, it may cost a bit more if you rent it hourly or daily but you’ll never be wasting money.
3. Live cheaper!  You do not need the Armani suit or the Mercedes so stop trying to look rich while living poor.  Sure you may be leasing the car and expensing it through your practice.  Guess what, much cheaper to do that with a Honda.  If you are a connoisseur of cars then fine, spend money on what you love.  But if you’re just trying to keep up with the Jones’ (attorney Jones’ that is) stop.  No point in being sexy if you’re broke.

Are you being cheap?  Nah, just frugal.  I’m not asking you to stiff your waiters on a tip or start giving Christmas gifts from Job-Lot.  I’m just telling you to make your operation lean so that it runs minimally while you enjoy life maximally.

Happy Savings!