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What are common mistakes people make with their money in the law industry?
#business-law #corporate-law #law
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Mike’s Answer
The answer below is really good. I also know from personal experience that a lot of money spent on online marketing is extremely ineffective (and it's very expensive, especially in large markets), and I would never rent a "real" office at this point - you can always do a virtual office and rent conference rooms as needed.
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Andy’s Answer
Lawyers or clients? For both, spending money before they've made it. While salaries can be large, so can debts. Salaries hit a ceiling, debts don't. (Be very aware that even your most high profile clients can declare bankruptcy). [And though I know endless people will rebut, think of how far some debtors have gotten and you'll grasp my point].
However, it's a fine line when purchasing knickknacks and nonsense of any variety to give appearances, while struggling. It sounds idiotic from outside, but when in that atmosphere of buying rounds (everyone does it, your turn now, what do you mean you won't pay?!), buying good clothes (we all wear these brands here, keeps up an appearance, and better not see that tired blazer on Monday), easy to run into snags. For everyone thinking 'Well, I won't go, problem solved'..."Gerald's too cheap to come to a night out. He never was a team player. Or good.' (Everything will fall under scrutiny). "Amy's not here, surprise, surprise. Better than last board meeting. Fire her?"
However, it's a fine line when purchasing knickknacks and nonsense of any variety to give appearances, while struggling. It sounds idiotic from outside, but when in that atmosphere of buying rounds (everyone does it, your turn now, what do you mean you won't pay?!), buying good clothes (we all wear these brands here, keeps up an appearance, and better not see that tired blazer on Monday), easy to run into snags. For everyone thinking 'Well, I won't go, problem solved'..."Gerald's too cheap to come to a night out. He never was a team player. Or good.' (Everything will fall under scrutiny). "Amy's not here, surprise, surprise. Better than last board meeting. Fire her?"