If you are a consultant solicitor, there is one number that you absolutely must know and keep on top of every month. It is different from the number you were ruled by when you were a mere fee earner.
Remember what that number was that you needed to know every month when you were an employed fee earner?
Your billing total.
What would happen if you didn’t hit the target? Well, you might hear from the accounts department or your managing partner if you didn’t hit it.
I remember the days:
“Jervis, you are £5,000 short, get billing!”
“But I billed £20,000 over last month Anthony.”
“I don’t care. I need that £5,000 this month or else.”
Did you have the same managing partner as me?
Well, I have some good news for you now that you are a consultant.
Your billing target is absolutely, totally, irrelevant.
Don’t worry. I have not gone mad. I know that money makes the world go around.
The point I am making is that there is a much more important number that you absolutely must know and live by now that you are a consultant.
“How many files do you need to open every month?”
You see, if your average bill is £1,000 and you want to bill £12,000 a month, you know that you need 12 files every month to get this sum rolling in consistently.
Open 6 files and you will never hit this target. Open 15 and allow for some drop off and you will hit it.
What is your number?
Are you on target this month?
If you are one third through the month and 10 new files a month is your number, you must have opened 3 new files at least. Half way through, at least 5. Have you done so? If not, what are you going to do to make that happen?
Every consultant solicitor must know their number and they must live and die by it – because financially that is what is going to happen.
Know your number and set reminders every week to ensure that you are hitting it or preferably exceeding it.
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