protecting estate planning law firm during coronavirus ... · articles, videos and websites that...

Protecting Your Estate Planning Law Firm During the Coronavirus PandemicPresented by Steve Riley, Attorney and Practice Advisor

Attorney & Practice Advisor

STEVE RILEYwww.atticusadvantage.com

Steve helps attorneys grow their practices. He has a way of helping attorneys who might be “stuck” and guide them through a process of self-discovery and major breakthroughs.

Steve is a shareholder in Atticus, the largest practice management company working with solo and small law firm owners. He created the Practice Growth Program™, the Dominate Your Market™ program, and the “Double Your Revenue” ™ workshop. Prior to joining Atticus, Steve built and sold his own law practice.

He has written seven books, won a national award for practice innovation, and written a national column on practice management.

Participate

Pencil & paper at the ready

Take lots of notes

This session is interactive, so prepare to unmute if necessary

#GrowWithAtticus AtticusAdvantage.com

INTENTIONWe have three goals:

1. Create a readiness plan to support/protect you, your staff and your clients.

2. Position your estate planning law firm as the market leader in providing powerful resources and solutions for your clients.

3. Review 7 key strategies


Your Leadership MattersIn a crisis, your team will look for your guidance more than ever.

It’s your job to calm them, help them be responsive and lead them to the other side of this crisis.

Take care of yourself so that you can lead your team in a rational, reasonable way.#GrowWithAtticus AtticusAdvantage.com

Every Crisis Conceals an Opportunity

Hidden in this crisis will be challenges that produce breakthroughs which will propel you, your team and your firm to new heights.


The Stockdale Paradox

“You must never confuse faith that you will prevail in the end‐which you can never afford to lose‐with the discipline to confront the most brutal facts of your current reality, whatever they might be.”

Admiral Jim Stockdale

#GrowWithAtticus

What Can We Do Right Now?


Strategy 1: 90 Day Game PlanSurvive to Thrive


Think in a 90‐day window‐July 1, 2020‐July 4th weekend party

• Create a 90‐day game plan.• Cash flow is critical.• Managing yourself and your team. • Go tactical vs. strategic.• Cash will tighten up, and difficult decisions will need to be made.• There will be breakthroughs in how you do business, so pay attention.


As a Leader/Manager

1. Think tactical vs. strategic 2. Share a 90‐day game plan.3. Keep yourself and team.

focused on day‐to‐day or at most week‐to‐week goals.

4. If you are working on projects, break them down into weekly actions vs. 30 days.

Managing Productivity Remotely• Daily Focus is Critical – Count on

your team's focus being pulled by family commitments, stress, and not knowing how to work from home. You and Team!

• Daily “huddles” – 15‐minute meeting in the morning, mid‐day, and end of day. What are we going to accomplish today? Win? Share productivity tips.

• Grace and Patience

#GrowWithAtticus

Strategy 2: Maximize Your WIP


Triage Cases ‐Work In Progress (WIP)Cases that need immediate attention due to statute of limitations or other pending deadlines (hearings, trials are being rescheduled)

Cases that are settled and can drive cash right away

Cases that will need attention in the coming month to 6 weeks

Cases that can be put on the back burner for now


Prospectsin Process

• Don’t cancel anything!• Cancelling is a bad. If necessary,

reschedule and postpone. Train your team now. Nothing cancels!!

• Offer virtual meetings, and designs

• Use Zoom, JoinMe, Microsoft Teams. Whatever works for you (and is free or cheap, for now).

Strategy 3: Protect Your Cash Flow


Average Assets of an EP Firm

• Lines of Credit• Credit cards• Prospects in the Pipeline

(realistic vs. hoped)• Cash on hand• A/R outstanding• A/R in Trust account• Work in process (WIP)‐sometimes

collected, sometimes collected (liability for us if paid, need to complete the work).

Cash Flow & Financial Planning

Prioritize Know the trigger points for making cuts and where you can make them.

Establish Establish a cash flow projection system and monitor bi‐weekly.

Prepare Prepare an austerity plan in the event of a long term slow down.

Preserve Preserve cash – draw down credit lines and move money to separate bank.

Assess Assess essential and non‐essential expenses.Start reducing non‐essential expenses now.


Your Financial Cushion ‐ Today to July 1, 2020

Funds in Operating Account

(after essential expenses) = $ _____

Funds in emerg., profit accounts, war chest, and

WIP$ _____

Funds that can be immediately earned out of Trust Account

$ ____

Funds available through any Lines of Credit

To assess your ability to operate at capacity in the future, add up:

Where can I find other help:

Tax Relief Prove it or lose it! Track and document expenses related to the COVID‐19

Employees Emergency Family Care and Medical Leave Act (Kicks in April 2nd)

Federal Tax Credits for Paid Sick Leave (https://www.irs.gov/coronavirus)

State Emergency Relief Loans

BanksCredit Lines, emergency relief loans (60 months, at prime, no fee, no payments for 12 months.)


Strategy 4: Your Team


Your Team

Most of you will want and need to preserve your team. How long many months can you afford to pay them?

Downsizing levels depend on financial cushion, ability to borrow, healthiness of WIP, not being over‐staffed, ability to negotiate lease and reduce other fixed expenses

Protect & Maximize Your TalentIf you want to preserve your team, be aware that many of them lack a financial cushion and may be one or two paychecks from a financial disaster.• Consider no‐interest loans.• Keep an eye on the economic relief

packages now being discussed by government officials.

• Be straight. If there is a pending layoff, give them the opportunity to prepare.


Brutal Truth‐Prioritize Talent if Cuts are Necessary• Unique‐Irreplaceable and exceptionally

difficult• Great talent that produces/collects

revenue‐profitable • Talent that is good but the position is

easily replaced…when the slowdown lifts

• Talent that is mediocre or inefficient‐furlough or better yet, fire now.


Strategy 5: Getting New Clients


Marketing is MarketingMarketing may be a little different given the social distancing restrictions, but it’s still about people, maintaining rapport, strengthening relationships, and creating top‐of‐mind‐awareness (TOMA).

It’s about staying focused and disciplined actions.#GrowWithAtticus AtticusAdvantage.com

Educate, Inform, and Reassure Staff, Clients, Referral Sources

Using email, social media, blogs, webinars or the phone, continue to let each community know that you are on top of the situation. Communicate with confidence and empathy for their fear, concerns or frustrations.

Provide each community with value.

Tell them three things you are doing right now to help them.


And, Who Do We Market To?

CLIENTS PAST CLIENTS REFERRAL SOURCES (TOP TWENTY)

VENDORS


Client Communications:Call or send a personal email to all of your current clients:

1. Acknowledge that even during the current situation you are on top of their case/file.

2. Reassure the client their case, matter, or file is of the upmost importance and it will be handled with a minimum of interruption.

3. Explain how to best contact the firm and where to look for general updates (i.e., your firm’s social media pages).


Estate Planning UpdateIn Light of the Uncertainty Caused by Coronavirus

March 20, 2020

Experiment with Alternative Intake Methods

• E‐sign ups • Mobile signups• Drive up signups• Video signups


Add ValueFind three things you could do right now that would add value to your clients:

1. Alerts on government programs as they become available.

2. Remote or E‐signing for documents.

3. Flexible hours to accommodate their abnormal work hours.

4. A virtual seminar (webinar) on issues that might impact them.

5. Guides on working for home or childcare ideas.


Referral SourcesPull out your Top 100 or Top 20 List and make it a point to connect with all of them personally.

• Use drive time calling• Block out a half hour each day• Ask how you can support them• Have a collaborative call to action:

“Can we write an article together?” Or “Let’s help our clients by holding a joint webinar.”


Focus on Your Social Media PlatformsWhat can you do to improve your social media presence? Follow this formula:

• 20% Firm Updates: Post updates on how you can be contacted, revised firm hours, new intake procedures or payment plans

• 50% Client Resources: Be sure to post links to articles, videos and websites that your clients will find helpful or inspirational

• 30% Shine the Spotlight: Highlight referral sources, team members, health care workers, etc.

Ensure that you have a social media policy – no posts about the firm, cases, or coronavirus jokes.


Work on Your Marketing Infrastructure:• Improve your website in both content and SEO standings

• Update your Avvo profile• Boost testimonials. Two apps may help:• Birdeye• RevenueJump

• Start a pod cast or blog• Set up a YouTube channel• Train your marketing assistant


Create a Crisis‐Related VideoProduce a video that overlays your home page and communicates to clients old and new that:1. Reassures existing clients by

describing how the firm is operating under these special conditions

2. Welcomes new clients and describes the current intake procedure

3. Promises all that the firm will minimize business disruptions as much as possible


Strategy 6: Your New Virtual Law Firm


Working Remotely• If not already remote, set up everyone’s laptop

with the appropriate level of access now and conduct needed training in case they have towork remotely. Have each department work from home for a couple of days.

• If not remote yet, have team members take laptops home every night in case a team member reports an exposure and the firm has toshut down quickly

• Remote Work – Telecommuting Policy (equipment liability, home workspace, hours of work, injuries, IP, expenses, etc.)


Protect Your FilesTeam members may take hardcopy files home (try to scan as much as possible ahead of time). If they do, they should:

1. Protect documents – family members, roommates, etc., should not be able to see anything sensitive. Lock them up.

2. Be careful when printing out materials (don’t leave them on the printer).

3. Be careful leaving sensitive information open on the computer screen.


Technology & Cyber HygieneSecurity and liability

1. Liability insurance won’t cover problems that occur due to team using private laptops. They must be firm owned.

2. To be covered, these laptops must be equipped with appropriate firm software, encryption capabilities, firewalls and password protections with different levels of access for different people.

3. Be careful of team using wi‐fi in locations where others may be able to sign on easily and access your data. Make sure wi‐fi is password protected –make the passwords difficult.


Strategy 7: Little Help From Your Friends


Solos: Backup Attorney

Solos should have a designated backup attorney if they fall ill to protect them and their clients:• They should have access to client files and

information in the event of your unplanned absence.

• Business DPOA with a friend you trust!

• They should have authorization to review files and determine which clients need immediate attention.


Stay Informed:Specific Response Plans:• Preparing Your Firm Should the Coronavirus Impact Your Community (March 17)

• Protecting Your Family Law Firm During the Coronavirus Pandemic (March 19)

• Technology and Tips to Run a Secure Practice Remotely (March 19)

• Protecting Your Marketing Pipeline& Preparing for the Deferred Demand (March 24)

• Protecting Your Personal Injury or Litigation Law Firm During the Coronavirus Epidemic (March 25)

• Preserving Cash Flow in an Economic Slowdown (March 26)

atticusadvantage.com/what‐we‐do/webinars


Stay Connected:Atticus Social Media:Facebookfacebook.com/atticusadvantage/LinkedInlinkedin.com/company/atticus‐advantage/[email protected]/user/AtticusCoach


Stay Informed:Coronavirus Law Firm Response:

• Check our Facebook, Twitter, LinkedIn Pages and use your community’s expertise

• Coronavirus Preparedness Hotline – Daily9‐10 am EST*

Dial‐In: 813.769.0500

Access Code: 482‐879‐295#If you can’t make the call, email [email protected] a practice advisor will contact you ASAP.


Crisis Creates Opportunity• It gives you the ability to shed light

on unproductive staff members and pick up some great talent

• Co‐counsel on cases for firms that aren’t set up well to work remotely.

• Buy out or take over an older attorney’s practice for whom this is “the last straw” and will use this crisis as a signal to retire (bankruptcy).


Final Thoughts and Questions


QUESTIONSTo ask a question, there are two methods:

1. Use the chat function on your GoToWebinar dashboard to send a message to the event organizer. If you would like your question to remain anonymous, indicate so in your message.

2. Click the hand icon to indicate you have a question or comment, and we’ll call on you. When we do, we will “unmute” you so that you can be heard.


5‐Minute Action Plan

Make a plan – Take 5 minutes to list three actions you can do in the next two weeks.

Accountability – Send your action list to your Practice Advisor or Resource Advisor by end of day today.


Thank [email protected]


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