Money Matters: You are Your Most Valuable Asset

In these tough times it's hard not to become despondent when the phone isn't ringing with the promise of new clients. Cash flow, during lean times, can make or break a new practice. It's important to remember, then, that you are the most important resource that you've got. So there are plenty of other ways to bring in money during any lulls in new client business.

Picking up a part-time job is one of the most obvious routes to earning additional income. A specialized degree (i.e. your J.D.) can add to your marketability, depending on the type of part-time work you're looking for. Some lawyers take a part-time job in the restaurant service industry. This can actually lead to excellent networking opportunities. Likewise, picking up a part-time job tutoring students now may lead to becoming an adjunct professor later on in your career.

You can also explore the possibility of picking up contract work from other attorneys. In states where the economic crunch is also affecting the judicial system, court dockets are jam packed and hearing dates are hard to come by. So you take whatever dates/times you can get. As I mentioned in an earlier post, I covered a hearing for a friend who needed to be in two courtrooms at the same time. Providing hearing coverage or other contract work, for a reasonable rate, can lead to steady work and supplement your income.

These are just some of the ways that you can make the best use of yourself as an asset to your practice. It may not be "sexy" or glamorous, but finding a practical solution to the cash flow dilemma can determine whether you are able to keep your doors open.