Business Guides

The Business of Law: How do Law Firms Actually Make Money?

The world of law is a seemingly confusing and cut-throat world. Lawyers are known for being cold, ruthless, and calculating. Because they have to be. In a courtroom, there is little room for error. Especially when you hold another individual’s fate in your hand.

Aside from being a tough field to work in, is it also a very lucrative field. The common image of lawyers is them on the top floor of a skyscraper, sitting in a massive corner office decorated with luxurious ornaments and a decanter filled with the finest scotch.

Shows like Suits definitely play into this idea, glamorizing the field of law and those who practice it. But a common question that we see circulating is this: How do Law Firms actually make so much money?

There are a number of different methods that a law firm uses to turn a profit, and a lot of them are very lucrative. So we are going to dive into each and break it down for you.

 

Investors

The quickest method for any law firm to get a large injection of funds is by securing investors. These investors are non-lawyers who simply want to earn a cut of the firm’s profits for themselves, without doing any legal work.

Like any company, investors buy a percentage of the firm, meaning they are partly an owner. A lot of smaller law-firms will go through the investor route to make sure they still regain control over their firm while still bringing in investor funding.

But what about lawyers who invest in a firm?

 

Partners

If you have watched any legal TV show, you will have heard this term a lot. Partners. Ever notice how most law firms’ names are a collection of the head lawyers’ names? That is what being a partner gets you.

Similar to investing, a partner gets a significant stake in the firm. They become part owners. And with it, their name gets put on the sign. In the legal world, this is a huge mark of honor and status.

But becoming a partner isn’t easy. A random lawyer cant walk into a firm and simply become a partner. Firstly, they have to be invited by the other firm partners and investors. This is why becoming a partner is so important for lawyers, it essentially means you have reached the top of your firm.

But you have to pay. Becoming a partner involves putting up a considerable investment. This amount is significant, reflecting the change in salary and power that lawyers will get with their new position.

This brings in a new wave of funds for the firm, covering their expenditures and allowing them to keep functioning. This doesn’t happen often, so it isn’t a law firm’s main source of income.

 

Retainers

There are generally two types of law firms. Those that operate on a case by case basis. And those that work on retainer. A retainer is, simply put, a massive down payment made by a client for legal services.

Much like hiring a car for a week, a retainer is paid upon signing to a law firm and it means that the firm works for you. Any charges you incur from their services are deducted from your retainer.

This is a favorable method of income for a lot of firms. It provides the firm with a solid cash injection all at once. And for a lot of clients, such as massive corporations or powerful celebrities, they will blow through their retainer quickly and continually top it up, providing a constant source of income for the firm.

 

Cases

This is the most common and well-known method for a law firm to make money. Legal fees. When you hire a lawyer from firms like Boise DUI you are paying for their legal services. Most people assume you have to have a lawyer represent you in court, but this isn’t true. You are allowed to represent yourself. This is how lawyers get away with charging a premium.

A lot of firms operating on the public level will offer what is called ‘No-Win No-Fee’ which essentially means you don’t pay them anything unless you win the case. When that happens, they often take a percentage of your pay-out from the case.

A lot of firms adopt this method as it brings in a lot of clients who need help but can’t afford it. It also puts their firm in a positive light, which is a fantastic marketing strategy.

As a side note, not all lawyers will work for a private firm. Some will work for companies directly, in their legal department. And others will work for the state.

You will have seen in most TV shows when someone is assigned a lawyer for their case, or the district prosecutor goes up against someone on behalf of the state. These lawyers get paid by the entity that hires them and most of these entities will get their funding from more traditional methods.

So, there you have it. Law firms are no different from most businesses. They have a variety of methods available to them to turn a profit. The big difference is their line of work is complex, rigorous, and stressful. Being a lawyer is tough. But the rewards for it are numerous.

We hope this guide has given you some insight into the amazing world of law.

The Modern Consumer: How to Know if a Review Site is Credible

We live in a world where you don’t just have a single option for one product, there’s a competitive market of manufacturers trying their best to reinvent and improve a number of everyday options. Due to this, there is an influx of products and very little to help a consumer distinguish between all of the options available on the market. Because of this, over the last few years, there has been an increase in review sites that have individuals collect a selection of products and give their opinions on which one they believe to be the best of the bunch.

 

These review sites are incredibly helpful as they make the process of choosing your latest purchase much easier, however, they do come with a slight issue. It can often be difficult to distinguish whether or not a review site is credible, as it can sometimes be the case that a review is just a paid promotion. However, do not worry, we have put together these following tips on how to know if a review site is credible.

 

Links

Links can be a big indication of whether or not a review is credible as they often indicate whether or not the reviewer has done their research. This doesn’t necessarily just mean a straight link to the product purchasing site, but one in which all the features and specifications of a product are included. This allows the consumer to fact check anything the reviewer has said and also research further. It also shows that they have actually looked into the product and aren’t just relaying a given list.

 

Layout

If someone really cares about their reviews, it will show in the quality of their site. Credible sites are often those that have had a lot of effort put into them, as unless it is a legitimate site, the creator wouldn’t really care about formating. There are a few things you can look out for in order to measure up the quality of the site, such as the inclusion of images. Another indication of legitimacy is whether or not the creator has put in place steps of convenience. For example, you may notice that reviews on theo-theo all have a navigation section to make it easier for the user to look at products. Once again, this extra effort put in by site creators shows that they care about their review website and so indicates a sense of credibility.

 

Lack of focus on one product

Though it is not extremely common, there are a few review pages out there that are put together simply to promote a single product. A good way to differentiate between a legitimate site and one that is dependent on paid promotion is whether or not they heavily focus on a single product. An easy way to see whether or not this is the case is actually really simple, look at the paragraph size. If the review of one product is marginally bigger than the rest but has no distinguishing features, then the site may not be entirely credible.

 

Fact check

One of the best ways to check whether or not a website is credible is to do a bit of research. Fact checks any information that they have given in the reviews, such as specifications and price. Also, look up the review site itself. A credible site is likely to have a lot of views, as that site’s opinion will be trusted much more. If you can’t get an indication of whether or not the site feels legitimate from just looking at the site itself, feel free to Google it. If someone isn’t happy with the reviews a site Is given they are bound to complain about it online, so make sure to check out reviews for the review sites themselves.

Essential Services: What Classifies A Business As Essential?

Essential Services. This is a term that has been thrown around a lot this past year. As the world has undergone one of the most drastic pandemics in recent history, Essential Workers have stepped up and provided us all with the help and support we needed. But what does the word ‘Essential’ actually mean in this context?

Of course, in the very base definition, it means a service that is needed more than any other. That much is obvious. Essential Services are ones we cannot do without. Firefighters, Doctors, and Nurses, water and power facilities. But it goes deeper than that. We are going to briefly explain what it is to be an Essential Service. The perks that come with it. And a few reasons why you don’t actually want your own business to be an essential service.

 

Security

The biggest advantage of an essential service is, of course, the security that comes with it. Essential services are regulated and maintained by legislation. This is handled at the governmental level, either for a specific country or from a collective body such as the UN.

This means the services are needed and will not shut down during turbulent times, as we have seen during this pandemic. It means those working in these sectors will still be earning a living wage and won’t be sitting idle. This is also a huge benefit to those relying on these services.

 

What Is Essential

Aside from the most obvious answers, there are a few other sectors of the business world that you might be surprised to learn are classified as essential services. An example is Pest Control. In America, very recently, pest control was deemed an essential service. This means companies like permakillexterminating or ampest are now essential.

This is fantastic, as the vast majority of these firms are privately owned and, as such, provide massive benefits to them and the local economy as well.

Supply chains are also considered essential, meaning fleets of delivery drivers, factory floor workers, and other management areas are going to be kept in work. This provides a further support channel to keep the economy afloat.

Construction is a field most people wouldn’t realize is classified as essential. Due to the vast numbers of people employed in this field, and the constant need for their services, it would be impossible for it not to receive Essential status.

Reading this, you might be wondering how being an essential service could ever be seen as negative for a business. Allow us to explain.

 

Restrictions

The legislation put upon these services works both ways. It provides security for those working, and those benefitting from the services. The biggest security point being a lot of these labor forces are not allowed to strike. This might sound extreme, but that is the price that is paid for being essential. A strike would be devastating to everyone involved.

These services are also forced to adhere to strict regulations and rules. There is no room for innovation or compromise. The red-tape is out in full force.

All of this works together to create an environment that does not benefit a lot of businesses.  It really is reserved for those aspects of society that we cannot do without.

But don’t dismay. The benefits of being a non-essential, or what is called a minimum service, are fantastic. You are supported by a lot more labor laws and the freedom to strike. You aren’t hampered by strict government regulations and have a lot more freedom and control over your business.

Know Your Staff: 5 Tips To Better Understand Who is Working For You

When it comes to running a business your employees are a vital part of its success, you should have a level of trust with those you employ and as an employer, those who work for you should be able to trust you. Before starting the employment process you should take advantage of the information that has been provided on applicants’ CVs, if you have been provided with references then it would make sense to contact them in order to get a clearer picture of who you are hiring.

 

Thorough Background Checks

The best way to understand who is working for you would be to take advantage of any prior information that has been provided about the candidate, there are a number of ways that this can be done such as contacting previous employers and ensuring that all of the legal documentation is in order. Things like work permits and potential criminal records must be checked before employment is considered, there has to be a level of trust between the employer and employee when it comes to the legalities and you could use a comprehensive article on employment background check to ensure everything is in order.

 

Group interviews

Group interviews are a particularly useful tool in finding out someone’s work ethic and how they interact with others, as opposed to conducting individual interviews to gain an insight into who is working for you. A group interview is sometimes much more effective when it comes to finding out someone’s attitude and how they work with others as this is a vital factor to your business success, teamwork is vital to your business running smoothly so you will need people who know how to enforce this mantra effectively.

 

References

As previously mentioned references from previous employers are vital in gaining a better understanding of who is working for you, references are the contact numbers a potential candidate leaves on their CV from the places they have worked at previously. Taking advantage of references and taking the time to contact them is one of the most effective ways of better understanding who is working for you as you gain an insight into how well they have worked in the past, it is also extremely useful to get a second opinion from a professional source about the candidates work ethic.

 

CV

One of the most effective yet often overlooked ways to gain a better understanding of who is working for you would be to take a thorough look at your employee’s CV. A CV shows in detail what the employee considers to be their best attributes when it comes to working, this provides a useful insight into how a candidate perceives themself and how they feel their past work experiences have impacted them. Employers are often overwhelmed with applicants for any vacancies that they don’t take the necessary time to look at someone’s CV and read the valuable first impression that has been provided.

 

Solo Interviews

Although group interviews are very useful, the classic solo interview can be a less daunting process which encourages a more relaxed interaction. The group setting may put extra pressure on the candidates that encourage them to be less open and authentic, a solo interview shows you are taking the time to get to know each candidate on a more personal level and could be considered one of the most useful processes in getting to know your potential employees. Overall a solo interview provides much needed one on one interaction between an employer and candidate that helps form a trusting relationship.

How the Advent of the Internet has Changes the Business World

Particularly in the last decade the internet has come around as one of the most used developments in computer and mobile technology ever. These days everything runs with some form of internet connection in order to make our lives efficient and easy, the requirement of a solid internet connection has never been greater as the tech giants roll out more and more products. In this internet age, you may be experiencing some great changes in your business, from more and more tech appliances to video call boardroom meetings, you will find that there isn’t much that can escape the need for the internet.

 

A classic business setting used to consist of a group of offices and a handful of computers and phones, nowadays you will find technological feats like virtual meeting spaces, cloud data storage as opposed to a classic filing cabinet and wall to wall internet coverage. Some argue that the old ways are better than these new technological improvements and others greet it with open arms. Below are a few instances that you may notice becoming more advanced in your business.

 

Filing

Your business is likely to house a variety of important documents that need to be stored safely and securely as well as be organized for efficiency in the workplace. You may have noticed a decline in the amount of physical filing that goes on around your offices, instead of many businesses are turning to online data storage which provides an unlimited amount of space in a secure and recoverable cloud. Some prefer to stick with physical documentation because by transferring online you open your business up to the threat of online crime and being hacked and your files being leaked.

Meetings

Gone are the days of traveling long distances in order to meet with a business associate or conduct a meeting with your team, virtual board meetings are commonly used now with services such as Zoom and Skype allowing video calling in groups. Simply arrange the call and instead of having to be physically present people from around the world can chat in one group call. This not only makes meetings much more efficient but widens the range to the number of people you can talk to. Without the need for physical presence you can speak to any overseas contacts you may have with ease.

Computers

Businesses have used computers for a very long time, they provide research and networking solutions and are great tools in any business situation. However the computers that were available ten years ago have drastically changed to what we now have access to. With improved processing speeds and new functions being included in the recent releases, offices are now equipped with high-quality professional-grade devices that can provide a great deal of help in the business environment. Although these technological advances are great, a downside would be that the need for an upgrade is much more frequent.

 

Phones

Like computers, phones are essential in an office situation in order to communicate with staff and business associates. Although many would say that the older models are absolutely fine in terms of functionality many businesses have been upgraded with newer models with some companies going as far as providing employees with their own smartphone. These steps may seem drastic but they do make life easier in the business setting in terms of having a virtual, organized contact book and better connection to make calls overseas. Much like the effect of improving computer systems, phone upgrades broaden the range of the people you are able to contact.

 

Customer Interaction

Your interactions with customers as a business can make or break your rate of success, it has been a business mantra to value customer service and to ensure customers have a positive experience with you and your business. Nowadays as opposed to actual physical interaction you will be communicating with customers over social media or your webpage. It is important to remember that although the platform has changed you must still interact with customers professionally and ensure their needs are met just as well as if you were directly speaking to them.

 

IT Support

With all of the new technology being implemented into your workplace it is likely that you will have some trouble with it at some point or another. Technology is an extremely useful attribute, until it stops working which has meant in many businesses sourcing an IT support service. With so many new kinds of internet technology being used in day to day business life some businesses need managed IT services in order to limit the damage done by technology issues. Although new technology is a blessing, when it goes wrong if your business is too dependant it can have huge consequences, this is why it is important to have a physical contingency if things go south.

 

Advertising

With the huge dependence on the internet and social media that is around in today’s society it makes sense that advertising has shifted to an online platform too. Compared to the more physical advertising formats such as leaflets and billboards to today’s advertising which is conducted on an internet platform. Businesses use the popularity of social media in order to launch huge marketing campaigns that have the ability to reach millions of people around the world thanks to the power of social media.

8 Sporting Firms to Consider Investing In

In a financial landscape that is only starting to recover from the coronavirus pandemic, we are only beginning to see a reinvestment in many stocks that had taken a loss in their value over the pandemic period now; investors are currently studying the market closely to see which stocks are most likely to bounce back first. This passage will explore this question and detail eight of the strongest rebounding sporting stocks to invest in.

 

Nike

Nike is known as the quintessential all-American clothing company, but in recent years it has started to make immense inroads into the Chinese market. With China being the first country to reopen its shopping hubs after the pandemic Nike has been able to build a strong amount of sales in the Asian market. This has led to Nike’s stock reclimbing by 2% every day; invest while you can.

 

Puma

More known for its running shoes nowadays Puma remains a sound investment in any market. Just like Nike Puma stocks are currently climbing at 2% every day; and with the Puma sponsorship being all over the re-opened German football first division Puma is a brand that will receive greater exposure over the coming months. Puma has been known to be kind to their investors gifting them with new shoes and other forms of new Puma produce; if you are looking for socks to match your new Puma’s I would highly recommend giving tiux a visit; offering comfortable socks for athletes.

 

Manchester United

What this latent corona period has seen is the return of sports in some form, and soccer has been no different. First founded in 1878 English soccer club Manchester United are now slated for a return by the end of June, which has led to a greater interest in the club as the market can testify. Not exploding like other sporting stocks on this passage Manchester United will be a real slow builder and is a brilliant inclusion for any investment portfolio.

 

Adidas

Adidas still remains the premier European sporting brand; and the corona pandemic has done nothing to change this fact, which the stock market shows. The German sportswear company has been reclaiming its stock at 3% every day. Remaining at the pricier end of the stock market with one share currently priced around the 230 Euro mark, but do not feel priced out by this fact as this price is always climbing.

 

New York Knicks

Bringing this passage back to the states you should give the New York Knicks a thought when investing. The New York Knicks have taken a beating in the stock market with basketball one of the sports that have been affected the most. Do not be in any doubt though when the NBA does return the stock is bound to rally, invest while you still can.

 

Comcast

Now some readers may be slightly confused by the inclusion of Comcast in a sports investment passage, but Comcast is actually the owners of Sky Sports the largest European sporting broadcaster. With stocks currently climbing by 2.5% every day it is clear that investors see potential. With prices sitting around 40 dollars a share this is a low risk and high reward stock.

 

Disney

In a similar vein to Comcast some readers may be surprised by the inclusion of Disney, but they are actually the owners of North American sporting giants ESPN. Now Disney’s performance in the stock market cannot be placed on ESPN alone, as Disney does have their fingers in many pies; but the figures still speak for themselves. Share prices are currently climbing by 3.5% every day; with a share price of around 120 dollars. Invest while you still can this one is a real climber.

 

Atlanta Braves

Finally, we will explore the Americas game of Baseball with the Atlanta Braves. The Braves stock is currently sitting at 17 dollars under its usual market price, but it is rallying. Investment in this stock is a real no brainer and I would invest heavily while this option is still viable.

Why Video Marketing is Essential for Businesses in 2020

The digital age has come in full force. It is impossible to avoid it. The internet has become a hotbed of activity and consumerism. And you would be a fool not to utilize it. Video marketing is one of the most powerful and essential tools for any business. No matter what it is you sell, you will be losing out if you aren’t utilizing video marketing.
By this point, you should know who your target demographic is and have done plenty of market research. All of this is vital to creating a successful video advertisement. Below I will be listing the reason why video marketing vital and also a few tips on how to get the most out of your marketing.

YouTube

YouTube is a behemoth. The biggest and most viewed video platform on the planet. Everyone is on there and that means adverts on YouTube can reach everywhere. A company without a YouTube presence is already at a disadvantage. But it can be daunting stepping into the world of YouTube. Starting from zero views and working up is not easy. But there are ways around it. For YouTube views on my videos, I simply use themarketingheaven.com. Simply put they will provide you views for your video and give you that boost you need to get your marketing into the public eye. While YouTube is the primary video platform, do not be afraid to branch out into other video platforms as well such as Vimeo or Dailymotion.

Relatability

A key to successful advertisements is relatability. Your audience needs to be able to view your marketing and find something within it that they want or can relate to. Otherwise, they are simply going to ignore it. Print media is fine, but people can relate better with things they can see and hear. Videos are perfect for this. Showing scenarios that highlight your product that also allow your viewers to relate to the video will boost your sales enormously. To that end, you will also be able to relate to your target demographic by hiring actors or presenters that fit into that demographic and are relatable to your audience. This is also a great opportunity to stretch your creative muscles.

Print is Dead

Print advertising used to be a powerhouse. But these days people rarely buy print media. Newspapers and magazines sell less and less and often only to specific demographics. If you are a niche organization then maybe print media will be enough. But for the vast majority, you cannot rely on it. Digital marketing is the way forward. But to a greater extent, you can’t rely on simply static digital marketing either. If it isn’t a video, then people are often going to ignore it or even bypass it with an ad-blocker. Whereas having your own channel with your own videos means people will be gripped and able to view your content whenever.

5 Key Skills Needed to run a Successful Digital Business

Hundreds of people try their hand at starting up and running a digital business. And a vast majority of them fail. Some through fault of their own, others due to bad luck. But what ever the cause, there are a few things that separate those that succeed from those that fail. These 5 skills will help give you an edge when running your digital business.

Know your Audience

This is one of the simplest, yet effective things you have to be aware of when running a digital business. Unlike a normal high-street store, you won’t have the luxury of seeing who is buying your product up close. You will have to look through the data and do market research. But it is worth it. Being aware of your target demographic is priceless when it comes to success.

Branding

Despite your business being digital, your branding needs to be everywhere. Online marketing is a powerful tool, but there is something to be said for physical marketing as well. Getting your business brand onto as many different things as possible will help immensely. Pamphlets and leaflets. Pens and bottles. Wristbands with a message. All of these things are great examples of tools you can use to get your brand out there.

Dedication

This is more a personal skill you need to develop rather than a business aspect. Those who aren’t dedicated to their business are doomed to fail. Dedication is a skill you can instil in your self and it will become invaluable to you. Train your self to stick to a set schedule and allot time to work on your business. It is easy to fall into bad habits when you only have yourself to answer to.

Money Management

This is a vital skill for any business. And it goes beyond simply knowing how to spend your money. You need to be able to keep track of your income and expenditure. Keep on top of taxes and making sure you are filing them correctly.

It is also about knowing what to spend the money on. What do you invest in and will that investment work for you and your business or is it superfluous? Keeping yourself grounded and focused is the key to this skill.

Confidence

The world of business is often cut-throat and harsh. You will face rejection and failure on a regular basis. Not every day will be a winner and there will come hard times. It is important to keep your head high and focus on the little victories and know, with hard work and dedication, there are better times ahead.

More than that, being confident will reflect in your business and marketing, which in turn will attract more customers and increase your profits. People are naturally attracted to confidence and it inspires something within them. Remind your self that you can do this and that you are worthy of success and it will come to you.

5 Things to Consider When Starting a Family Business

Starting a business is one of the most rewarding things you can ever do. Beyond simply being a solid investment, running a business builds character, boosts confidence, and offers a chance to do a lot of good for the community and the world as a whole. And some see it as a perfect opportunity to build something for their family. Family businesses have been a staple of local communities across the western world for generations. They build lasting relationships and are full of charm and character. For anyone looking to create something that they can run with their family, there are a few things to take into consideration.

 

The Idea

The most important part of any business is the idea. Before you do anything else you need to know what you want your business to actually be. This is also one of the more fun stages of company development. Here you can really stretch your creative muscles as a family and decide what sort of business you all want to be a part of. Some of the more common family businesses include craft stores, restaurants, and cafes or perhaps something more obscure like artisan watchmaking.

 

Start-up Capital

The sad truth of our culture is that everything is run on money. You could have the greatest idea in the world for your business, it won’t mean anything without some serious start-up capital to back it up. There are many ways to go about getting this, be it through a loan from your bank or simply saving up, but it is something you need to consider and look into before you start doing anything. And make sure you are staying smart when it comes to money. Do not borrow beyond your means or go through any illicit channels.

 

Inheritance

This one is something that a lot of people in family businesses seem to overlook. Inheritance plans need to be in place way before you even open to the public. And this is for a number of reasons. The main one being, if you died, it needs to be clear who is going to inherit the company. But there are situations where you could be declared unfit to work or placed in a state of coma in which case the inheritance information would be vital. Places like inheritancelaw are perfect for making sure everything is sorted and above board.

 

Community

The key aspect of a family business is the community it is placed within. If you are at the center of a major city then chances are your small family business is going to fail when it is competing with massive name-brand corporations. Small, family-run companies often tend to do better when placed in smaller town environments. In these settings, it is more common that everyone knows each other. This is going to work to your advantage as people are more likely to spend their money at a shop if they have a good relationship with the owner. This leads neatly into the last point.

 

Relationships

This covers both your relationships with your customers and your family. Depending on who is going to be working at the restaurant, you will want to set up your marketing and décor in accordance. A husband and wife duo will suit a nice, romantic atmosphere better. A father-son team will suit welcoming, vibrant colors. Consult some marketing experts and find out what is going to work best for you.

Keeping on the good side of your customers is always a positive. If you build strong relationships with them you will guarantee they will return but also find they act as free marketing for your venture.