PROFESSIONAL SERVICES con't. next column PROFESSIONAL SERVICE continued Professional Service Providers Are You Charging Enough? First Bank business experts talked with Allison C. Shields, a lawyer and owner of Legal Ease Consulting Inc. in New York, who works with professional service firms to help them better manage their cash flow. She says she finds too many lawyers and other professional service providers are stumbling when it comes to charging and collecting fees. Most businesses operate in a simple format. The customer pays for an item or service upfront and then receives said product or service. No follow-up is required. But when it comes to professional services firms—such as accountants and lawyers—the cash flow process gets complicated. Here are some of the most frequent issues Shields identified regarding fees and billing: 1.Failure to have in-depth discussions with clients about billing and fees at the start of the relationship. Doing this can ensure that the client understands the value of the lawyer’s services and how that relates to fees, she says. 2.Failure to bill timely. “This lack of consistency sends a message to clients that the lawyer’s bills are not important,” Shields says. “If the lawyer doesn’t think it’s important to send the bill on time, then why should the client pay on time? It also causes problems because delayed billing often means the client gets hit with larger bills.” 3.Failure to create systems for billing and collections that would help them to get paid more consistently and quickly. 4.Not taking large enough retainers or not billing clients upfront. 5.Giving away time, undervaluing work, and discounting fees. This devalues the services the lawyer provides to the client and creates the wrong kind of expectations. 6.Handling too many non-attorney tasks and not delegating appropriately. 7.Billing by the hour. “(This) creates an inherent conflict between the lawyer and their client. If the lawyer works quickly and efficiently, the lawyer gets paid less than if they work slowly and inefficiently,” Shields says. By way of an example, Shields shares how she has been able to build a successful business: “I don’t bill by the hour, since I don’t believe my clients are buying my time—instead, they’re buying my expertise and the results they want to see in their practice,” Shields says. “My work is all done on a fixed-fee basis which is established with the client up front. Fees are charged either on a per-project basis or on a monthly retainer for consulting services and are usually paid in advance.” “I have frank discussions with clients about fees, terms, and conditions before we begin our work together, and I rarely discount my fees. When I do, it is usually not because the client asked for a discount, but because I wanted to reward a good client.” Want to read more? This excerpt came from a new white paper written specially for professional services firms. Download it for FREE at localfirstbank.com/whitepaper and get your practice running at its optimal speed in 2017. ����For more info see ad on p. 34. The Moore Philharmonic Orchestra begins their 12th Season The Moore Philharmonic Orchestra will resume rehearsals at Wellard Hall, Sandhills Community College on Thursdays from 6:30- 8:15 PM. The first rehearsal will be on August 18, for string players only. The full orchestra will meet on September 1. This will include all members, including brass, woodwinds, and percussion. We are actively seeking new members. There are openings in every section due to the high number of graduates last year. The orchestra is comprised of both students and adults who are looking to enhance their musical experiences and share their talents with the Moore County Community. Since starting in 2005, the MPO has made great achievements. The MPO has awarded over $30,000 in scholarships to talented students in the county. The MPO has worked in conjunction with the Trinity Music Academy in Troy and has featured pianists Sophia Pavlenko and Paul Chandley at seasonal concerts. Several years ago, the orchestra dedicated a concert and performed music of living composers. In the Spring of 2016, Judith Saxton of the UNC School of the Arts was featured as a soloist performing Haydn’s Trumpet Concerto and also held a master brass workshop. The MPO’s annual Showcase Concert will be held in October in the Owens Auditorium at SCC. This concert will feature pieces by each section of the orchestra as well as the entire group. The annual Holiday Concert will be on December 17 at Pinecrest High School. Additional concert details will be posted as the season starts. All concerts are Free. ��Further information can be found on the website at www.mporchestra.com. p.4 The Pinehurst Gazette, Inc. No. 124
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