Throughout the year I make plenty of money, however, there are periods where cash flow takes longer to deliver. Besides building up a savings which I am working on. What do you do to absorb the sometimes lengths between payments?

like
Posting as :
works at
You are currently posting as works at

I make it a practice to have clients fund and replenish evergreen retainers (and I ask for a replenishment when the trust account balance is low, before it rubs out). It does not always work perfectly, and clients can also delay replenishing retainers, but it has definitely improved my cash flow significantly.

like

My clients are large companies with 30-60 day payment terms. So I may have 60 days before I actually get paid for the work I do. Net 30 is very common, but still like waiting 30 days sometimes stresses cash flow

I try to wait to pay myself until I have three months of business expense funds in the business account. It is easier to go without than to take personal funds and write a check to the firm to cover expenses.

like

*runs out

Are you talking about absorbing the cash flow to your firm or to yourself personally, or both?

I’m interested to hear what others say. For our firm it’s about keeping overhead low and not taking a salary or regular pay for partners. So partners only get paid when enough money has come in. Typically the partners get paid once a month but there have been times where the partners were not paid for a couple months because receipts were lagging.

For me personally it is about living below my means, keeping a larger buffer of cash, and budgeting. My spouse and I have buffer budget category where we keep a typical draw in case I don’t get paid in any one month. We also have a buffer where I dump any extra money above this amount (let’s say we get paid twice in one month or double, for example). So, our money to spend or invest each month is the regular draw (that we received in the prior month or the one we have saved) plus 1/12 of the extra buffer. It helps smooth out our perceived income.

like

Related Posts

MBA1s: Tell the recruiting market is bad without telling the recruiting market is bad.

Now go!

like

Which firms in the region still offer a living allowance?

like

Luna has decided to lay in the mess of litter she made before I could clean it up….thanks…….

Post Photo
likefunny

I applied for a position at a creative agency via LinkedIn. I'm not excited about agency work but job hunting hasn't been going well and I applied anyway. They reached out and would like to interview. But when I went to look over the job details again, I found their listing on ZipCruiter gives a pay range, which at their high end is $20k less than my minimum salary reqs. Should I still interview with them? If not, how can I politely reply and decline the interview?

like

Is Indy a good place to raise a family? Looking to hear from people who actually live here lol

like
like

How to manage a boss that micro-manages information flow, puts off meetings/people? It’s causing ALOT of down stream delays & technical debt. I am new to this team.

like
like

Hi All,

What’s your take on this guys ?

Tata Consultancy Cognizant Deloitte Accenture EY Infosys Wipro Capgemini HCL Technologies

Post Photo
like

Hey fishies !!
Could I get referrals @your companies for role of QA Lead/ Manager - 10 YOE | E2E testing, Embedded testing ,API testing, POSTMAN, cross browser testing, SQL, SAP

Pls hit any reaction, will share you my resume

like

How many is too many lacroix?

like

Looking into Accounting Advisory Roles as it maybe more fit to my background than FDD. Is AAS still a smart career path? What are everyone’s overall thoughts on AAS? Looking for any and all and all info I can!

like

Not sure what to do, senior director F stopped me in the parking garage to chat and suggest a “after hour dinner 1:1” tomorrow not sure where this is going but I said yes

like

Hi Fishes
Anyone appeared for Google interview recently for yeh role of software engineer
I have one scheduled in 2 weeks
Any pointers or tips to prepare?

Thanks in advance

Hi, I’m looking to move back to the northeast. I do commercial real estate. I’m aware of all those Chamber ranked practice in Boston but unfortunately none is hiring. Can anyone tell me a few strong regional/boutique firms?

like

Hi everyone,

What is the salary range for a Lead DevOps Engineer in ZS Associates ? My current salary is 27LPA, YOE: 7yrs and will be undergoing HR discussion soon...

Thanks in advance!

like

Just moved into federal so a little new to all of this. Has anyone had problems getting a public trust clearance?

Required 11 likes to unlock DM.

Thanks

like

Looking to move to the Dallas Fort Worth area close to June I’m here to network and see it all would welcome me and help me out during my transition

like

Any agencies outside of the USA hiring mid/senior copywriters? I know it’s incredibly hard to get visas and move abroad but I’d really love to try.

like

Additional Posts in Small Law / Solos

For solo and small law firm owners, I am curious, if you care to share anonymously, when you opened your firm and what kind of revenue you are running this year? I want to just get an idea of what is average or common.

like

Has anyone recently transitioned from Microsoft one drive to a case management system, such as Clio? How was the transition? I feel as though I’m rarely using the system except to open a matter and upload docs for e-signing. It feels easier to use one drive since it’s accessed locally on my Cpu. Any tips on how to make the transition smoother is greatly appreciated!

like

I’m a true solo who just started my practice two months ago. I was just offered a position at a midsize firm making $85k with health and dental. Also possibility of paying off my student loans. I feel like I would be miserable there, but it sounds wonderful to have a steady paycheck. What do I do???

like

I gave notice to one of the partners at my small firm last week. It was amicable, but she told me to wait to tell the other partner until he returned from vacation. In the interim, she told the other partner and he blew up. He is now making insane demands and threatening to call my future employer if i don’t meet them. Most problematically, he refuses to meet with me to discuss transitioning my cases over the next week. I am not sure what to do, and I am worried about ethical rules.

like

Thinking of starting my own estate planning and real estate closing law firm. I have some experience in both. My concern is getting clients once I open the doors. I graduated in 2018 and have worked in a few different jobs since then. I am located about 45 min outside of Boston. Anyone open their own firm and see success right of the bat? What did you do to start getting clients in the door?

like

I recently left a firm and considering starting my own practice. Any advice on avoiding any issues with my old firm if any clients decide to hire me as their attorney? I have not contacted any former clients or solicited their business. Thank you!

like

Looking for remote work or contracted work. Small solo firm in Missouri wondering how to find collections work or remote document review to supplement income. Anyone know of any companies that need attorneys on 1099 basis?

like

Recently started a solo firm. Repping a client with a contract with a mediation and arbitration clause. Landlord has stonewalled negotiations and won’t respond to inquiries on mediation. Best way to force them to table? Sue and make them compel arbitration? Is there a quicker way?

like

What made you want to start your practice?
I did not like my employer, and an opportunity to be a contract attorney happened to come up.
How about you?

like

We're weighing Docusign vs HelloSign for an e-signature solution. Anyone use these products and find any major issues or limitations?

like

How do you balance wanting to be the “go to” person who gets it all done, no matter what, and feeling like you are taken advantage of because of that?

like

Maybe this is the wrong bowl- but I’m going crazy with Microsoft word’s new “save a copy” feature. Is there any way to revert to the classic “save as” function?

like

Ever read a transcript from a deposition you have taken and realized you have an annoying verbal tick? Boy I say okay a lot during questioning. Must remember and fix that.

like

Anyone have any tips or ideas on how to collect money owed from a client? In a few months it’ll be two years since the debt was incurred. We send monthly reminders of the bill. It’s a significant amount (well to us) and the client is now starting to open up and telling everyone about the situation that we helped to resolve.

like

Many efforts to get into big law have been to no avail mainly because I only have LLM from Emory Law and my other law degrees are foreign. I have decided to start my own law firm and I aim to make it as international as possible, thus making my supposed academic disadvantage my strength. I am considering corporate, M&A, entertainment and sports as areas of practice. Please advise accordingly. Thank you!

like

I started a solo criminal defense practice last November. I am considering taking contract in a totally different area of law (nursing home defense) to help ease the pressure of not having a full client load. How much do contract attorneys make? Any other considerations other than salary and timelines that I should be thinking about?

like

Blew a deadline for serving discovery demands in an important litigation. Got a consent extension until EOD Friday. Now I am trying to put them together (rogs and doc demands to 2 different plaintiffs) and I’m so overwhelmed I’m almost frozen. Just needed to vent…

like

I started a solo firm right as I was barred with about 3 years legal experience in the field. First year it’s looking like 500-750k. I out earn my big law friends, while living on a beach working remotely. I just hired my first paralegal and couldn’t be happier.

like

How difficult is it to start a solo firm? I’m a first year attorney working in insurance defense in Florida. I love my firm and the mentoring I’m receiving and I’m definitely not looking to move anytime soon, but I would love to start my own firm once I feel competent. Maybe in a few years. Any advice for planning? Thanks!

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Send download link to your phone

OR

Scan your QR code to download
Fishbowl app on your mobile

By continuing you agree to Terms of Use and Privacy Policy.

Messaging rates may apply

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal