Episode 3:
Profitability in Practice: How to Generate Additional Revenue with your Existing Bankruptcy Practice
You’ve heard that “it takes money to make money.” In the October episode of our Jubilee by LegalPRO Facebook Live series, we counter that adage.
According to government reports, the number of personal bankruptcy filings in the U.S. sank 32.7% for the 12 months ended June 30, 2021, sliding to their lowest level since 1985. Of course, the COVID-19 pandemic played a part. The eviction moratorium, restrictions on debt collection, unemployment benefits, stimulus checks, and other government aid lessened the financial burden for many households – and many bankruptcy firms are now feeling the pinch.
The downtrend continues as we head into the last months of 2021, and market experts are mixed on when and how a rebound will happen. Daniel Herrin, bankruptcy attorney and founder/owner of Herrin Law Firm, isn’t waiting to find out.
Speaking with bankruptcy attorney consultant Tiffany Poole, Herrin discussed strategies that his Dallas-based firm has been using to generate revenue without increasing marketing spend. Pandemic or no pandemic, his approach to profitability is something you can’t afford to miss.
View the Facebook Live discussion here: How Generate Additional Revenue with your Existing Bankruptcy Business
Herrin acknowledged the challenges of waiting for a market correction but stressed that there are no-cost actions you can take now to generate revenue.
“Fortunately for my firm, there’s a lot of additional revenue channels we’ve been focusing on with our existing bankruptcy clients,” he said. “That is what I want to share today: focusing on the additional revenue you have right now that you’re not aware of, and really digging into the details. Not just global talks about it, but specifics on what you can do starting tomorrow to start working on these additional revenue channels.”
Among key points in the discussion, which included a Q&A session with viewers, Herrin highlighted how to:
- Uncover overlooked revenue streams in your existing business
- Use adversary proceedings, FDCPA/consumer collection statutes and IRS offer in compromise to your advantage
- Maintain mindset that focuses on creating a profit out of metrics you do control
LegalPRO’s mission to be a reliable, steady resource for bankruptcy attorneys looking for ways to build their practice, maximize their return on investment, and increase profits – regardless of what the market is doing. Each month we are bringing you a new guest speaker and follow-up virtual power hour to provide you industry insights and opportunities that can help your firm be a top performer.
You can view a recording of the power hour with Herrin and Poole here.
