Another month, another batch of numbers.
May’s numbers were both encouraging and disappointing. Encouraging because I’m still able to keep my “normal” overhead (regular expenses like rent, malpractice insurance premiums, fax service, etc.) down around $1,000 per month while still bringing in decent money and ending the month in the positive column. Disappointing because I haven’t been able to bring in any of a certain kind of case lately (a kind that provides me with the greatest returns out of all the kinds of work I do), and I didn’t have as many new clients this month as I was hoping. This can be partially explained by personal and professional obligations keeping me out of the office this month more than I would have liked, but still… I need to start hustling more.
Also, the month contained some irregular expenses. I made the second (and final) payment for my building’s sign, as well as had some marketing materials printed up for a seminar I gave near the end of the month. I also finally got my own phone line put in (no more using my cell), so that’s a one-time installation fee plus a new monthly expense. Combine that with my paychecks, tax withholding and client costs like filing fees, and my firm’s account balance ended the month just a little higher than when the month began.
Now, heeeeeeere’s May:
- Referral from other area professionals: 2
- Referral from other attorneys: 2
- Referral from local bar’s lawyer referral service: 1
- Total clients: 5
- Advertising: $360 (new business and rack cards, plus marketing materials for seminar)
- Office supplies (including payments to business credit cards): $320
- Phone installation: $95
- Rent: $550
- Court costs and other client costs: $358
- Lawyer Referral Service referral fee: $75
- New sign: $503
- Malpractice insurance: $76
- Total expenses: (roughly) $2,337.00
- Earned: $8,494
- Retainer: none
- Net income: approx. $6,157
- Amount withheld this month: $1,867
- Amount previously withheld: $0 (IRS payment made last month)
- Total taxes paid or withheld: $1,867 (withheld)
- One paycheck of $1,500
- One paycheck of $1,500
- Total paychecks: $3,000
As I mentioned earlier, my goal with June is to get out there and hustle some more of my most profitable cases (the type of cases that made March a bonanza), as well as continue doing seminars and other speaking engagements around my community. Getting my name out there is proving to be a slow, slow process, but I feel like I’m starting to make some headway.
On the whole, I like how May turned out. As I said last month, I’m looking forward to steadily increasing my client intake and normalizing my expenses in the months ahead. If I can pull that off, I should be able to start growing my firm (and my paycheck) at a good pace.
Thanks for checking in this month, and as always, leave your questions or comments below or shoot me an email at [email protected]. I’ll see you in July, God (and giant mosquitoes) willing.