No matter how many billable hours you clock, ultimately, it’s all about the bottom line. To keep as much cash in your pocket as possible, cutting costs is your first line of defense. At the Los Angeles firm of Feinberg, Mindel, Brandt, Klein & Kline, between 2004 and 2005, the firm’s revenue increased $250,000, due to cutting costs and taking a more aggressive marketing stance to increase cash flow.
This year the firm saved big on a major cost: malpractice insurance. Feinberg Mindel’s revenue is about $5 million per year and its malpractice insurance is roughly two percent of that ($100,000). “It’s our largest expense item next to rent and health insurance,” says managing partner Steven Mindel. In late 2004, the firm’s former insurance carrier, TIG, stopped writing policies in California. So the firm had to find a new carrier before its policy lapsed in December.
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