I’m about to insult lawyers.
The rest of you – you needn’t cheer quite so raucously. I only choose to use lawyers as an example of a highly trained group of professionals, skilled and experienced in what they do and good at their multi-faceted jobs, but because of that, think that they can self-handle other aspects of their business where different specialist skills and experience are required.
I could have chosen accountants, or doctors, or engineers (there, some of you are not so comfortable now are you?).
One of my clients is a firm of commercial lawyers specialising in insolvency. In their business they run the constant risk that their clients cannot pay. To give them their due they always perform at their best and never stint on service, despite this possibility, but now and then, they get caught.
In one such instance they worked for an owner of advertising billboards scattered around the suburbs. Having satisfactorily won the case for their client they found that the client is cash strapped and unable to pay them, asking for a payment plan over a year or so. Clearly not a good situation. The senior partner, true to the entrepreneurial spirit of the firm then negotiated a contra arrangement where they get to use two billboards and paste up advertising for the law firm over a year. In this way a $20,000 doubtful debt is used to gain $40,000 worth of billboard advertising – quite an advantage? Read More