Without question, these are difficult times for many, especially elder law attorneys and their potential clients. At a time when stock and mutual fund accounts have been slashed in half and nursing home bills are continuously creeping upward, not having a real grasp as to what is going on, families will replace Medicaid planning with indecisiveness.
What does this mean to an elder law attorney's practice? Should they accept the fact that their caseloads will be down, as well as their revenue? In order to conserve resources, should they reduce staff, and slash their marketing budgets? Or, should they replace strategy with hope, and just ride out the storm? If you answered "yes" to the last two questions, you are not alone.
Hope is never a strategy, and should not be confused with hard work. Instead, the better approach is not to hope that things will get better, but to become an active participant in capturing success.
To accomplish the goal, you need to do five things. First, you need to take action. Learn what works for you, and what does not, and eliminate the things that waste your time. Second, you need to stay visible. This is as simple as responding to telephone calls and e-mails in a timely manner, writing articles and newsletters, and attending educational and other public events. Third, you need to expand your marketing activities. By hosting a local education forum for other professionals, such as accountants and bank personnel, you can network your way back to a successful practice. Fourth, you need to stay positive. With a positive attitude, fast thinking, and moving forward, you will be in the best possible position to reap any available gains. Fifth, you need to partner with other professionals who can assist you with your practice. This is as easy as relying on a financial services specialist who understands how to properly use a Medicaid Compliant Annuity.
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