TIPS FOR A
Thriving Practice in This Economy THE LEGAL PROFESSION CONTINUES to adapt to a changing economic climate. To provide insight into managing a law practice in a shifting economy, we spoke with several firm owners and principals who shared their strategies for maintaining growth and reducing overhead.
Meet the Contributors NAKIA GRAY, ESQ.: Gray is a Maryland-based attorney and strategic legal adviser, and the founder of Locked & Lawyered, a boutique business and intellectual property firm. She offers services as fractional IP counsel, business succession, and estate planning for modern entrepreneurs. MICHAEL J. BRAMNICK, ESQ.: Bramnick has been practicing law for nearly 20 years and focuses on all aspects of civil litigation. He formed his own law practice, Bramnick Law, LLC, in 2013, which became Bramnick Creed, LLC in 2019 with the addition of Joseph Creed as partner. SAMANTHA P. RODIER, ESQ.: Rodier is an attorney with Rodier Family Law, P.A., based in Bel Air, Maryland, She is the Family Law Section representative of the MSBA Board of Governors and a member of the American Academy of Matrimonial Lawyers (AAML). JEREMY D. RACHLIN, ESQ.: Rachlin is a principal and shareholder at Bulman, Dunie, Burke & Feld, Chtd. in Bethesda, and is in charge of the firm’s estate and trust practice group. Rachlin was a 2022 Bar Fellow of the Maryland Bar Foundation. JAMAAL (“JAY”) W. STAFFORD, ESQ.: Stafford is the founder and managing attorney of The Law Firm of J.W. Stafford, LLC, located in Columbia, Maryland. His firm specializes in defending professional licenses and handling complex employment law matters. BARBARA ZEKTICK, ESQ.: Zektick is the president of Zektick + Company, a law and government relations consulting firm that bridges the gaps between the public and private sectors. Zektick is also a member of MSBA’s Environment and Energy Law Committee.
On Marketing and Revenue Generation Nakia Gray emphasizes that growth is often a better solution than mere frugality: “One of the most effective ways to save money in your practice is to focus on increasing organic visibility. Be active in your bar association, create valuable content on social media, 122
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and develop a signature talk or educational series that positions you as the go-to expert. These approaches cost little to nothing but can drive steady referrals. Also, cancel those unused subscriptions. You’d be surprised how much you’re spending on tools you don’t actually use. Finally, focus your energy on income-generating activities. Growth will fix more than frugality ever could.”
Jamaal Stafford suggests that the “best way to solve this problem is to generate more revenue,” specifically through better financial management: “The solo attorney does that by not accumulating accounts receivable with clients who are not replenishing the trust account or are slow to pay. In short, this is the principle of addition by subtraction.”
Barbara Zektick shares how she adapted her business model to the current economy: “My government relations law practice has taken a toll as the current state of the economy drains state coffers. With less state spending, there’s less state lobbying. I’ve reevaluated my space needs and downsized my office, cut administrative expenses, and certain software to save money. I’ve also broadened my service offerings and client and case types to appeal to a wider market.”
On Technology and Operations Michael Bramnick focuses on the role of integrated platforms: “We use technology and specialized vendor services to operate efficiently. Our practice management software is cost-effective and provides document management, secure messaging, automated drafting, and integrated time, billing, and credit card processing. It also connects seamlessly with a variety of related platforms to support document production and organization, mailing, e-filing, and other features that enhance efficiency and help reduce overhead.”