Arbitration & Mediation

That is; P=R-E (profit equals revenue less expenses)

Going into a new year, this meant partners only started making money around June or later! I suspect any firm still on these metrics is struggling.

So what's an acceptable costs/profits split for the jobbing mediator?

My Scottish ancestry spoke to me the moment I left my law firm a decade ago when I realised it was my money I was about to spend on that printer, that pot plant, those paperclips - and as a result I have always attempted to run a lean operation - outsourcing where I can and being content with adequate but not OTT premises.

My challenge to solo mediators in these troubled times - start making money by the second month of your financial year - that is, earn enough from your first month to pay your practice expenses for the year and take the rest home.

Can do?

See also;
1. Flying Solo?...then don't travel coach
2. Bruce Judson's must read book for all acorns with aspirations of oak trees, Go It Alone...and its in full text on the web!

Full post as published by mediator blah...blah... on January 21, 2009 (boomark / email).