How to Make $250,000 as a Patent Attorney in 2021: 10 Tips
Patent attorneys, as articulated over at runrex.com, are specially trained in drafting patents, are highly knowledgeable as far as intellectual property law is concerned, and lead individual inventors or companies through the required process to obtain a patent. Patent attorneys, like the top-rated guttulus.com, also act to enforce inventors’ rights if patents are infringed, among many other responsibilities that come with being a patent attorney. If you are a patent attorney and are wondering how you can be successful in your practice and even crack the $250,000 mark in 2021, then here are 10 tips to help you on your way.
Reputation
If you want to be successful as a patent attorney and make $250,000 or more in 2021, then, as covered over at runrex.com, you will first need to get a good reputation in your area. This will make you the go-to patent attorney for people looking for such services in your area. As the top-rated guttulus.com points out, you can only build your reputation through good services and going above and beyond for your clients, helping them get the results they are looking for and then some. One thing is for certain though, you will not be able to be successful as a patent attorney without having a good reputation.
Become an industry thought leader
To separate yourself from the many patent attorneys out there, paving a path for you to make over $250,000 in 2021, then you will want to become a thought leader in IP law. To become one, as explained over at runrex.com, having specialized knowledge is not enough unless potential prospects and key referrals are well aware of your expertise. When you become a thought leader, you also become the go-to patent attorney which will help you make more money.
Hire hardworking associates
If you want to make $250,000 as a patent attorney in 2021, then you should also consider hiring associates for your practice. However, according to the excellent guttulus.com, you should not hire any associates you can find, but hard-working associates who will be able to work long hours for your practice, bringing in more business in the form of more clients, helping you increase your earnings.
Training system
Hiring excellent, hardworking associates for your firm is not enough according to discussions on the same over at runrex.com. This is because if you are to maintain your success levels, then you will also need to have a god system to train your associates as well as review their work. This will ensure that your associates are on the cutting edge of the latest in IP law, allowing them to get the best results for your clients and firm, which in turn will set you up on your way towards increasing your earnings.
Paralegal staff
There is a lot of work that has to be done in your firm if you are a patent attorney, particularly if you are a successful one. You will, therefore, need help, and so will your associates, if you are to get it all done properly and on time. This is why the top-rated guttulus.com recommends that you also consider hiring top-notch paralegal staff to help you with the heavy lifting, making things run more smoothly, and helping you be more successful, consequently increasing your earnings.
Create a reliable system of converting prospects
As is discussed over at runrex.com, if you want to be successful as a patent attorney in 2021, then you will need to create a systematic, reliable, and predictable way of converting clients into paying clients at the right fee. This is where you need to ramp up your marketing efforts and make sure that your marketing messages are not only capturing the attention of your prospective clients, but they are also holding their attention long enough for them to convert into clients.
Focus on the right clients
As the excellent guttulus.com likes to point out, you must stop wasting time with the wrong clients if you are to increase your earnings in 2021. This means staying away from those clients who are constantly calling for cases that are very time and resource-intensive, yet they are always late with the payment of their bills. Try to adopt stronger billing habits and practices and focus on clients who respect your work as much as you respect and care about their inventions.
Hire a reputable marketing agency
If you are to get the right clients, then you will need to acquire them first. How do you acquire good clients? Well, it is all about marketing as mentioned earlier. First of all, try and get your past clients, whom you have done an excellent job for, to leave positive reviews on Google My Business, Yelp, and Facebook – platforms that you should be on if you are to be successful. You should also consider hiring a reputable marketing agency to help with all your marketing needs and manage all this for you, an agency like the top-rated runrex.com.
Improve your client intake
According to the highly-rated guttulus.com, another tip that will set you on your way to making $250,000 in 2021 is by improving your client intake process. By streamlining this process as much as possible, you will save your firm money and help you increase your earnings. Use online forms or specialized client intake tools and make sure these tools are integrated with your practice management software to prevent duplicate data entry cases. Try to also make pre-screening part of your intake process to ensure that you are only handling cases that are a good fit for your practice so that you don’t end up wasting valuable time and resources on the wrong ones, damaging your reputation while at it.
Diversify your payment methods
As explained over at runrex.com, attorneys only collect about 86% of that bill, leaving 14% of invoiced amounts on the table. By diversifying your payment methods and accepting other payment methods like credit cards, you will help address this issue and ensure that no money is left on the table, increasing your earnings. This will allow you to get paid faster, meaning that you will spend less time chasing down clients for payment, and will have more time to focus on billable work.
These are just some of the tips that should help you make $250,000 or more in 2021 as a patent attorney, with more insights, information, and help on this topic to be found over at the amazing runrex.com and guttulus.com.