One of the lawyers in our New Law Business Model coaching program recently asked us to help her decide between 4 different potential practice models for her law practice. She wanted to know how much she could make if she was working 5 days a week under the following scenarios: Just the lawyer at the firm handling everything, including drafting documents. Just the lawyer at the firm handling everything, but outsourcing drafting documents. Lawyer and one support staff person handling everything, including drafting documents. Lawyer and one support staff person handling everything, except outsourcing the drafting of documents I thought … Continue reading
“So I have a strong background in investment math and cash flow model, so I get this completely… 100%. My question is, Will lawyers understand this?” “I don’t know. But they need to. Because if they can understand this, everything changes.” This week, my copywriter, Eric and I were pow-wow’ing, brainstorming on our marketing campaigns, and getting clear on what you’d need to hear/know to decide if our membership programs are right for you and your law practice. (Do you have anyone to brainstorm your monthly marketing campaigns with? If not, you should. And, that’s something we do with … Continue reading
There is a reason most law practices fail, even those that appear to be successful for the lawyers that own them. It’s not bankruptcy. It’s not the sudden loss of a partner or leader. It’s not fraud or malfeasance. It doesn’t even look like a regular business failure. Failure, defined simply, is not accomplishing an aim or purpose. What was the dream law career that inspired you to study for the LSAT, apply to law schools, work your butt off through the three years of classes and exams, and then take and pass the Bar?
AND How To FIX them! In my last post, I revealed the reason why most lawyers and law practices fail themselves and their clients. Judging by the dozens of email replies over the weekend, it struck a nerve. This post is the follow-up, this time with actionable takeaways. Let’s get right to it. This is my list of the most common law practice mistakes I see lawyers making, year in and year out. I discovered these mistakes after nearly bankrupting my own law practice (and life) by following the traditional “successful lawyer” law practice-building advice and then coaching thousands of … Continue reading
A very important concept that we talk about at Law Business Mentors is the creation of a solid client engagement system. We often advise that lawyers not invest any money in marketing until they have a process and system for engaging clients set up and working. Why? Because without a client engagement system in place, you will not be able to properly engage your prospects and can end up losing them as a client, after having invested time and money to get them interested in the first place. However, you’re still running a law practice and you can’t just … Continue reading
One of the most important aspects of learning how to engage more clients is understanding the three phases of your client engagement system and then tracking so you know what’s working, and what’s not. Most lawyers are operating with no system whatsoever, which is the first problem in low client engagement rates. So the first step would be to create one. Here are the three phases of your system: Inquiries Appointments Client Conversions By closely tracking the activity of each of these phases you can determine what areas of your client engagement system need help. Let’s take a look at … Continue reading