Law Business Mentors

the guidance you need to build the practice you want

You went to law school to make a great living,
make a difference, and have a great life...

WHAT HAPPENED?

The Law Business Manifesto has your answers.

Law Business Manifesto

5 Steps Out of the Legal Entrepreneur’s Inevitable Business Plateau (Part 1)

Like death and taxes, there is one thing about being a legal entrepreneur that is predictable…

Your business will plateau.

It will become overwhelming, lose its joy, and make you less money. Basic economics. When you grow, you have to spend more money to add “capacity” to serve the business you’re earning. That capacity reduces profit, and possibly your salary. You wonder, “Is it worth it?!”

You find you’re working nonstop. You’re exhausted. Your team is in outright rebellion (or if your team is you, you’re hating your boss!). If tempers are flaring, moods falling, it doesn’t matter what your revenue says is the health of your company, you’re at a plateau.

You will reach your limits personally and professionally. You’ll be tempted to give up. But! Before you do, here are some things to try turn tail and run…

There’s 10 in total, but here’s the first five:

1. Get to know your personal number. One of my favorite tools is Alexis’ Money Map to Freedom course. This series of teachings and awareness tools helps you identify your personal financial goal, your “money map number;” the number you need to make each month in order to be at ease. AND it helps you map out path to get to that number. If you haven’t done this work, do it now!

2. Check your business metrics. There may be a simple reason that your business is plateauing. It could be that you aren’t clear on what your numbers need to be. For instance, I know that I need X number of initial client appointments each month in order to engage X number of clients. If I engage X number of clients at an average fee of $GREATNUMBER, I’ll make $DOLLARS per month more or less.

Another way to look at is as a daily number. How many dollars do you need to earn each and every business day to keep your ship moving forward? Knowing your DAILY number may be the most powerful way to know where you are financially.

3. Check your calendar against your metrics. If you know how many client appointments you need each month, you can plan to fill your calendar accordingly. For instance, if you need 15 client appointments to get to your monthly or daily number, you can make sure you’re marketing to get those 15 appointments; speaking, direct mail advertising, networking with professionals. I know that if I speak twice a month to a group of at least 10 people, we’ll make our numbers.

4. Review your company’s financials. Look at  all of them— profit & loss statement, accounts receivable, and accounts payable—at least twice a month, preferably every Monday so you know what your current financial picture is. Mark any trends you see in revenue and expenses. Up or down? New expenses?

5.  Give your fears a voice. Talk to another lawyer, business owner or a trusted friend who has gotten through a plateau or two. Ask for reassurance. There’s nothing wrong with telling someone, “I’ve never done this before. I’m terrified. How do I get through this part?” More importantly, let yourself receive and internalize that reassurance when they do give it to you. Yes, you can do this.

I’ll give you the NEXT set of 5 steps in the next post. Meantime you’ve got a lot of things you can do to either start getting out of, or possibly even preventing, the entrepreneur’s inevitable business plateau.

Interested in learning more?  Start here:

About the Contributor
Alexis Neely is a bestselling author and has been a frequent guest on numerous network talk shows and news broadcasts. After graduating first in her law school class from Georgetown Law, Alexis clerked for Senior Judge Peter T. Fay on the 11th Circuit Court of Appeals and then began her career at the #1 AmLaw rated firm of Munger, Tolles & Olson. She went on to build her own law practice into a million dollar a year revenue generator within just three years by creating a revolutionary New Law Business Model you’ll hear about on the call. She is a leading expert on teaching lawyers how to attract more clients, engage those clients at higher fees,* and to serve those clients using this completely different law business model. Lawyers using Alexis’ systems report far more happiness, bigger bank accounts, and that they love being lawyers again.

Warning: file_get_contents(https://graph.facebook.com/comments/?ids=http://lawbusinessmentors.com/5-steps-out-of-the-entrepreneurs-inevitable-business-plateau-part-1/): failed to open stream: HTTP request failed! HTTP/1.1 400 Bad Request in /home/newlawbu/public_html/lawbusinessmentors.com/wp-content/themes/lawbusinessmentors/comments.php on line 25

Leave a Reply

Your email address will not be published. Required fields are marked *