Ask the Mentors
You’ve got questions, we’ve got answers. About the business of the practice of law. The guidance you need to have the practice you want.
If you are not a million dollar law practice owner and you want to be, you might be spending a lot of your mental energy wondering what it takes to get you from where you are to where you want to be. I’ve been thinking about this a lot lately. I meet a lot of lawyers who say they want to build high 6 or 7 figure law practices, but who are not taking the steps necessary to actually do so. What’s in the way? One of the things I’ve identified quite clearly is that to be a million dollar … Continue reading
You’ve heard me say it here repeatedly, the traditional law practice model is broken. And, if you do not make a change in the way you practice law and serve clients, you are going to get caught behind the 8-ball, and keep struggling and maybe even give up the practice of law altogether. And with the rise of technology like estate planning software for lawyers, and do it yourself legal document drafting systems for consumers, you might have extra reasons to think you have to compete on fees to get hired. But, you don’t. And trying to compete on fees … Continue reading
Is your law practice model working for you? I mean REALLY working for you? Are you earning the income you envisioned possible for yourself when you started your law practice? Or, do you have the income you deserve, but only making that happen by sacrificing your personal and family life? Are you afraid of making changes, even if making those changes could bring significantly better outcomes in your law practice? If so, read our big announcement here with two sets of eyes: one set focused on what I am saying and how our big shifts will impact you and the other … Continue reading
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
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