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 set focused on what I am doing and whether you may want to make the same kind of change in your own life and practice.
And, consider whether you may just be scared of change itself. I know I was. You see, I’ve done this before…
I took my personal law practice from struggling to consistent, $100k+ months, in just 3 years.
And I was so scared to do what it took to make that happen. And, the entire three years I was getting there, I was pretty much terrified, every step of the way.
In fact, my motto was “being afraid and doing it anyway.”
The first terrifying thing I did (besides leaving the security of the 6-figure paycheck and opening my own law practice) is I finally got up the gumption to stop focusing my education and marketing efforts on “general estate planning” to focusing on serving families with young children.
Oh my god, I was so scared to do that. And, every lawyer in my community told me I was crazy to do it. They said I would starve. They said young families didn’t want to spend money on estate planning, think about death, or plan for the future.
But, I knew they were wrong.
And, boy, were they.
And here’s how I proved it…
By narrowing my marketing focus, I was able to put in place a client engagement and fee quoting system, and pricing and packaging as well as raving fan client service systems that turned me into THE go-to lawyer for families in my community.
I was able to command premium fees. I was able to have a 100% engagement rate. And, the weirdest thing of all is that it was not just families with young children that wanted to work with me.
I was getting all sorts of people calling me – families with kids with special needs, the super wealthy, seniors, and small business owners.
And, I was able to go from quoting fees based on whatever I thought I should charge someone to a very clearly laid out fee schedule, and doubling my average fee.
Finally, instead of me chasing clients (and not charging enough when they did come in with half of them having to think about it), I was engaging every client I sat down with, and at twice the price I was able to receive before.
It only took me doing the things that were the most terrifying to change in my law practice.
That was 13 years ago…
I was scared to raise my fees. I was scared to narrow my focus. I was scared to have to go against the grain and truly differentiate myself from other lawyers in my community, even though I knew it would make it better because it felt like so. Much. WORK.
Moving Beyond my Fears
Here’s the truth … I was going to work hard no matter what. The only question was would I be working hard to build something truly meaningful that would support the life I really wanted?
Or would I be spinning my wheels on the never-ended hamster wheel of struggle, worry, and stress?
Over the years of building several million dollar businesses, I’ve come to see that the hardest part of making change isn’t doing the things necessary to make the change, it is confronting the fear, making a decision and then knowing what to do and staying focused.
And I’m sharing this with you because I know that the fears I had are probably the same as your fears when it comes to building a life and law practice you love.
I’ve faced them repeatedly in my own businesses, and the truth is that it’s an ongoing process of spiraling up. Each time you “get there” it’s going to be time to face it all again, and choose the next level.
So that’s what’s happening here at New Law Business Model, as well.
It is working the way it is. Kind of.
Yes, we serve more than 300 lawyers a year. And, yes, we did $2.4M in revenue last year (our biggest year yet), but our profit margin was super low, and while I get paid well, I can’t hire the best of the best talent to continue to help us grow because our margins are so thin.
And, the team is stretched to the max because I have super high customer service standards.
So, even though we’re bringing in good revenue and serving 25 new lawyers a month, we’re stuck.
Here’s what my thought processes looked like every time I thought about what to do …
I mean, sure we could reach way more of our right client, if we narrowed our message and got exceedingly clear on who we serve and who we don’t, and turned down the vast majority of lawyers who want to work with us.
And, sure, we could help way more lawyers, if I could hire and train more and better team members.
And, yes, it’s true if we were charging more, we could invest more in marketing and reach more people.
And, yes, if we slow down the enrollment process and make sure that everyone we meet with talks with a Law Business Advisor before they join us to make sure they are the right fit, we’ll be setting the lawyers we serve up for more success. But, I’m scared to do all that!
And, I’m going to do it anyway.
We are once again clarifying, honing, and making the exact same changes in our business that we’re guiding you to make in yours so that New Law Business Model can be the absolute best solution for those of you who are a perfect fit for us, and so you can be the absolute best solution for your clients who are a perfect fit for you!
The lawyers who apply our systems are seeing:
- 100% engagement rates
- Average planning fees of $4,500+ per estate plan and $750/mo-$3,000/mo per business
- Ongoing maintenance at $50-$250 per month (depending on the complexity of planning)
- Post-incapacity or death administration work fees at $5,000 to $100,000+
And, I personally am paid $2,500-$5,000/mo for my own private legal work with clients…
It’s time to make a change: from trying to serve all the lawyers, to only serving the lawyers who can get these kinds of results. And, to start getting paid properly for it.
I wonder if it’s time for you to make a similar change in your law practice: from trying to serve all the clients, to only serving the clients you get the best results for, and to start getting paid properly for it.
Business is business… is business.
You see, I thought my business was different. But my business is no different than yours. Telling myself that my business was different was just a way to avoid facing the reality that I was scared to make a change.
“But, my law practice is different” is an excuse to avoid creating a law practice model that truly serves your life. You can get past that excuse at any time, by choosing to see you are doing it- and discovering where your law practice is -not different- and can truly become a business that supports you and your clients at a higher level.
The spiral up never stops.
Sometimes there is a need to revisit all the things you thought you already handled along the way.
As it’s become clear that it’s time for New Law Business Model to scale to its next level, I went back and mined the past ten years of my own success, and the lawyers we’ve served to build high-6 and 7 figure practices, many of them while being able to work part-time, to find out what were the common denominators.
And, what I’ve found is that each and every time, for each and every lawyer (including myself) that have had the kind of success I imagine for you as well, there have been 5 critical shifts that we all made along the way.
The first of those shifts is ‘becoming completely congruent’. And, as you can see, that’s the first thing that we’re doing here. Even though, yes, it’s scary to narrow our focus and raise our fees. But, hey, it’s what we are asking you to do, so to be congruent, we’re doing it too!