Even if you don’t realize it, you already have a business model for your law practice. You inherited the “traditional law practice model” when you graduated law school and joined the ranks of hundreds of thousands of lawyers who are doing things the way they’ve always been done. But, since you’re here reading this article, I’m willing to bet that you’ve since become aware that you cannot build a sustainable and fulfilling law practice using the traditional law practice model.
You wouldn’t be reading this if you didn’t want to make a change in your life and law practice. Yet, I’m guessing that you haven’t yet taken many actions to make that change. Am I right? Or, maybe you have made some changes, but you want to make more…Of course you do! The traditional law practice model we were all taught is simply not conducive to having a life you love. And, it doesn’t even allow you to serve your clients in the highest and best way possible. You know it. They know it. But few people know what to do about … 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
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?
As lawyers, many of us take anyone who walks in the door because we need the money to pay the bills, and we don’t have a better option. However, in addition to creating stress, being a “door lawyer” can be detrimental to your success. It spreads you thin, leaves you constantly wondering where the next client is coming from and unable to truly provide a top-notch service you can believe in fully. One of the concepts we teach our lawyers is to focus in on a specific niche or practice area. This way you can serve clients in terms … Continue reading
There are times when you know you need to keep moving forward in your law practice, but for one reason or another you’re stuck – in “paralysis” mode. This happens to the best of us. The good news is that there are two steps that can help you move out of paralysis mode into one of positive action for your law practice. 1. Get Clarity My experience is that being stuck often comes from not knowing what to do next. The fastest path through is to get a clear vision of exactly where you want to go. When you’ve got … Continue reading
One of the questions that comes up among our members in our Estate Planning Bootcamp is how to deal with adding a business succession plan into an estate plan, for their business owner clients. This is a common need when you are serving business owners and learning to assist clients through the process smoothly can be of great benefit to your law practice. Given that each situation is unique, here is a general overview that will help you develop your own process for serving clients looking to incorporate a business succession plan into their estate plan. Set the ground … Continue reading
Hiring a team is one of the most important things you can do when you want to move your law practice forward into greater levels of impact in your community and freedom for you. However, where do you start? How do you begin the work of dividing work up and understanding what needs to be done by others and by you? And how do you get up the courage to make the investment, especially if you don’t yet have the consistent, predictable revenue you can count on to assure yourself you can pay someone else? Hiring strategy is an aspect … Continue reading
We had a member recently ask us about a good way to inform clients who have been with her for awhile (and that she likes working with) that her rates would be going up. This is a great question and something that many lawyers struggle with. We see many lawyers out there not charging enough for their time and work. One of the things we teach our members, and those in our Bootcamp Programs, is how to implement flat rate pricing rather than offering services on an hourly basis. Charging hourly is often the root of a variety of problems … Continue reading
If you are like most lawyers, you spend a lot of time talking with people who know they need to engage with a lawyer, but haven’t prioritized it and taken action to hire you. Or, perhaps you are one of those who get hired, but your fees are, on average, much too low for you to provide a truly valuable service. If you’re having either of these experiences, you may worry that your law practice isn’t even viable with the rise of online, do-it-yourself legal services. If any of this sounds familiar, this could be the most valuable article you … Continue reading