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?
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.
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
“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 our members … 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
As I hope you do, I work closely with my financial team and tax accountant at year end to ensure I pay as little taxes as possible, and maintain as much control over my resources as possible. Do you do the same? If so, you’ve only got a little bit longer to do it because there are many tax savings strategies that disappear when the new year starts, and can you believe it – that’s in less than two weeks! Personally, I far prefer to decide where my money goes, rather than just sending it off to the government … Continue reading
Until I had the first hand experience of seeing that the right investments, at the right time, would earn me back far more than anything else I could do with my time and money, I kept trying to build my law practice by “spending” as little as possible. I thought of investing that way, back then. I was spending my money. I didn’t get that properly investing in my law practice wasn’t spending my money at all. It was creating more with my least valuable resource. You see, today I get that money in a bank, or available on credit, … Continue reading
Chances are you already know this. You struggle to capture all of your time. You spend the end of the day going through your time records to ensure that you’ve billed your clients for every minute you can. And, like every other attorney, you probably hate doing it. Yet, what other option is there? Attorneys have been billing hourly since the dawn of time and who are you to blow against the wind? Well, I’m here as a testament to the fact that you can get away from the billable hour and it will change your life – and your … Continue reading
The first time I ever invested in my career as a lawyer (post-law school) was when I was an associate at a big law firm. I had never considered the possibility that after investing so much in going to law school, I have to invest more in learning how to practice law the way I wanted. I went to law school thinking I was going to get paid, not that I’d be paying more! I was super resistant to the idea of having to invest more, especially with $100,000 of law school loans owing. More of that story and how … Continue reading
I’m going to share with you what I know is the BEST area (niche) of law to practice, for most lawyers. But first, a brief story as background… There was a time when I wasn’t sure I was going to continue serving lawyers. I had a mid-life crisis (or as I like to think of it—a Spiritual Awakening) and I did a deep dive soul-searching inquiry as to what I wanted to be when I grew up. To set the proper context here, this was happening when I had already built two million dollar businesses (one an estate planning and … Continue reading