Your law degree is your vehicle for realizing your dreams in life. When you build a business model around it that uses your law degree to truly serve yourself, your community and your clients. While you were not taught how to do that in law school, we are here to do that with you now.
Planned for properly you will create a law business that provides you with the money you need to live the life you desire, and the time to enjoy it with loved ones – meaning you’re not working 60-80 hour weeks, and when you’re home, you are pleasant to be around because you are happy and fulfilled.
To create an effective business plan for your law practice, you only really need to understand a few things, and those are things you weren’t necessarily taught to think about.
Here are the elements you must get clear on:
Who Do You Serve and Why: The most effective law practices are very clear on exactly who they serve, and why they serve them.
You may, for example, choose to serve people who want a divorce, or individuals facing bankruptcy, or families planning for death, or business owners who desire thriving and impactful businesses.
This is a “who do you serve” based on the outcome you deliver.
Alternatively, you may, for example, decide to serve entertainers, or parents with minor children, or technology focused business owners, or coaches and consultants, or publishing companies.
In this case, you are serving a client with a specific “psychographic” and you may decide to offer them a broad range of services. Generally, leading with a specific “front door” such as one main practice area, but you may use that practice area to begin relationship and then decide to focus on being a true trusted advisor for your chosen psychographic.
In any case, it’s critical for you to make a choice in these areas, and not attempt to build your law practice by just taking whatever walks in the door or whatever inquiries come your way. We call that being a “door lawyer” and that’s the fastest path to overworking and under-earning with your law degree.
So be willing to choose who you want to serve. And get clear on why you’ve chosen this group of people, and the service(s) you’ll be offering. Ideally, you’ve got some sort of an affinity story associated with this market and this service you are offering.
Market: If you’d like to read about what we think is the best practice area and how to serve them, check out this report we’ve put together here.
What Do You Charge and How: Once you’ve gotten clear on who you serve and what you offer, you are then able to package your services in a way that makes it easy for you to quote your fees to the people who need you.
We recommend that your packages be based on specific outcomes that are needed by the people you serve.
And, that you create an intake process to guide your prospects through a well-thought out system for moving them from interested to engaged.
The days of the “free consultation” leading to you getting hired for an hourly fee are over.
Instead, you package services that will lead to a minimum average fee of $3,000-$5,000, or even recurring revenue packages, that allow you to truly serve as a trusted advisor to your clients.
We teach the specifics of how to do this in our Client Engagement System.
Create Your Marketing Plan: Once you know who you serve, and how your services are packaged, you can clarify for yourself exactly how much you want to earn per month and exactly how much you want to work (we teach this in a program called the Money Map).
From there, you are able to know exactly how many leads and prospects and inquiries you need each month to hit your personal revenue and time goals.
This is the key to a happy life and law practice.
If you then know that you have a system that results in at least a 90% engagement rate of the people who contact your office, you know that your marketing needs to generate 10 inquiries for your services per month.
Out of those 10, you can then anticipate engaging 8 new clients, and hitting your revenue goals.
This then allows you to laser focus your marketing and networking efforts on exactly the right people to generate exactly the right numbers of inquiries.
Having a Client Engagement System for ensuring a clear process from inquiry to hired and paid is the key here.
And, of course, knowing how to deliver a service that is truly top notch helps. That’s why we say don’t take whatever walks in the door, instead focus on a specific psychographic so you can create a service they really want and need and that you believe in and love to deliver.
Once you know who you serve, how you serve them, and have packaged your services and created a client engagement system, now it’s time to hire the support you’ll need to deliver raving fan client service.
In next week’s article, we’ll cover that. Who should you hire first, and why. What should you be doing yourself, and what should you outsource or hire a full time team member to do? When is it time to hire?
These are key questions to ask and answer when it comes to building a life and law practice you love.
We’ll guide you to those answers next week.
For now, if you are ready to get crystal clear on who you serve, how you serve them, how you package your fees, and create an intake process that leads to exactly the right number of paying clients you need each month to hit your personal financial and time goals …
and if you’re not attracting the clients you want…
If you’re working WAY too hard in your business…
If you’re sick and tired of not hitting your income goals…
…Then book a call with one of our Law Business Advisors now. It’s complimentary, and it will be the BEST 45 minutes you have EVER spent working on your law practice.
I guarantee it.
And if you’re interested in discovering a new way of running a practice…