“So 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.
(Do you have anyone to brainstorm your monthly marketing campaigns with? If not, you should. And, that’s something we do with our members, each month.)
Before launching his copywriting agency, Eric’s background was on Wall Street.
If it’s about finance, investment strategy, and numbers? He gets it – no problem.
But Eric wasn’t a lawyer, and he didn’t go to law school. The life of a lawyer is not something he’s experienced, like you and me.
So, he’s still learning…
In a way, though, it’s really perfect, because I get questions from Eric like that one up top.
(This is part of the reason it really helps to brainstorm the growth of your business with experienced business folk who aren’t working in your business.)
His question came in the middle of my walking him through the Law Practice Cash Flow Forecast Plan we create for our members, how it works – and, more importantly – why I created it.
I illustrated for him, by tweaking a few numbers, the difference between a lawyer who invests in their practice, and one who doesn’t.
…While having the help of a support staff and taking a higher salary, PLUS taking additional distributions in addition to your salary (and coming out AHEAD, instead of behind).
How much can I invest in my practice right now?
Most lawyers are asking the exact opposite question – how can I invest as little as possible?
And, as you’ll see in the recording I am sharing with you, when a lawyer makes that their focus, they end up trying to build and sustain their practice out of revenue, and failing a little more, month-in and month-out.
Lawyers who are investing as little as possible never get ahead – they are simply taking in fees, and paying most (if not all) of it back out in the most basic expenses.
As you’ll see in the video, it’s a no win proposition.
And the heartbreaking part is that, when you run this scenario into the future, what you’ll see is this:
You never get ahead… You can never hire staff, never advertise, never take a big enough paycheck to pay back the investment you already made in law school… The list goes on.
On the other hand, when you DO invest wisely in growing your law practice… well, like I said, everything changes.
And you’ll see what I mean when you watch.
The cool part? The amount you need to invest to have a profitable practice that has you love being a lawyer is not a lot. Nowhere even close to what any lawyer pays for their law degree.
Not even close to what you’d have to invest if you were to try to startup any other business.
We really are so lucky we went to law school. Your law degree is your most valuable asset, if you know how to wisely capitalize on it, by investing in creating law practice you really want.
And the time it’ll take once you make the right strategic investments? I’ll put it this way…
You can be up to the mid-six-figure level in your law practice – with take home pay of close to $10,000/mo if you are just starting out (or a LOT more if you’ve been at this awhile) – before the next class graduates.
I’m including a link here to the video conference call where Eric and I reviewed the Law Practice Cash Flow Forecasting Plan so you can see behind-the-scenes why I so wholeheartedly believe in the power of investing.
Watch it here.
Can you see now why you must break free of the idea that you can build your law practice out of the limited revenue you bring in from seeing new clients each month?
Please, go watch the video now – by clicking the video or using the link above. (Watch it twice if you need.)
And, if you have any questions after watching it (as I am sure you will), please comment below and let me know and be sure to be registered for our next live training so I can answer them for you.
Want to create your own Cash Flow Forecasting Plan for your law practice?