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.
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
“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
AND How To FIX them! In my last post, I revealed the reason why most lawyers and law practices fail themselves and their clients. Judging by the dozens of email replies over the weekend, it struck a nerve. This post is the follow-up, this time with actionable takeaways. Let’s get right to it. This is my list of the most common law practice mistakes I see lawyers making, year in and year out. I discovered these mistakes after nearly bankrupting my own law practice (and life) by following the traditional “successful lawyer” law practice-building advice and then coaching thousands of … Continue reading
I tend to be a perfectionist by nature. It is my natural instinct to keep working on a project until it is as good as it possibly can be. Maybe you can even relate to this yourself? Over the years as a business owner, I’ve learned that perfectionism is actually the #1 killer of fast business growth. In today’s tough business landscape, you have to be able to change and implement fast. And if you get stuck trying to make every single project perfect, you will generally only achieve a small fraction of what you could have accomplished during that … Continue reading
You’ve done it – you finally opened your own law firm. However, now you’re knee deep into it you are wondering, “is this is it”? The monthly overhead, silent phones, empty calendar. Is this what “lawyering” is supposed to be like? Fortunately, the answer is no. I was there not even 3 years ago. I finally decided that I needed to make some changes and get out of the “is this it” place I had found myself in. After implementing those changes, I drastically increased my bottom line and they allowed me to start loving my law practice. So what … Continue reading
In law school you learned how to lawyer. Growing your law firm requires that you learn the business of law. Interviewing and hiring are two of the essentials you must learn to turn your law practice into a law business you can count on. Here are 7 stratetgies for you to use in making your next hiring decision. 1.) Don’t hire for potential – who someone COULD be is not up to you. Hire based on who they are now and the experience, skills and training they already have; and if they grow in their role, all the better! It’s a … Continue reading
This is an important public service announcement if you are considering hiring a legal marketing company, agency or service to market your law firm. Please take it seriously. Far too many lawyers think legal marketing will be the answer to their prayers — I get it, I once thought that, too — but what I discovered (and you will, too, if you don’t heed this warning) is that legal marketing is just a teeny piece of the law business puzzle. You’d think it was the whole enchilada if you pay attention to what every online marketer in the legal space … Continue reading
One of the questions I get asked all the time is ‘how long will it take before I see and experience return on investment (ROI) from my new Assistant?’ The quick answer is – approximately 90 days. At first, 90 days may feel like a lifetime. However, when you consider the milestones you’ll hit in that time, and the full support you’ll receive after ramping up, 90 days really isn’t that long at all. A lot of ‘downloading’ takes place in the first 90 days of a lawyer/assistant relationship. Both parties need to set aside and invest time to allow … Continue reading