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?
“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
In the end, it’s the feeling of triumph that I remember most clearly. My client had just signed on for my new $5,500 estate planning ‘package’. I was ecstatic. Little did I know that, 2 weeks later, the triumph would be replaced by a massive defeat.
There was a time when I considered shifting my attention away from serving lawyers and investing all of my energy and attention to serving the “spiritual” community. It would have been a lot easier in so many ways. As you know, lawyers can be challenging to work with. But, after a year of soul searching, I decided to stick with serving lawyers because I knew I could bring a law practice model to the lawyer community that no one else could and by doing so I would have the greatest possibility of impacting the world in a positive way. … Continue reading
Back at the end of 2008, the economy was crashing and lawyers were scared. I recorded this training with my mentor, Dave Dee, to help lawyers turn their fear into faith. I’m sharing it now because as I talk with lawyers regularly, I hear that even though our economy has substantially recovered 7 years later, so many lawyers are STILL in fear. And everything Dave and I spoke about in this training is still 100% relevant to you today. In the audio training, you’ll hear … the single biggest thing you can do to make your law practice marketing effective in … 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
It seems like such a simple, even harmless question. The answer is both obvious and elusive. How do I make more money? There are three problems with asking this question: Problem #1 – It’s not what you make, it’s what you keep Furthermore, it’s how you enjoy what you do have and the journey of growing what you have. If you’re constantly spending as much (or more) than you make, you will always feel broke. You’ll be on the treadmill of dread and the fulfillment of a great practice and great income will elude you. You’ll always be wondering how … Continue reading
Let’s be clear… Competing on price is NOT a strategy for the long-term success of your law practice. It diminishes your value in your client’s eyes, not to mention your self-worth, which will eat you alive over the life of your career… Particularly when you’re struggling to keep the lights on. When there are more lawyers than demand for legal services, you risk becoming a commodity. In your client’s mind, “a lawyer’s a lawyer’s a lawyer…” and depending on your practice area, they probably wish they never had to call you in the first place. That’s a sucky situation. But … Continue reading
Lack of steady, consistent, predictable cash flow is the number one problem most lawyers tell me they have in their law practices. They tell me that if they could just solve that problem, everything in their life would be better. Unfortunately, most lawyers are looking to solve this problem in all the wrong places. Often, they think they just need to get their phone ringing more. Maybe you’ve thought something like this yourself. “If I could just get my phone ringing, I’d be golden!” I remember thinking that myself. But, it wasn’t actually true. In fact, if I had gotten my … Continue reading