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.
There is a reason most law practices fail, even those that appear to be successful for the lawyers that own them. It’s not bankruptcy. It’s not the sudden loss of a partner or leader. It’s not fraud or malfeasance. It doesn’t even look like a regular business failure. Failure, defined simply, is not accomplishing an aim or purpose. What was the dream law career that inspired you to study for the LSAT, apply to law schools, work your butt off through the three years of classes and exams, and then take and pass the Bar?
Before you hire a lawyer – ever – make sure that lawyer truly has your best interests in mind. It could significantly impact your life. Over the past few days, I’ve again seen the tragedy that happens when people hire lawyers who are economically incentivized (due to practicing under the traditional, old paradigm model) to do harm and escalate fear. Unfortunately, this is more of the norm than any of us would like to see and I share this reminder so you can ensure you are not sucked in by this paradigm. And so you can choose wisely when … Continue reading
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
You thought you were going to law school to be a lawyer and counsel clients, and help people. You thought you’d get a well-paying job in a law office afterward, or if you went out on your own, that the clients would show up with ease. Now that you are out on your own (or considering making the leap into your own law practice) you are discovering there is this whole other piece no one ever told you about… The Business Aspect of Law Practice Rainmaking Those 2-4 clients per month you need to make to even your base overhead every … 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
I’ve sat through many practice-building seminars in the last five years, each one promising that if you follow their tips and tricks, you will grow you practice N-fold. By and large, these seminars describe in detail how to market to referral sources who, they promise, will send you clients with big bucks. And while there’s nothing wrong with the techniques they teach (usually), there is something fundamental missing in each one. What’s missing? They do not teach how to engage the clients who do walk in your door. Alexis has always told me that she can teach anyone to get … Continue reading
Hating your practice is not enough to tank it. True, some lawyers lose decades of their lives to practices they hate, but they just keep turning the crank… “time to make the donuts.” At the same time, lawyers who love their law practice go out of business every day, and it’s a tragedy we are committed to transforming. Like everything else that requires real change, the first step is awareness. Here are 3 tell tale signs that portend not only the collapse of a lawyer’s practice, but often their family and their lives. Sign #1 — Contained Chaos When your … Continue reading
“Analysis Paralysis” could be the biggest reason you’re not making progress toward the life you want. As lawyers, we’re uniquely terrified of failure, more so than almost any other profession. Rule 1.1, the VERY FIRST RULE of lawyering requires that we have competency to render services in any particular area. As we consider launching into a new arena, especially… We wonder how on earth we’re going to become proficient enough to practice. I’ve been coaching and training fellow lawyers to onboard into the estate planning practice area for three years now. The most common barrier to their success I’ve seen … Continue reading