One of the lawyers in our New Law Business Model coaching program recently asked us to help her decide between 4 different potential practice models for her law practice. She wanted to know how much she could make, if she was working 5 days a week under the following scenarios: Just the lawyer at the firm handling everything, including drafting documents. Just the lawyer at the firm handling everything, but outsourcing drafting documents. Lawyer and one support staff person handling everything, including drafting documents Lawyer and one support staff person handling everything, except outsourcing the drafting of documents I thought … Continue reading
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?
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
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
Want to hear something funny? When you think about it, the oldest profession in the world is actually… sales. (Think about that for a minute if you don’t get the joke.) It never ceases to amaze me when professionals look down at selling as though it’s some kind of social disease. Let me set a few things straight about sales. The Truth About Sales 1.) Nothing happens in our economy until somebody sells something. That turns the whole thing on its head, doesn’t it? We NEED sales people in society like we need bees in our orchards and crops. 2.) … Continue reading
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 … Continue reading
In my last post, I shared with you that the number one thing your clients will happily pay more for is “an experience”. Now, this doesn’t mean you have to have a lot of experience as a lawyer. I don’t mean that kind of experience… It really doesn’t matter how much legal experience you have in order to create an experience for your prospects and clients. What your clients want is to feel something when they come in and work with you. However, this is not an across the board truth. Some prospects are shopping around based on price, that’s true. But … Continue reading
I’m a pretty woo-woo gal. But at the same time, I have also built four million dollar a year plus revenue generating businesses using very practical strategies, which I share with you here. The first business was my law firm, then the Family Wealth Planning Institute, then the New Law Business Model and Eyes Wide Open businesses. And, truth be told, I’ve been hiding some of the woo-woo from you because I’ve always thought you wouldn’t take me seriously if I did. But, over the past several months I’ve been beginning to realize that maybe that’s my own limiting belief … Continue reading