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?
One of the things I’ve identified quite clearly is that to be a million dollar law practice owner is quite simple, but it’s far from easy because you’ll have to learn to face all your fears around investing money to do it.
Chances are if you do not already have the law practice you want, it’s merely because you have not learned how to handle the fears that are coming up that stop you.
And, by the way, this applies regardless of what size law practice you want. Six-Figure, seven-figure, it’s all the same.
We’ve been taught to spend the money to go to law school. Take out the loans. Get the education. But, what they didn’t tell us is that to build a law practice also takes investment.
Instead, somehow we come out of law school thinking we’ve already made the investment, and now we can get the clients and serve them and make plenty of money.
But you already see the fallacy of that, don’t you? It’s just not true.
If you want to build a law practice that serves your clients well and gives you the income you want to take home, and also makes the impact you truly desire, you’re going to have to invest money in a way that scares the crap out of you.
It’s what it takes to build a business, period.
I don’t think I truly got this myself until I was a couple of years into my law practice, and trying to scrimp and save on every little part of it. Then, I heard a podcast with Mark Cuban, and he said: “if you want to build a million dollar business, you must make your decisions from the place of being a million dollar business owner, not from wherever you are right now.”
This was a huge eye-opener because I definitely was not doing that.
I was making my decisions from the place of looking at how I could spend as little as possible on everything in my practice from bookkeeping to marketing to team, rather from the place of how can I invest as much as possible, wisely, to become profitable and take home what I wanted while having the free time I wanted as well.
Now, when I first got this, I didn’t know how to make wise investments in my law practice. I had to learn the hard way because I didn’t have anyone to teach me who had already created the kind of law practice I wanted.
I knew I didn’t want to do it the old way, and I had to create the way, which required a tremendous amount of trial and error, investing in new technology and techniques to market and new ways to serve my clients.
As I was doing it, I also knew I wasn’t just doing it for myself, but for all of you who wouldn’t have to reinvent the wheel later, as I was.
I tried, tested, failed, tried again, refined, made it better, perfected and finally created something that worked so that I was able to have a million dollar law practice and go into my office just a few days a week because of the system I created.
Then, I sold my law practice to someone who had never been a million dollar law practice owner before and figured he could just run the system and serve the clients.
Guess what he did first thing after the sale closed?
He started trying to save money. He fired the marketing director and stopped running the marketing campaigns. They were too expensive, he said.
Then, two months later, he called me to help him figure out why the clients weren’t coming in.
The clients weren’t coming in because he stopped making the investments that were fueling the machine.
He didn’t understand that to have a million dollar law practice, you have to be able to wisely invest at least $600,000 per year in your practice.
And I hadn’t understood that you could not take someone who is not a million dollar business owner and drop them into a million dollar business and expect them to be able to do that. You see, along the way to building a million dollar law practice, you learn to face your fears and become an entirely new type of human.
You don’t build a million dollar law practice, you BECOME a million dollar business owner.
The good news about that is when you do, you’ll be able to take home around $400,000 a year for your family.
All of this applies, even if you only want a 6-figure law practice.
To take home $100,000 a year, you’ll need to be investing about $200,000 or so a year to have a practice that lets you do that unless you want to work like a crazy person for the rest of your life and have no free time at all.
Can you imagine yourself spending (investing!) $600,000 or more every year in your overhead to keep $400,000? How about investing $200,000 to keep $100,000?
Do you know where to make those investments? And, more importantly, do you know how to meet the fear that will arise along the way, as you learn?
If not, I invite you to click the banner below and access my free masterclass training that will guide you to face the fears that are standing in the way of you having whatever size law practice you want.
Discover the 5 Key Shifts Our Lawyer Members Are Using to Create High 6 and 7-Figure Law Practices Serving Families and Small Business Owners in Their Communities
…without dealing with opposing counsel, billing by the hour, sacrificing time with family, or ever taking a client they don’t love to serve.
Whether you want to be a Work From Home Pro, or a Part-Time Law Baller, or a 7-Figure Law Practice Empire Builder, your fear is going to be the biggest thing in your way.