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.
How do you know if it’s time to move on from this outdated model of practicing law?
Consider the following:
- How happy are you in your law practice?
- Is your current income close to what you imagined it could be when you started practicing law – and is it enough to support your long-term goals?
- When do you have time for your family, your friends, and for taking care of yourself?
- What happened to the fulfillment of lawyering?
You’ve invested a great deal of your time and resources into your education and building your law practice, but are you reaping the rewards that are possible due to all of your hard work?
If you are like most lawyers, probably not.
The good news is that you do not have to stay stuck in a law practice model that isn’t working for you! You get to choose, and you are so lucky to have a law degree with which to do so.
Get on the Road to a Life and Law Practice that You LOVE
Your law degree is one of the most valuable resources you have. It’s your ‘ticket to ride’, and my gift to you today is ‘the map’ that will guide you to get to where you want to go.
To choose the ideal law practice model for you, we start with the inquiry of how much you need to bring in each month to support your family and business expenses, and how much time you have to focus on your law practice- while also having a life.
Then, we look at how many clients you need to engage each month, and at what average fee to meet those goals in the time you have.
Based on that, you choose a clientele to serve that values your services enough to meet those goals, and you learn a new way to educate those clients so you are top of mind when anyone in that clientele base needs your services.
From there, you can create a cash forecast and monthly goals to work your intentional marketing plan and do just the activities necessary to meet those goals.
If you have uncertainty about any of these steps, and how to take them in your own life, you may want to watch our Masterclass training on the 5 Shifts Our Lawyer Members Make to Create High 6 and 7-figure Law Practices.
If you take these steps, you will be able to wave goodbye to the old law practice model and start moving toward the one that works for you. And, you’ll have a light at the end of the tunnel, knowing you are building toward a law practice that truly serves your life today, and that you can even sell and retire from down the road.
Your Ideal Law Practice Model ‘Destination’
Consider your long-term goals:
Do you want to build your life around your law practice, and not the other way around?
- Do you have (or want to have) children you’d like to be able to spend more time with, being a full-time parent and part-time lawyer?
- Burned out on daily commutes and spending your days in the office or courtroom? Perhaps you’d like to travel more than you’ve been able to, or desire to spend your winters somewhere warmer?
- Are you hoping to build a practice that you can eventually sell?
- Would you like to make at least six figures annually, while having complete control of your schedule?
- Would you like to build a million dollar + a year law practice?
How Fast do you Want to Drive?
We’ve found that most lawyers who want to build a successful law practice will fit into one of three different types of practice models. Not everybody wants to build a million dollar a year law practice, and not everybody should.
Identifying the ideal practice model for you begins with you identifying clearly what you want to earn, and how much -or how little- you want to work, based on the reality of your life circumstances and your desire to learn how to hire, manage and train other people.
Which of these most closely matches what you want?
- Work From Home Pro: Serve just 3-4 clients a month, at an average fee of $3,500 – $4,500, and have one very good team member working by your side. You’ll keep around $10,000 per month (before taxes) and could work very, very part-time with the right automation systems set up.
- Part-Time Law Baller: Serve 12 to 15 new clients a month at an average fee of $3,500 to $4,500 and have a staff of 3 people to support your practice. You’ll take home approximately $200,000 to $250,000 a year, with gross revenue of about $650,000. The best part of this model, it is possible to do all of this while working just 3.5 days a week, if you’ve got great systems for educating your community and automating and personalizing your client services.
- Full-Time 7-Figure+ Empire Builder: Serving just 250 new clients a year, or 20 new clients a month, at an average fee of $4,000, makes it possible to build a million dollar law practice and take home $300k-$400k per year. You’ll likely have 6-7 team members, at least, plus you are likely to be training other of counsel attorneys in your systems. Much of your time will be spent working “on the business” rather than serving clients. Personalized automation is, of course, the key here, to ensure you are able to maintain a reasonable schedule and be building a law practice you can sell.
I’m curious, which of these do you choose? Work From Home Pro, Part-Time Law Baller, or Seven-Figure Empire Builder?
None of these law practice models are a get rich quick methodology! We’re not talking about a do-nothing-and-get-paid way of showing up with any of these. You have to care about your clients for this to work. If you don’t genuinely care, then, none of the strategies, techniques, or resources that we have for you here at New Law Business Model will work for you. If you do care, then you have the opportunity to build yourself a law business that makes a difference in your client’s lives, makes you a great living, and gives you full control over your schedule. I believe that is the holy grail for us lawyers.
Each practice model will indeed take work to get there, and there will be some significant shifts you will need to make to transform your law practice into one that works for you. But, with the right guidance, systems, and support- it doesn’t have to take that long. Once you have it all in place, you’ll have set yourself up for long-term success – and you’ll love your life and your law practice again.
Get out the Map!
Your Free Cashflow Planner Forecasting Tool
I have a gift for you that will make it easy to design the custom map that you can follow to get to where you want to go.
The tool I have created and am about to share with you was the #1 key to being able to rebound to design the life and law practice I desired. I’ve since run multiple million dollar businesses using this tool and continue to use it today.
This Cash Flow Planner Forecasting Tool comes with data for three different law practice scenarios already populated for you, and you’ll be able to edit the template to be specific to the life and law practice you desire to have.
- How much do you need to earn each month to provide for your family and your business expenses?
- How many clients do you need to engage each month, and at what average fee, to meet those goals in the amount of time you have?
- Who are the clients that you serve, and what does it take to get them calling you?
Download this cashflow planner now, and you’ll be able to create a cash forecast that will help you outline monthly goals so you can direct your activity to drive the results you are looking for in your practice.
Now that you’ve seen what’s possible, it’s time to take action.
If you are willing to do the work and make the investments in yourself, you will be able to turn your law degree into your most valuable asset, for life.
Want some help mapping it all out? Would you like to assess your current life and law practice to determine which practice model is realistic for you, and see where you could make the shifts that will allow you to create the life and law practice you really want?
Schedule a free call with one of our Law Business Advisors today.