One of the biggest reasons for failure in any business, let alone a law business,  is under capitalization, not enough money in the bank.

Businesses fail when there is not enough money to make it through the rough spots. Businesses that thrive are the ones that can make it through what Seth Godin calls The Dip.

Making it through The Dip means not only having enough money, but also having the emotional commitment to persevere
through the scary times. There are always scary times. Maybe this is one of them for you.

If it is, it may be because you have not invested sufficiently in your business.

I remember when I started my law firm, I didn’t have any money. I didn’t have a line of credit. I didn’t know how to invest in my business. And my business stayed small, scary and uncertain.

Then, I happened to meet a banker. And when I met with him, I was excited and enthusiastic and he caught my energy.

He told me about SBA loans, equipment leases and how I thought about my business changed.

I became aware that I was building a real business.

And every business takes an investment of money.

If I was not willing to invest in the growth of my law firm, no one else would be. Including my clients.

There is NO better time to invest in your business than now.

YOU are your best investment.

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About the Law Business Revolution

The Law Business Revolution is a legal marketing and training organization focused on helping attorneys attract quality clients, start and manage productive law firms, systematize their businesses and ultimately help lawyers attain more time and greater resources than ever before.

Training through the Law Business Revolution includes (but is not limited to), private and group coaching led by professionals that surpassed the 7-figure mark in their own firms and businesses, client engagement strategies, client attraction strategies, educational, relationship-based marketing techniques designed to get results, lead generation training, campaigns for consumers, referrals and prospects and systematizing a firm to run on autopilot.

Licensed attorneys are welcome to download over $22,500 of free practice building resources courtesy of the Law Business Revolution at http://www.lawbusinessrevolution.com .

Once upon a time, prospects used to leave my office without moving forward with their estate planning.

Most often, they said they had to think about it.

I’m sure you’ve heard that one before, right?

Quite frequently, I never heard from them again.

Today, that doesn’t happen.  If a prospect comes in to meet with me and they need planning, they move forward with their planning.

There’s many reasons why that’s the case, but one of them is that I believe I have a moral obligation to engage the clients who come in to meet with me.

After reading this story, perhaps you will too:

My friend Todd was a life insurance agent of the somewhat pushy sort.

I always saw this as a bit off putting.

Until I heard about this …

A shared client of ours had stopped paying the premiums on a $3,000,000 life insurance policy.

Todd took him to lunch to see what was going on and the client told him that he was going to restart the policy and that he’d send him the check in a couple days.

Todd, not one to be put off said “I’ll come with you to the car and you can give me a check.”

The client was a little annoyed, but willing to write the check at the car that day. That was on a Friday afternoon.

The following Monday morning, the client woke up, walked to the bathroom and an aneurysm in his brain exploded.

He was dead before he hit the floor.

Todd’s insistance on getting the check meant the difference between a life of comfort for his client’s wife and one of extreme hardship.

Ever since I’ve been more aware than ever of my own moral obligation to ensure that client’s who need planning, proceed with planning.

If a client who needs planning leaves my office without going forward, I’ve failed them and their family.

Because you never know what’s going to happen when they walk out the door.  Believe in the value of what you do is critically important to your success.

I hope this story has helped you to be a little more aware of how important you are.

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About the Law Business Revolution

The Law Business Revolution is a legal marketing and training organization focused on helping attorneys attract quality clients, start and manage productive law firms, systematize their businesses and ultimately help lawyers attain more time and greater resources than ever before.

Training through the Law Business Revolution includes (but is not limited to), private and group coaching led by professionals that surpassed the 7-figure mark in their own firms and businesses, client engagement strategies, client attraction strategies, educational, relationship-based marketing techniques designed to get results, lead generation training, campaigns for consumers, referrals and prospects and systematizing a firm to run on autopilot.

Licensed attorneys are welcome to download over $22,500 of free practice building resources courtesy of the Law Business Revolution at http://www.lawbusinessrevolution.com .

I went to law school because I was a great problem solver, knew I wanted to help people and loved being in a position of power and control.

Oh, and of course, I went to law school because I wanted to make a lot of money!

When I graduated and went to work in the biglaw firm and even after starting my own law firm, I found myself pushing paper, not feeling as if I was helping anyone and with very little power over anything … at the beck and call of generally ungrateful and demanding clients.

And, after being around my business owner clients and seeing what it meant to make money, I quickly saw that being a lawyer was unlikely to get me anywhere near the big leagues financially, at least not under the traditional legal model.

Fortunately, I found the secret to getting back to being the lawyer I went to law school to become.  A lawyer who truly makes a difference in my client’s lives, has a continuing stream of revenue that keeps pumping in even when I go on vacation and a real business that I am now in the position to sell.

Imagine if you could be a specialist in your primary practice area while at the same time getting compensated on an ongoing basis to guide your clients to answers about all the legal questions they have – issues that are mystifying to them but exceedingly simple to you.

What would it feel like to be the trusted counselor your clients turned to the way it used to be when regular people consulted their personal lawyer before making important decisions.  What if we could go back to the time when lawyers didn’t have to bill for every phone call in six minute increments.  What if you could turn the traditional and broken law business model on its head and re-connect to everything wonderful about the practice of law again?

The good news?  You can! It merely requires you to step outside the box and think differently about everything you’ve learned about being a lawyer and owning a law practice.