Law Business Revolution Blog » Starting Your Own Law Firm

2 for the price of 1 ends today – save thousands!

debally — Mon, 21 Mar 2011 14:37:47 +0000

In case you hadn’t heard…

Today is your last day to join both the Personal Family Lawyer and Creative Business Lawyer programs for one low, low, low investment.

Join us here now:

http://www.PersonalFamilyLawyer.com/order

http://www.CreativeBusinessLawyer.com/order

If you want to join later this week, you can, but you will pay $200 per month more to be a member of both of our programs.

Stay with us just one year and save $2,400 of your membership fees. Stay with us 10 years and that $200/mo savings translates into a $24,000 savings.

And if the program is a fit for you, you will want to stay 10 years because we have created systems and structures for reaching the clients you want to serve that you could not replicate on your own for any less than what we are providing them for.

Plus, they will provide you with a steady flow of clients that just keep on coming, which means you are able to have a sustainable, predictable, consistent source of new business, revenue and cash flow.

Imagine that for a moment, and then join us here now:

http://www.PersonalFamilyLawyer.com/order

http://www.CreativeBusinessLawyer.com/order

If you want to join later this year, you may be able to or you may have to wait until next year (we are not sure when we will open the program again) and you will likely pay hundreds more per month for just one of our programs.

When you join now, you lock in your investment forever. It can never go up, but it can and will go down after you have been a member for a year.

When you join our program, we are confident you will stay in because again, you could not replicate the resources we give you on your own less expensively because of our economies of scale.

(see the results and experiences of a few of our lawyers here)

Marketing campaigns, presentations, and lead-generation resources for reaching families and small business owners, such as books, kits, training programs and more that you would invest tens upon tens of thousands to create on your own.

We give it all to you for one low investment that will only get lower the longer you are with us and the more lawyers we serve over time.

But, it starts with one month – join us now and you are under no commitment to stay for any length of time. (We only want you with us as long as the benefits greatly outweigh the costs of your membership not because we have forced you to stay with a penalty for leaving.)

So join us now here:

http://www.PersonalFamilyLawyer.com/order

http://www.CreativeBusinessLawyer.com/order
And if you have any questions at all or you are not sure if this is right for you, ask us for support by emailing us at support(at)FamilyWealthMatters.com & letting us know where you are feeling stuck or uncertain. We can help, but you have to ask.

I hope to see you lock in these savings and get on the road to predictable, consistent revenue you can count on using systems your clients will love.

Alexis

How Lawyers Screw Themselves and Their Clients

Alexis — Fri, 20 Aug 2010 20:28:39 +0000

I’ve been having some very interesting conversations with well-known lawyers throughout our industry about the future – where we’re going and what lawyers need to do to be prepared.

I’ll be interviewing several of them who I believe have the answers for you as part of a telesummit I’m hosting in September.

In the meantime, I want to make sure you don’t have to wait to see how you may be putting yourself and your clients at risk so you can do something about it now.

If you are still seeing yourself as a transactional lawyer or a litigator, you are likely screwing yourself and your clients.

You are neither of these things and it’s time to stop thinking of yourself in this way.

If you see yourself as a litigator, every case that comes in is ripe for litigation. That is NOT what is best for your clients.

In some cases, litigation may be appropriate, but in my experience litigation almost always means that even if someone wins, they lose.

If you see yourself as a transactional lawyer, you probably don’t have any sort of a real relationship with your clients. They are a transaction, a matter, a one and done.

That’s the old, outdated model that will put you out of business.

It incentives conflict escalation and a constant focus on the next new retainer.

It’s time for lawyers to begin seeing their clients not as cases or transactions or matters, but as people with a lifetime of issues they need resolved.

It’s time for you to become the trusted advisor for your clients – the person they turn to for objective guidance about hard decisions in their lives and businesses.

To do this, you need to start seeing yourself differently and help your clients do the same.

When you successfully make this transition from transactional lawyer/litigator to counselor, you will stop leaving money on the table and start knowing you are really making a difference for your clients.

Isn’t that what you really want?

It’s certainly what your clients want and it’s only a matter of time before they no longer need you.

Are you ready to really do it? More to come soon.

Cash Flow Management – It’s a Learned Skill

Alexis — Fri, 20 Aug 2010 20:01:18 +0000

One of the biggest challenges for every small business owner is management of cash flow. Attorneys in business are no exception.

So, how do you do it? How do you manage cash flow when sometimes there are more expenses at the end of the income?

It starts with awareness.

I always hit my financial objectives IF I knew what they were.

I remember how scary it was to run my business “paycheck to paycheck” so I’ve put together a few things I learned along the way.

1. Bring in more/consistent revenue – stop billing hourly, move to flat fee, and consider a recurring revenue based model. Look at how you can increase the value of each client you serve. Know the lifetime value of each client so you know what you can invest to acquire a client.

2. Recognize you are running a business and that requires investment to grow. Fortunately, in most cases and with the right knowledge, you are your best investment. Much better than the stock market. Don’t reinvent the wheel. Invest in learning the shortcuts you can take from people who have been there and done what you want to do.

3. Know your numbers – make sure your chart of accounts is set up well to produce the weekly/monthly reports you need to know if you are on track to meet your projections. Look at your numbers every day, if necessary. Focus on what you want and then take the action steps to make that a reality.

4. Don’t stop marketing – look for ways to market your business every day that don’t cost much or anything at all. Do some marketing activity everyday and show the money Gods how serious you are about making money by being willing to do things that make you uncomfortable.

5. Know where the problem is and fix it. Is the problem getting your phone to ring? Getting prospects into the office once they do call? Or engaging once they get there? Solve the right problem.

6. Worst case, manage your payables with open communication and not by hiding. I used to think every bill had to be paid as soon as I received it, but they actually don’t as long as you are in active communication with your vendors. Don’t hide, just communicate. Ask for longer payment terms. Be honest and don’t be afraid to say, I’m having a hard time with cash flow and need help. The worst thing you can do is just not pay and not communicate. That’s where you get in trouble. And, what I know is that if you stop paying your bills and not communicating, it’s not long before you start seeing your clients stop paying their bills.

If you haven’t already downloaded my Law Business Manifesto and other practice resources, do so at http://www. LawBusinessRevolution.com. Tell your friends.

I’ve been where you are and built a million dollar law business with the resources I give you there.

You CAN do this.

Stop Answering Your Phone and Feel the Love

Alexis — Fri, 20 Aug 2010 19:50:10 +0000

Not long ago on the Lawyerist Lab discussion board there was a whole string of discussion regarding how lawyers answer their phones.

As usual when lawyers talk about things like this, I was surprised to hear how many lawyers are answering their own phone when they are in the office or having calls directly transferred to them.

I guess I shouldn’t be surprised though because I used to do it too when I was first in practice and didn’t know any better.

I felt overwhelmed by all there was to do in the early years of my business (even when i didn’t have a whole lot of clients) and yet when the phone rang, I lunged for it like a teenage girl waiting for her suitor to call. (It could be a client or even better, a prospect!)

Little did I realize how answering my own phone was the worst thing I could possibly do.

It’s counter-intuitive in a way. I thought I HAD to answer my phone to be a responsive lawyer. In fact, it’s exactly the opposite. Make these small changes and watch your life (and bank account) improve, dramatically.

1. Have Your Phone Answered With a Smile By Someone Other Than You

Whatever you do, do not let your phone be answered by someone barking “law offices” into the phone upon pick up. Make sure whoever answers is smiling when they do.

If you have to use voicemail, make your voicemail smile. Add something quirky or different. So that you come across as a different kind of lawyer right off the bat. Unless you enjoy being stereotyped in the same bucket as all the other lawyers.

Call Ruby and Total Attorneys both have great services. (And if you mention I sent you, each of them will likely give you a free test out period.) I believe Total Attorneys can even schedule appointment for you, which is really important because as you will see below, you want all your phone calls to be scheduled.

2. Never Take an Unscheduled Call (Except In Case of Emergency)

When you allow the phone to interrupt you and your day even for a few minutes of the time, you will often find yourself at the end of the day wondering why it feels as if you did not get anything done. (a Microsoft study indicated that it can take as much as 15 minutes to get back on task after an interruption and then it often takes longer to get the task completed. Add up those 15 minutes and you can lose a whole lot of day.)

So, set yourself up so that everything is scheduled. Use time blocking and hire a scheduling assistant to schedule your calls. Or, if you are more of the virtual type use TimeDriver, Genbook, or BookFresh.

3. Do Better Work & Get More Love

When you stop allowing your phone to interrupt you throughout the day, you are going to get so much more work done and be far more productive. That means your family is going to be giving you a lot more love because you are going to be home in time for dinner.

Plus, your prospects are going to love you a whole lot more because you are going to be more in demand than if they can get you on the phone right when they call. When’s the last time you got your surgeon on the phone when you called with a question before surgery?

And, your clients are going to love you because you are going to establish right from the first meeting that the reason you don’t take unscheduled calls is because when you are focused on their matter, you are focused and doing great work for them and refuse to be interrupted. When you DO get on the phone, you’ll always be on time (no more annoying phone tag!) and prepared for the call. You’ll become the responsive lawyer everyone loves.

Finally, you’ll be doing better work. And ultimately, that’s what it’s all about.

So stop answering your phone and feel the love.

The Law Firm Entrepreneurial Map

Alexis — Fri, 20 Aug 2010 19:39:07 +0000

Over the past several months, I’ve done some personal soul-searching about my business and my life.

And I had to look at why I was serving lawyers and whether continuing to do so is the best use of my time, energy and resources.

I made the decision that it was, but only if I was willing to move beyond my safe 2nd stage business and build a business that would radically
and completely change the way legal services are provided to families and small business owners throughout the US and Canada.

To do that, I recognized I’d have to deconstruct my business – release what wasn’t working and re-build on what is and was.

It’s been a difficult process and it’s far from over. But, it’s given me a lot of compassion for those of you who are not satisfied with the old paradigm and are having to deconstruct and reconstruct your law practices to create something truly meaningful.

I wrote about the three stages of the entrepreneurial roadmap on my personal blog a couple of weeks ago and saw that it can help you here too.

So, this week’s Law Business Revolution blog applies the entrepreneurial roadmap to the business of practicing law.

The Law Firm Entrepreneurial Map

The three stages of the entrepreneurial map, as it applies to your law practice transforming into a business.

Stage 1: The True Solo

Stage 1 is all about brand new-ness. It’s about the idea, the vision, and just getting started and getting it done. It’s about figuring out your revenue model (where the money comes from) and getting on the road to freedom.

Generally speaking, you are probably working alone or with a partner. There is no team support or perhaps one person helping youout on a part time basis. (When I first started, I rented office space from other lawyers and my sister sat across the desk from me, helping me out. Within about
three months, I brought in my first part-time employee.)

You have no systems. And probably just one revenue stream, which will be your main service offering. You may be taking anything
that walks through the door just to make your bills.

You are probably charging hourly or very low flat fees.

Many (most?) lawyers remain in Stage 1 indefinitely. You may feel frustrated, tired (or exhausted), and as if you are not making as much of an impact (or money) as you’d like.

Stage 2: Enterprising Entrepreneur

When you get tired of doing it all alone, you’ll bring on some team. That’s one of the major signs you’ve made it beyond Stage 1.

You’ll also begin to realize that there’s a pattern to what you do and how you do it. Yep, you’ve got systems and processes.

You are still working pretty hard, but you begin spending more time working on your business instead of always in your business.

And you may begin to realize that you can’t take everything that comes through the door – you have to narrow your focus to serving one market or just providing services in one practice area.

Financially, you are doing okay. You know how you make money in your business and you are constantly surprised by how much money it takes to make money. You’d probably like to keep a bit more than you are.

While you have some team support, you are the one managing the team, for the most part. You dream of the day you get to spend all your time doing the parts of your business you really love and let go of the rest.

Stage 3: Legacy Builder

When you hit Stage 3, your work will continue, even if you aren’t there to do it. You spend your time primarily working either on the business or in the business, but not both.

You are clear on who you serve and what you do for them.

If you got sick, took a long vacation or the long permanent vacation, your business would continue.

You’ve got documented systems and process, a team, and other leaders in the company besides just yourself.

The transition from Stage 2 to Stage 3 will be harder than you expect, at least that’s my experience so far. But, it will be well worth it.

If you try to make this transition too quickly and without the right people in place, the whole thing will blow up in your face.

No matter where you are today and how far it seems you have to go on the journey, if you are in business for yourself, stop for a minute and celebrate.

You are working for yourself. You are in control of your destiny. You are on the road to freedom.

Facing a Law Firm Layoff in 2009? Inside Information on How to Ride Out the Storm.

Alexis — Fri, 15 Jan 2010 15:51:07 +0000

When I graduated from law school back in 1999, we were in the middle of a salary war among the biggest firms. Biglaw was increasing first year salaries each year in the hopes of luring the best and the brightest. By the time I started after my clerkship, first year pay was up to $135,000 a year and the Summer associate programs were out of control.

Dinners at Sushi Sasabune, weekends at La Quinta, Dodger games, trips to San Diego … they wined us, dined us and begged us to choose their firms.

Those days are over for a while. Summer Associate programs are being cut and lawyers are being laid off in droves. Graduating from law school in today’s market must be quite scary.

But, I’ll tell ya what, though it doesn’t appear to be the case, all of this could be one of the biggest blessings you’ll ever experience in your legal career.

Let me remind you that while big firms are struggling financially, the demand for lawyers and legal services is higher than ever.

And, there’s millions of lawyers who have gotten stuck in jobs they hate simply because they went to law school and figured if they could get a job at a big law firm, that’s what they should do because that’s where the money is.

Well, guess what? Now, that’s not where the money is and that’s certainly not where the enjoyment is, so why would you want a job at a big law firm anyway?

Thousands of people right now are in bankruptcy and need a lawyer, savvy real estate investors are out on the prowl with the help of their trusted attorneys, high profile deaths such as Michael Jackson’s or Steve McNair’s have parents scrambling to get their estate planning ducks in a row, and more people than ever are starting businesses and need ongoing support to protect their brands, their personal assets, and grow their visions without worry.

These folks, who are actively looking for lawyers right now wish they had a great alternative to the traditional, outdated lawyer, like those found stuck in many of the big , stuffy law firms.

In the new economy, families and small business owners want a trusted advisor who is creative, thinks the way they do, but a bit more objectively, and who works under a new model. They are looking for a lawyer not only willing to create an ongoing relationship with their family, but who have a system in place for doing it and who will set a fair and reasonable fee without nickel and diming them to death.

That could be you. If you’re at a law firm and facing a layoff or you’ve already been laid off, recognize that you’ve been given the greatest opportunity of your life to make it happen on your own.

The key is to follow a proven model that works so you don’t make years of unnecessary and expensive mistakes. I’ve got a few resources to make it super easy for you to get started without making a big investment:

- First, be sure to download and use the practice tools I spent over $22,500 to create for my own law firm. You can get them here: http://www.lawbusinessrevolution.com. If you’ve already joined the revolution, be sure you are USING the tools. They only work if you use them.

- Once you learn what it takes to start your own firm, you might feel a little scared about the fact that you are starting out in a “bad” economy (though if you take my advice this economy will turn out to be a boon for you). Don’t get stressed. I have help. Download my audio program that walks you through the practical steps you need to shift from fear into faith (and grow a great business!) in this economy.

Just remember, a layoff may come—or it may have already come—but you don’t need to feel discouraged or sorry for yourself! This is a huge opportunity to do something better than you ever imagined with your life and walk through that open door that’s staring you in the face. You’ll be glad you did.

PS – if you need capital to start or grow your law firm, we are going to be having a call on law business credit. Save the date of August 6th at 3pm ET/ 12pm PT. More details to come.