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Month: September 2017

057: Preparing For The Next Economic Crash

The world moves in cycles. Every up has a down. We’ve been up for a long time (7-10 years) and we’re due for a down cycle. Is your law firm ready for a crash? After this it will be. Here are three ways to prepare for the pending economic downturn. 1. Perfect Your Systems Efficient systems ensure a few different things. First, they ensure a great working environment. Second, they ensure a great customer experience. Third, they ensure a steady flow of clients to your law firm day after day. These three truths operate in reality whether times are good or bad. The better your client and marketing systems are, the more equipped your law firm will be to handle a crash. 2. Create A War Chest There is nothing safer and more comforting than cash. Cash pays the bills. Cash keeps employees around. And cash gives you the freedom to make rational decisions when things aren’t going well. I’m […]

056: Law Firm Owners with Coaches Go Faster

There are two ways to get successful at it. [1] Try and fail. Try and fail. Try and fail. Try and succeed. The downside to this method is that the try and fail cycle can last an extremely long time. You can’t be sure if you’re on the right track. You can’t see the roadblock ahead. All learning is experiential. [2] Get a coach and go fast. LeBron James has a coach. Jordan Spieth has a coach. I have a coach. My coaches have coaches. The reason for this is simple. Coaches help you go fast. They can see your blind spots. They’ve seen people where you want to be and have experienced those people getting there. They know the trials and tribulations you are going to face and know how to help you navigate them so you can face them and beat them without having to try and fail time and time again. If you are tired of spinning […]

055: Advice for Law School Students Starting a Law Firm

There are a couple of people in the Building a Law Firm Facebook group (if you aren’t in there yet what are you doing?!) that are law school students thinking about opening their law firms right out of school. There are whole bunch of limiting beliefs that come with that, and if you pile on some bad advice it could be a recipe for disaster. So I thought I’d drop some knowledge for you today and tell you what I’d do if I were a law school student starting a law firm. Pick a Niche Niches get riches. Experts get paid. Handymen work until they die. That’s it. If you want to be a handyman, stuck on the treadmill of life, then be my guest. If you want to win, pick a niche. And if you’re not sure what you want to do because you’re a law school student starting a law firm there’s an easy solution – while you […]

054: Law Firms Are Like Mexican Restaurants

How many heart surgeons do you know that also do brain surgery? How many Mexican restaurants also serve Italian food? Not very many. And certainly not the good ones. Then why do you think it’s okay to have three or four different practice areas with your law firm? When starting a law firm it is so easy to fall into the multiple practice area trap. You have no money. You have no clients. And you want a lot of both. Someone calls you and needs help with something. You feel like you have to say yes so you can eat. It’s this scarcity mindset that will wreak havoc on you for the rest of your days, prevent you from charging the fees that you deserve and working with the clients you want. Picking isn’t tough. There is no right answer. You just choose. And from that moment on you are that type of lawyer. Do you have the guts to […]

053: Your Unique Competitive Advantage

We all know how important it is for a law firm owner to have a unique competitive advantage. We sit and we think about what that can be. And then we think some more. And eventually we all come up with the same ideas: Experience Price Results Process The problem is that the fact that all of these are the same things everyone else comes up with automatically knocks it out of the unique competitive advantage category. Everyone racing after those things makes everyone blend right back in together. Your Unique Competitive Advantage is YOU Oddly (and amazingly), enough, your unique competitive advantage is sitting right in front of you. You might not see it right now. You might be scared shitless to let it out. But your unique competitive advantage is YOU. There is no one else like you. No one with your style. No one with your philosophy. No one with your approach. The sooner you come to […]

052: Stop Waiting for Perfection

I was talking to a BLF Society member the other day and we were talking about going after some new business. “You should take on some probate clients ASAP,” I said. “Easy money.” “Yeah,” he said. “I’ve been thinking about it, I just want to make sure I know enough about probate before I get started.” Destroyed by a desire to be perfect. Today’s podcast is simply a reminder to stop doing that. Perfection = Time = Safety The sooner you realize that chasing perfection is really a sneaky way for your subconscious to hide from failure, the sooner you’ll see unparalleled success. The thing about perfection is that it is never realized. There is always another question to be answered. There is always another case to read. There is always another scenario to figure out. The pursuit of perfection of your work is okay, but you’ve got to be able to put out product fast. Take Action. Figure It […]
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