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049: Your Law Firm Growth Curve Revealed

August 24, 2017

One thing that really confused me when I started my law firm was how fast it should be growing.

I had big goals, but I wasn’t sure if they were appropriate, reasonable, or even in the ball park of what was to be expected.

All I knew was that I wanted my business to keep growing and keep growing fast, and I was going to do whatever I could to make my law firm the best it could be.

Fast forward now to my second law firm startup and I’ve got a pretty good barometer for what to expect when it comes to growth.

And the starting a law firm math is pretty easy.

[Year 1]

In year one you should literally just make as much money as you can and keep as much in the business as you can.

Pay your bills, eat, and invest the rest of that money into hiring a coach to help you go even faster.

When you get to the end of year one tally it all up and see where you are.

[Year 2]

The math for year two is easy.

Take year one, multiply it by two, and you’ve got your goal.

By the end of year one you should have your general systems in place, you should be in a good flow from a marketing perspective and year two should be all about efficiency and effectiveness.

[Year 3-5]

Now it just depends on how big you want to get.

I’d aim for at least 30% growth no matter what (my goals for these years is going to continue to be 100% growth).

From there, you adjust and evaluate depending on the lifestyle you want.

Bottom line, though, is that you should be making HUGE jumps your first few years if you’re doing it right. If you’re not, set up a time to talk with me so we can figure out how to get you on the right track.

 

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