Law Is Business with Rusty Fleming

Welcome to the Season One Finale.  Today we’ll take a look at the best lessons and sessions from this season.  I am at a great time in my practice; things are really humming along.  The lesson from this is that we should always look to learn and grow.  Darren Hardy says, “You can never own success; you can only rent it, and—guess what?  The rent is due every day.”  Like fear, success will hold you back in your practice, so you have to pursue it every day. Here are some of the best tips from excerpts as we recap Season One: Consider your brand.  Is it good? Do you need to change it? Be intentional about your plan. Develop real relationships with clients. Know and understand your financial numbers. Identify your avatar—your ideal client, then use this to plan your marketing strategy. Niching down and scaling will increase your profit margins. Know market trends, pivot when necessary, niche down, become an expert, and add complementary services for your clients. “Go one inch wide and one mile deep.”  Niche down and make your message clear. We all fail, but it’s what we do after the failure that counts. “Hire slow and fire fast.” If it’s not a “Hell, yeah—then it’s a NO.” Focus on your core practice. Don’t be afraid to ask the right people for help. Value your services appropriately. Bundle your services to existing clients, especially to new business startups. Know how to use alternative fee arrangements. Be in the top 3% of the population; 97% don’t contemplate or plan their life’s direction. Personal development and professional development are important in running your life and your practice. Get Jim Roan’s Lessons of a Lifetime.  Find it online or download it to your phone.  Use your commuting time to learn and grow from the wisdom of others. Use my wagon wheel assessment tool to balance the different aspects of your life. Stand on the shoulders of giants.  Find resources that will help you learn from others who have gone before you. I hope you have enjoyed Season One and have learned some of these valuable lessons.  I look forward to Season Two with more great information.  As always, thanks for taking the time to listen.

Welcome!  In today’s episode, we’ll discuss Tips for Overcoming Analysis Paralysis.  I just returned from a trip to NY and was able to visit with existing and potential clients.  We’ve discussed the need to keep contact with existing clients.  Do what it takes to stay in front of them, in face-to-face meetings when possible.  I encourage you to get on the phone today and schedule a meeting or a quick lunch with an existing client. So, what is “Analysis Paralysis”?  It’s the inability to make decisions based on the need to analyze and gather information.  It seems to be worse in the legal community because we are trained to think analytically at the highest level.  It can bottleneck the decision process. How do you make decisions?  Do you overthink and over-analyze?  Psychologist Barry Schwartz speaks of the “paradox of choice.”  This is the fact that, along with the increased information in today’s world, we have too much information, which leads to greater anxiety and dissatisfaction.  Analysis Paralysis is dangerous for your practice and stems from the fear of loss. Here are my Tips to Overcome Analysis Paralysis: Differentiate between major and minor decisions. Consult your Strategic Plan.  (Refer to our previous two episodes for more info.) Intentionally limit the amount of info that you consume. Farm out the information investigation process to a third party. Perfection is not the goal. Eliminate bad options. Go with your gut and don’t look back. Outsource the entire decision-making process. Hire an expert to help you with the decision. Embrace the fact that you may fail. I hope you enjoyed this episode and can put these tips into practice in your decision-making to avoid Analysis Paralysis.  Thanks for joining me!  

Welcome!  Today we discuss the importance of having a strategic plan for your life and how to develop that plan. We talked last week about developing this plan for your business, but it is equally important to have a plan in place in your personal life. Using an excerpt from Alice in Wonderland, I illustrate the point that if you don't have a plan for your life then it doesn't really matter what path you take.  Remember, the purpose of the strategic plan is to set goals and then develop concrete action steps to achieve those goals. Use three questions to help develop your strategic plan: Where are you now? *Use the "Wheel of Life" picture of a wagon wheel with eight spokes to illustrate your life.  The spokes represent the eight primary areas which you should evaluate first:  physical, financial, career, recreation, mental, spiritual, family, and relationship.  I tell you how to score each of these areas from 1-10 to get an honest evaluation. Where do you want to go? *Set your 1,3, and 5-year goals using the acronym SMART.  Your goals should be Specific, Measurable, Achievable, Relevant, and Timed. What do you need to get there? *These are the Action Items that are necessary to achieve your goals.  Use the questions What?  Who?  When?  What Resources? and Who Should Know? to help you formulate your Action Plan.   *Find podcasts and audiobooks to listen to while commuting. Goals without action are just dreams. Finally, let me give a few final tips about implementing your Strategic Plan: Even if you falter, keep moving in the right direction. Schedule regular, quarterly evaluations of how you are following the Plan. Use the Plan as a road map for success. Rely on expert knowledge and resources from others.  I personally recommend Success magazine as a great resource! Thank you for joining the Law Is Business Podcast!      

Welcome!  Today’s topic covers the importance of having a strategic plan and how to develop that plan for your practice. One reminder for you:  we are co-sponsoring a networking event on October 22 at Your Pie in Buckhead, GA.  If you’re in the Atlanta area and want to attend, send me an email at rsvp@lawisbusiness.com.  I would love to see you there! As we look at today’s topic, it’s important to understand the difference between a Business Plan and a Strategic Plan: A Business Plan is usually developed when starting your business.  It includes goals, projections, and visions for your business.  It usually has a specific purpose of obtaining financing.  The Plan is often full of “fluff” and feel-good language. A Strategic Plan is an under-utilized tool that is a roadmap for the success of your business.  This plan can assist in making decisions, help set realistic plans for the future, and use concrete goals for the future on your business. A Strategic Plan is a vital document that can help set overall goals for your business and develop concrete ways to reach those goals.  Consider the following guidelines: Ask three questions to help develop your plan. Where is my practice now? Where do I want to take it? What do I need to get there? Be SMART about goals and objectives for the next 1,3, and 5 years. Specific—Ask the right questions. Measurable—Goals must be trackable. Achievable—Goals must be realistic. Relevant—Goals should support long-term objectives. Timed—Have a specific time frame for goals. Action Items can turn dreams into reality. What actions need to change or occur? Who is going to complete the action? When will they be completed? What resources will you need? Who should know about this action? Evaluate your action items for the Three C’s:  Are they complete, clear, and current? In conclusion, make strategy a habit for your practice.  Devote yourself and your resources to following your plan.  I hope this podcast will be something you can turn to as a resource to help you and your business.  Thanks for joining me.  

Welcome!  In today’s episode, I’ll discuss Growth Strategies, a service called One Touch Law, and Give Advice on Asking for Advice.   Before we touch on these topics, I wanted to discuss briefly what my biggest challenge was this last week.  The idea of Work-Life Balance is something many people face.  The word “integration” may be a more suitable word than balance because I don’t think work and life can ever really be balanced.  We all deal with competing priorities that battle for our attention.  There are two requirements to make this integration work:  a good team and good technology.  True integration will make you productive and valuable in both areas of work and life.  Achieving this integration is one of my goals for this year, so I’m working hard to be proactive; I hope you can do the same! Growth Strategies:   These are ways you can grow outside your practice after you have established your niche and marketed your existing clients: In Market Leverage:  In this strategy, you focus on existing clients for “up-selling” and “cross-selling.” Near Market Expansion:  In this strategy, you focus on new markets that are complementary to your practice and expanding into a new geographic area. Disruptive Growth:  This strategy is not ideal and can be costly.  It occurs when you move into a “hot” area in law practice. One Touch Law is a new service that will cause disruption in the market.  Today I’m chatting with the founder, Carrie Chitsey Wells, who is a mobile marketing expert with a consulting background.  One Touch Law came into existence when she experienced a family move from TX to OH, needed legal help, and was unfamiliar with lawyers in the area.  Statistics show that 33% of adults in the US sought legal help of some kind in 2014.  Carrie shares the following about how One Touch Law works: One Touch Law is available as a mobile app on iTunes and Google Play. Their coverage area currently covers Texas, but they will have a national rollout soon. The service is free for clients to sign up and select their law specialty. Lawyers are available for video or audio consultations. The technology to connect both parties is built into the app. Standard pricing applies according to the area and now ranges from $35-200. Attorneys can sign up via the website, set up their profile, and pay fees according to the number of consultations they secure. The conversion rate currently is at about 20%---attorneys get one retained client per five consultations. There is a review system in place for clients to review attorneys. Personal Development Tip of the Week:  Don’t be afraid to ask for advice when you need it, and here are some guidelines: Find someone in your practice area who is an expert and is succeeding where you want to succeed. Find out what they are doing and learn from their mistakes. Do what they do.  Model them and follow their system. Ask them to be your mentor. Offer to do something for them in return. Seek out a Mastermind Group that will support your goals. Action Item of the Week:  Look through your list of clients and find one you’ve worked for in the past, but not in the last six months.  Send a letter thanking them for their business, offer other services to them and ask for referrals they might send your way.  Find five of these and send out the letters.  It is inexpensive and can yield a great return on your investment. Resources: www.onetouchlaw.com          

Welcome!  Today’s show contains an interview with Leonard Martinez of www.lawyershelplawyers.com.  He explains this valuable resource.  I also discuss “The Imposter Syndrome.” I provide a follow-up to a story I told a few episodes ago about creating relationships with clients.  I explain how an existing client can provide profitable referrals if you foster that relationship properly.  It’s not a quick process, but it’s the way to do client development.  Check out my blog for the D.I.M.E. method. I’m excited about the new Law is Business app.  Yes, we are now an app!  Find it in the App Store and Google Play and Amazon for Android users.  You can always be connected and have access to the latest show episodes and past episodes along with the show notes.  Go get it now!  The “Lawyers Help Lawyers” resource is like Ebay for lawyers!  Leonard Martinez has practiced law in CO for 20 years.  He watched his wife, a teacher, purchase a lesson plan from a website for use in her classroom.  He wondered why the same thing didn’t exist for lawyers to share and purchase documents, so he created it.  Lawyers Help Lawyers is now a full-functioning website with about 200 members.  Leonard shares the following about this resource that can increase efficiency and profitability: Documents can be uploaded and available for sale to other lawyers. There are four different membership levels available, including one for law students. The lawyer (seller) sets the rates for the documents based on the time and effort that went into their creation and development. Visit www.lawyershelplawyers.com to sign up! In the 1970’s, “The Imposter Syndrome” was identified by psychologists.  It’s the feeling that you don’t know what others know and that your success is a fluke—a nice ride that will come to a crashing end.  Instead of success building your confidence, it intensifies your fear.  It’s estimated that 70% of people have it.  It’s basically self-doubt that makes us feel that we have to be THE BEST and THE EXPERT, and like we are a total imposter.  How do we ward it off? Don’t look around and feel that you don’t belong. Accept the fact that your successes are due in part because you are good at what you do. Focus on providing value, not on knowing all the answers. If you’re wrong, it’s ok; learn from your mistakes and move on. Surround yourself with people who believe in you.      

Welcome!  Today’s podcast includes an interview with Luke Ciciliano about SEO and what that means in today’s world—for lawyers AND those in other professions.  I’ll also share the ONE TRAIT that all successful people have in common. As we are here at the Labor Day holiday, we have to realize that we are quickly moving toward the Holidays and the end of the year.  That means it’s a good time to assess your goals for the year and any changes you need to make.  2015 will be over before you know it! THIS WEEK IN MY PRACTICE One dilemma I faced this week is a common one in business: how to get your work done but also market and build your practice.  You can’t wait until you “have the time” to do marketing. There is a constant struggle to prioritize servicing existing clients and secure new clients.  I have a few tips to break it down: Manage your time. Leverage your staff and technology. Just move ahead and get it done! SEO FOR LAWYERS Now, on to my interview with Luke Ciciliano:  Luke is a former attorney who is the co-founder and CEO of SEO for Lawyers.  Luke launched his own law practice in 2006, and then later wound down his practice to focus on family.  SEO for Lawyers began in 2013 with the purpose of helping lawyers with their web marketing presence and website development.  Luke explains the goals of his company as follows: He helps attorneys create their websites to optimize SEO. He provides ongoing support and maintenance to keep their websites up-to-date. He provides coaching and feedback to clients regarding visitors to their websites and social media presence. Luke shares the following about SEO: Search Engine Optimization is how well your website, blog, article, etc. does in internet searches.   The most important element in SEO is focus on content to provide relevant information to queries. Any plan not focusing on relevant content and user experience WILL NOT WORK. Online information has to have a balance between giving the information people are looking for and overwhelming them. Sites, articles, and blogs focusing on “How-To’s” are some of the best online material. Focus on your website and view social media posts as the periphery. Purchasing domain names such as .attorney and .lawyer are something to consider.  Luke explains in detail. Investing in content you OWN and CONTROL will continue to provide revenue with recurring clicks from clients. PERSONAL DEVELOPMENT What is the ONE trait that all successful people share? BELIEF IN ONE'S SELF.  Tony Robbins says, “Beliefs have the power to create and the power to destroy.  Change your beliefs and you will change your life.” Learn more in this week's episode as I share the story of The Greatest. Links and Resources: www.seo-for-lawyers.com  (Luke’s website has resources, including reselling domain names at a 10% discount.  He also offers a Free SEO Guide available to our listeners.)  

Welcome!  You’re going to notice a change to our show format for the future.  Instead of focusing on one topic, I’m going to cover multiple topics and features.  My goal in this change is to bring more value to you---the listener.  Reach out to me and give me feedback about the podcast via the website.  On to today’s show . . .  There were two significant events that happened in my practice this week: A new associate joined our firm.  This is a great time to evaluate the systems and processes since you have to teach them to the new associate. I developed a new relationship with an existing client.  Always look to expand with a client in their other offices and locations. NETWORKING Remember, it’s all about building relationships.  Here are some strategies to use as you plan to attend networking events: Only attend events that make sense for your practice and your target clients. Decide which events fit your personality, whether those are structured events or more informal small-talk situations. Have a plan with set goals, like meeting 2-3 new people that benefit your practice. Prepare an answer to the question, “What do you do?”  Focus on the value you bring. Listen much more than you talk, and take notes when possible. Follow up by email to give contact information. “Networking is just the tip of the iceberg!” PERSONAL DEVELOPMENT I share the Cherokee legend of the two wolves fighting inside each one of us; it’s the simple picture of the struggle between good and evil.  How do we “feed the good wolf?” Consider your relationships and the people you are around. Think about how you spend your personal time. Think about the information you take in each day. Use your time and relationships to make yourself better.  Make changes today because you owe it to yourself. TECHNOLOGY I focus on a great tool, LinkedIn, and how you can enhance its use.  Get off to the right start by doing the following in your profile: Make your picture professional and reflective of your brand. Fill out contact information completely. Make sure there are no holes in your historical timeline. Highlight your expertise in your title. Make sure your background summary matches what you have on other platforms. Have a call to action.  You WANT people to reach out to you. Change your settings so that you control what notifications go out to those in your feed.   Put these tips into practice this week!  Thanks for listening!  

Welcome to another show!  Today we are talking about The Hiring Process and How To Make Great Hiring Decisions.  My guest is Diane Camacho, who has 20 years’ experience in managing people and law firms.  Although she began her legal career as a secretary, she began her own consulting business in 2013.  Her focus is helping small law firms manage transitions.  She also teaches Law Firm Management at San Francisco University and trains people in using Net Documents.  Join us to learn more from Diane’s vast experience in Human Resources. Net Documents is a cloud-based document management and email system.  It has distinct advantages: It is customizable for the end user. It allows access to documents anywhere via an internet connection. It has good security systems in place for your protection. Cloud-based technology is growing in popularity. Diane gives details about the systems she helps firms utilize for organization and management.  These can be for accounting, checks and balances, marketing, etc.—they are essentially processes that help with uniformity and consistency. Diane’s focus today is The Hiring Process, and she gives the following advice: Identify specifically the tasks that you need help to complete. Think about how these tasks can be grouped together. Determine WHO you need, —attorney, paralegal, secretary, or virtual assistant. Decide which tasks you are comfortable with delegating. Identify the skills and experience needed for the position. Create a basic job description. Be purposeful, simple, and move forward in the hiring process. Diane recommends forming a relationship with 1-2 temporary agencies in your area, so they know your expectations, but telling them immediately when someone doesn’t work out for you.  Diane also has great tips for posting a job description.  Listen in for more! Diane gives the following guidelines for the INTERVIEW process: Create a list of questions and use the same ones for every interviewee for the job. Ask them about skills and experience relevant to the tasks. Listen for red flags in their answers. Ask about handling conflict and difficult conversations. Use a “test” or assessment of their skills as part of the interview. Be honest about expectations concerning hours, dress, and etiquette. Don’t ask personal questions. Ask for references from people they were reporting to directly. Everyone makes hiring mistakes, so don’t get discouraged!   You can reach Diane by email at diane@dlccs.com to obtain sample job descriptions and interview questions.  Also, connect with her on LinkedIn.  Thanks for joining us!  

Welcome to another Law is Business podcast!  Have you put much thought into your personal development?  Did you know that 97% of people don’t contemplate life’s direction or chart any course? They simply “muddle through.”  That decision leads to mediocrity and failure to achieve your full potential.  Don’t you want to be in the top 3%?  Take control of your life and your practice. We all know that, for your practice, professional development is important.  On every level, locally, statewide, and nationally, there are resources available for professional development, but very little about personal development.  In episodes of the Law Is Business Podcast, we’ve talked a lot about professional development, but today, let’s take a closer look at personal development. What does PERSONAL DEVELOPMENT do for you? It helps you better understand yourself. It helps you create goals in life. It helps you manage and spend time effectively. It helps you better handle stress and adversity. It helps you manage finances wisely. It helps teach you relationship skills. It helps you with work/life balance, which I like to call “work-life integration.” Concentrating on personal development will change your way of thinking and improve your practice.  I want to take some lessons from Jim Rohn, who is someone that even the top motivators, life coaches, and speakers have learned from throughout their careers.  Jim taught that: Success is not to be pursued.  It is to be attracted by the person you become. You must work harder on yourself than on your job. You are the average of the five people with whom you spend the most time. You must be intentional about your direction in life.  “Change your sails, change your attitude, change your commitment, change your focus.” Learn to separate the majors and the minors. Motivation is what gets you started; habit is what keeps you going.  “Success is nothing more than a few simple disciplines practiced every day.” You have to take action. Bring value to the marketplace, to yourself, and to your family. Put as much work into your personal development as you do in your professional development, and you will see your practice grow.  Make the choice.  Invest in yourself.  

Thanks for joining me for another podcast episode.  I attended the ABA Annual Meeting last week in Chicago and learned some great tips and insights.  I was able to interview today’s guest, Al Harrison.  Al is the incoming Chair of the GP Solo Division Resource Center Committee and holds several chairs and committee positions in his home state of Texas.  He has more than 30 years of experience as a patent attorney.  Al is here to educate us about the many resources available through the ABA. Al shares the following about his practice: 85% of his practice deals with patents and trademarks. Many of his clients come from other lawyers and his website. The benefits of ABA involvement include reaching a larger audience and receiving more referrals from peers. Al gives details about the following ABA resources: Brown Bag Sessions are lunch time audio meetings held monthly.  They are the most informal of the ABA forums. Hot off the Press features newly published books relevant to the practice of law. Monthly Webinars last about 1.5 hours and focus on technology and ethical issues. Green Room Blog addresses technology issues. SoloSez is an internet discussion forum about a wide range of topics. E-Report is a short, summarized version of a featured article about current relevant law issues. These resources cover marketing, referrals, strategic partnerships, technology, advertising, ethics, and more.   Getting involved with the ABA, your state bar and local bar associations can be beneficial to your practice.  However, it can be overwhelming to someone just starting out, so Al advises joining just one committee.  Committee involvement gives hands-on involvement and interaction with others.  Join us for more!

Welcome!  Most of us know we should be using social media as part of our marketing plan, but how?  Social media platforms are not all the same.  My hope is that this podcast will give you a better understanding of what each platform does and how you can use it for your practice.  Join me for a look at six of the most popular social media platforms, including facts, pros, and cons. Facebook is the mother of all social media.  It’s the first one to be widespread and is too big to ignore.  Facebook has 1.3 billion monthly users with active accounts.  Over 800 million users log in every day!  Almost 30% of Facebook users are ages 25-34; 50% are women, and Facebook is multi-generational. Pros:  Facebook is great word of mouth marketing, has easy-to-share content, and allows you to talk directly to consumers.  You can also target your audience with ads. Cons:  It is a busy, cluttered marketplace that makes it hard to control the message.  It’s an open forum, which can be good or bad. Twitter has over 700 million users with a 50/50 breakdown of male/female.  It is popular among African-American and Hispanic people and is widely used by ages 15-25.   Pros:  Twitter is most popular for business, with quick tweets that are easy to produce and read.  It’s extremely business-friendly, with 51% of users following brands or companies.   Cons:  Twitter is heavily used, with over 400 million tweets daily.  Your message can easily be lost, with the average lifespan of a tweet being two hours.  There are limits on videos, pictures, and characters, and you have to understand trends and hashtags to use properly.   Google+ is the ultimate in branding, although it has struggled.  It still has over 500 million users, which are mostly men who are tech professionals. Pros:  You can use it to communicate with employees and followers and create a community of those with similar interests.  Using this platform increases your SEO (search engine optimization). Cons:  Most people think it’s an alternative to Facebook, and it’s not considered a central social media tool. LinkedIn is the only social media platform designed for professionals.  It’s limited to all business and boasts over 350 million users, with an even distribution of male/female.   Pros:  You can upload anything and control your own profile.  LinkedIn has an aura of credibility.  You can research people you need to meet with, and 43% of marketers say they found a customer on LI.   Cons:  You have to pay to upgrade above the basic level, and it can take some time to set up a profile.  Like Facebook, you have to “ask” to be connected, but it can be used beneficially for your practice.   Youtube is visual, video sharing.  It was founded in 2005, then purchased by Google.  You have lots of flexibility and can set up your own channel.  Youtube has over 100 million visitors monthly, and 40% are between ages 18-34.  Youtube has become the 2nd largest search engine. Pros:  People love videos, and they can go viral easily on Youtube.  You can embed links to your website with posted videos.  It allows you to show off your expertise and use it as a blog or podcast. Cons:  Youtube gives recommendations for related videos, which can lead you down a rabbit trail.  You need to have a targeted message because it’s difficult to control the message. Instagram is a visual platform only.  It’s the newest of the social media outlets and is owned by Facebook.  You can share videos and photos, and it’s easy to use on a mobile device.  Of users, 68% are female.  Like Twitter, the interactions are short.   Pros:  Instagram allows people to follow your business.  It allows you to have a personal touch with much engagement and interaction.  It uses hashtags like Twitter.   Cons:  It can’t be used easily to sell a practice as some other platforms can. Of course, there are other popular social media platforms, like Pinterest, Yelp, Foursquare, and others.  You have to figure out which ones fit your practice best and then target your avatar.  My advice is to pick one or two to use predominantly.  I’ve found some tools that can help with social media platform management and eliminate wasted time; some of my favorites are Hootsuite, Meet Edgar, and Buffer.  Check these out and see if they can work for you!  Thanks for joining me!    

Thanks for joining me for another episode!  One of the worst things about being a lawyer is “the billable hour.”  Everyone hates it!  For this reason, alternative billing/fee arrangements have gained in popularity.   Let me explain their growth with a timeline reference: In 1993, the New York Times printed an article about the “new” concept of alternative billing. In 2008, a Managing Partners Survey showed that only 7.6% of large law firms were using alternative billing. In 2009, the recession hit, and the balance of power between law firms and clients changed. In 2012, an updated survey showed that 15-20% of large firms were using alternative billing. Alternative fee arrangements have become more accepted and more widely utilized.   In my career, I’ve had a lot of experience with alternative billing, and it can be very profitable.  As a partner in a large firm, I can tell you that 100% of my department’s transactions use a type of alternative billing.  Also, when I was in solo practice, I also utilized these billing methods 100% of the time.  These types of arrangements hone in on the central need of the client. What DO clients want?  They want value, efficiency, cost predictability, transparency, and targeted advice. What are the Pros of this type of billing? It eliminates several administrative tasks. It takes advantage of the time value of money. It gives a better relationship with the client. It aligns your interests and goals with your client to solve their problem. What are the Cons of this type of billing? There is the danger of devaluing your time. There is the risk of failing to plan ahead. I want to explain several of the most common types of alternative fee arrangements: Fixed fees—I use this the most.  Clients like the predictability. Contingency fees---This is the riskiest.  You only get paid if you win. Partial Contingency fees---You reduce your hourly rate by a certain percentage in exchange for a contingency fee. Hold Back Success fees---This is a win-win.  You bill at the normal hourly rate with a reduction, but you get a certain multiple of the withholding if successful. Multiple Matter fees---This is harder to use and takes a special kind of client.  You offer a reduced rate based on the volume of business they give you. Discount Rate fees---I don’t recommend this.  It devalues your time and is not smart business. Blended Rate fees---This works when you use the same billing rate for all paralegals or associates working on the deal. Staged fees---I like this arrangement.  You break up the transaction into stages with set fees/rates for each. Bundled Services fees---This is suited best for startups or purchase transactions.     As you can see, these arrangements allow you to be creative and create a relationship with your clients.  Any arrangement has to work beneficially for both parties, and you must KNOW YOUR NUMBERS to make these systems work for your business.  Join me for more detailed explanations of alternative billing arrangements!

Welcome to another episode!  I’m excited to have RJon Robins as my guest for this episode.  RJon is an attorney who is dedicated to teaching other lawyers about the business side of running a law firm.  He is quick to point out that lawyers are taught NOTHING about the business side of their profession in college and law school.  For this reason, most lawyers finish law school with a sense of entitlement and end up falling on their faces when their practice fails.  RJon admits that this was part of his experience and wants you to know that you are not alone if you are struggling in your practice.  “Asking for help is a sign of strength, not weakness.”  Join me for some “help” from RJon. There are Seven Main Parts of Every Successful Law Firm:  marketing, converting prospective clients to paying clients, processes and systems, hiring/training/supervising, physical plant, financial controls, and YOU-the owner. What are two common mistakes most lawyers make? They don’t follow their own advice!  Lawyers tell clients, “You can’t help yourself in legal matters, so YOU NEED ME!”  Lawyers fail to ask for help when business matters expand beyond their expertise. They violate their own rules of risky investing.  Lawyers would never risk their livelihood, savings, family’s security, etc., by investing in a business owner without a written business plan.  They do this every day! The four predictable stages of growth and development in a law firm are as follows: Income growth reaches $250K in the first 18-24 months.  This is the “Hustle, Market, and Sell Phase.” Income growth goes from $250K to $500K in the next 18-24 months.  This is the time to build your team, procedures, and policies. Income growth breaks the 7 figure barrier.  This is the time to “Run by the Numbers.” Income growth reaches the multi-million dollar level. **RJon has four free offers for our listeners that can be accessed through his website:  www.howtomanageasmalllawfirm.com/lawisbusiness

Welcome to another episode!  Last week, I talked about failures.  Specifically, my failures when I started my own law practice.  Today, I wanted to share with you 5 things that I actually believe I did right when I started my practice.  There are some lessons in my successes that you can take with you as you build your practice.   We are celebrating some wins this week!  First, we reached the milestone of having over 500 downloads for this podcast.  We are thrilled with those results for such a niche podcast, and appreciate all of you that have taken the time to leave us a rating and review in iTunes.  Second, you may remember me telling you about a potential client that I have been nurturing a relationship with for over three years, and this week we received our first deal for that client.  Taking the time to build that relationship has paid off.   1.  I planned my budget.  Figure out your Gross Possible.  This is the rate of billable timekeepers times the the number of hours you want to bill.  It’s easy to figure out as a solo practice, and it is more difficult as you grow.  My budget was my gross possible discounted at a 70% rate.  That way my break even rate, including paying myself.  Know your numbers on the expense and revenue columns.  Research rent and overhead numbers to try to get a realistic picture of your expenses.  Trim the fat because starting out is the time to be lean.  Touch base with your numbers at the end of each month and adjust your projections as your numbers change.  You can sign up for a 12 month budget in Excel format, with a Gross Possible calculator and a Gross Margin calculator by going to our website.   2.  Choose the right office space.  This will likely be the most expensive line item in your budget.  I asked myself: Where do I need to work?  Realistically evaluate how you work. Where do my clients need me to be?  Go where your avatar is.   3.  Invest in Technology.  You need to use the right technology to create the infrastructure for   your business.  For me, it was a client management system and an accounting system that integrates with the client management system.  Make sure you invest in the training to teach you how to use your investment properly.  I use Time Matters and PC Law from Lexus.  This can help increase your productivity and profitability.   4.  I created a platform for my marketing strategy.  The consistent marketing message you are going to portray across the board.  Your platform is the device that delivers your brand consistency.  Make sure your message across all platforms is the same.  Customers will look at your personal Facebook page when they are researching you.  80% of customers will cross you off the list before they even speak to you because your messaging isn’t the same across all channels.   5.  Networking.  This is the #1 reason I was successful in a solo law practice.  I looked at networking across multiple touch points with other professionals I wanted to get to know.  Networking is simply relationship building.  Choose the opportunities that will provide you with the consistency in your relationship building.  Listen to the episode to see my plan for follow up.  It’s the Coffee or Lunch system!   Next week, I am switching it up to bring you a fantastic interview that I think will be incredibly valuable for you.   Later this month, I’ll be in Chicago for the ABA Annual Meeting.  I would love to meet you there.  Connect with me on LinkedIn or email me at rusty@lawisbusiness.com.   Thanks for listening!                

Welcome to another podcast! Today’s topic is an opportunity for YOU to learn from MY mistakes.  In business, I don’t think we focus enough on failure.  Let’s face it, WE ALL FAIL.   “It’s not what you do when you fail.  It’s what you do AFTER you fail!”  In coaching and consulting, I help clients with failure in two specific ways: I help clients “fail faster.”  We all need to recognize our mistakes early, correct them, and move on. I help clients avoid failure. A great coach and mentor will help you leverage their experience and learn from their mistakes. My Five Mistakes:  (learn from them!) Saying YES to everyone and everything---We all want to be people-pleasers.  Entrepreneur Derek Stivers puts it bluntly, “If it’s not a ‘Hell, yeah,’ then it’s a NO!” Failure to focus---Focus on your core practice; everything else is just window dressing! Failure to ask for help---Don’t be afraid to get advice from someone with real experience and knowledge. Not having a clear job description---Hiring the wrong person with the wrong skills set or hiring a family friend wastes everyone’s time and money.  HIRE SLOW AND FIRE FAST. Undervaluing my services---Devaluing your services is a losing proposition.  Value appropriately and stick to your valuation. Later this month, I’ll be in Chicago for the ABA Annual Meeting.  I would love to meet you there.  Connect with me on LinkedIn or email me at rusty@lawisbusiness.com.   Thanks for listening!    

In our last episode, we discussed Avatars - your ideal client.  Niching your practice is the natural next step.   What is a niche?  It is a tightly-defined expertise.  You can niche in different ways, such as type of practice, deal size, demographics and others. The FIRST step is to IDENTIFY YOUR NICHE.  What is your expertise?  What do you enjoy doing? Is there a market for your niche? Niching includes the following advantages: Differentiation Fewer competitors Increased rates and profit margins Increased efficiency Allows you to leverage and scale your practice More focused/cheaper marketing Better referrals With all the advantages to “niching down,” why do most lawyers never do it?  The simple answer is FEAR.  There is the fear that they will miss out on clients and opportunities. One way to conquer the fear of niching is to learn to PIVOT.  My example to explain pivoting involves Netflix and Blockbuster, who are two former competitors in the DVD rental market.  Listen to find out how one business thrived by pivoting and one was doomed by not pivoting. There are other fears involved in niching, like losing your market, leaving money on the table, or simple boredom in doing the same thing repetitively. Remember, your goal is to niche down and become an expert in your field.  Secondarily, you should look to do complementary/ancillary services for the clients already in your niche. “Go one inch wide and one mile deep, rather than going one mile wide and one inch deep.”   Get your message clear, and know what your expertise is.  Know what you enjoy doing, and GO GET THAT WORK!  Thanks so much for listening!

I just got back from the Annual Georgia Bar Association meeting.  I was able to make some great contacts and chat with a number of lawyers.   One of those was “Joann”.  I had a conversation with Joann about her practice and her success.  I asked Joann what the avatar was for her practice.  She told me she wasn’t exactly sure what an avatar was!    I explained to her that an AVATAR is your ideal client.  In other words, if you could hand pick the perfect client for your business, who would that person be?   After I explained this, she quickly responded, “Brain damaged babies, whose injuries occurred during childbirth.”  I asked Joann how many Avatars she had at the moment.  She said none.  I asked how many Avatars she had over the course of her career.  She said 2!  During her 30-year career, she had only 2 ideal clients.   So let’s look at Joann’s Avatar, and the problems with Joann’s answers.   Joann thought her Avatar was the child with brain damage, who was injured during child birth.  In reality, the parents of those children would be the Avatar. Joann did not market in the space that she considered her ideal Avatar.  She only relied on referrals for her business, and because of that she only had 2 ideal clients in her career.  Because she relied solely on her referral network for clients, she had to take whatever clients walked through the door.   In a previous episode, we introduced the D.I.M.E. Strategy.  The D in D.I.M.E. stands for Design.   The first step of the Design stage is to Design your Avatar.   Think about every aspect of your ideal client and spell it out in detail.  By the time you are done, you will have a very specific example of your ideal client. Age? Job? Marital status?  Education level? Financial status? Hobbies? Political affiliation? Religious affiliation?  Shopping habits?  Children? Where do they live?  Who are their friends?     Using a “marketing family tree” can help you identify your Avatar as well.   Marketing Family Tree   Write down the name of the client that most closely represents your Avatar. Write down the name of the person or event where you were introduced to that person. Now, who introduced that person to your Avatar. Drill down again and again until you can see what the original marketing activity was that started this chain activity. When you track all the way back to the original marketing activity, it will easily tell you where you should spend more time marketing.   You can take a look at how I draw out this Marketing Family Tree on our website.   Once you have your Avatar identified, you can easily target all of your marketing to your Avatar and determine the best use of your marketing dollars.     You can find more information about defining and marketing to your Avatar at lawisbusiness.com.              

Welcome to the podcast!  Have you ever applied and been evaluated for a life insurance policy?  It may sound like a crazy question, but, if the answer is yes, then you know about all the steps involved.  There are endless questions and extensive medical tests---all designed to determine your risk analysis to the company. The extensive analysis undertaken by a life insurance company is similar to the in-depth analysis YOU should be doing for the financial health of your practice. Knowing your numbers is vital.  WHY? It allows your practice to function without risk of liquidation or closure.  It helps you budget for expenses. It helps you in making hiring decisions. It helps you in setting your rates. Some basic financial concepts every lawyer should know and understand are the following: BUDGET:  Budget isthe vital component in managing cash flow. CASH FLOW:  Determine whether to re-invest or take cash out of the business. REVENUES:  Determine billing rates and alternative billing arrangements. EXPENSES:  Can also be called “costs of services provided.” GROSS POSSIBLE:  It’s a tool to use to determine projected hours/rates. GROSS MARGIN:  The key is controlling overhead costs. ROI: “Return on Investment” is a current buzzword and popular topic in marketing circles.  ROI is much easier to say than accurately calculate.  Learn to use my “Marketing Family Tree” tool for assessment. REALIZATION RATES:  It’s the value of work performed in relation to the revenue generated.  It’s a useful tool in evaluating team members and clients. LEVERAGING:  A useful tool for solo practitioners to evaluate tasks that can be outsourced. The numbers are the heart and soul of the viability of your practice.  So, do you know your numbers?  Join me to learn more!    

Welcome to today’s episode!  Believe it or not, most lawyers fail to understand the difference between branding, marketing and business development.   “Branding, marketing, and business development are the stages of us ‘courting’ our future clients and building a relationship that makes them long-term, sustainable, and recurring clients, either directly through their business, or through referrals to others.” Topic highlights: BRANDING:  “What you are.”  Branding is what you are known for from a casual observer, but it’s much more than just a logo.  We all have a brand, so what do you want yours to be?   MARKETING:  “What you use to TELL people what you are.”  There are thousands of ways to spend marketing dollars.  You must be intentional.  Listen to learn the detailed ways to use my DIME Strategy for marketing. BUSINESS DEVELOPMENT:  “What you do when the people have heard your message and call you.”  In this episode we discuss how to strategically build relationships that are beneficial to your practice. We also discuss push vs. pull marketing.  When we think of marketing, most lawyers think of “push” marketing, but “pull” marketing is the goal.  We want clients to be “pulled” toward us through relationships that provide value and build trust. Evaluate your branding, marketing, and business development.  Ask the tough questions to determine what improvements you can make.  Join us to learn MORE!