This Lever Swings BIG Doors
Your law firm is like a baby going through the different stages it has to go through in order to be an adult.
At each stage the child needs to learn specific lessons to mature through each stage through adulthood.
When you first start your law firm you have to take those baby steps (the basic necessities) first, otherwise it’s like you are a newborn trying to be an adult. At each stage there is a different lever you can use to complete that stage and move on to the next one.
Startup Stage
- Need to learn how to sell. You don’t need anything fancy. You just have to figure out how to get someone who needs an attorney
- How to price your services
- How to deliver on the service you promised
These decisions can change. You just need to start with something.
In this stage you’ll access the lever of time. Make the most of your time and learn to use it well. All these things take time and now is when you need to master it.
Profitable Stage
There are two levers here:
Leverage of pricing- When you reach full capacity it’s time to raise the pricing. It is limited, so it will max out at some point.
Leverage of packaging - You can package services differently. Give a package price instead of per hour - that removes risk for client because they don’t know how long it takes. When you know how your firm runs and how long it will take then it’s not really a risk for you either. You end up making more money per client.
Full Capacity Stage
You reach this stage when you get busy/full. You’re working more hours than you like. This is when you’ll realize you need help.
Manage time
Identify where you need help and then you have to learn to find the right people who form a great team.
Think about seeking repeatable marketing/sales systems. Until now most of your clients have probably come from referrals and you can continue just using referrals. However, this is when you may start thinking about different marketing strategies.
This will help you create predictability since you will have more control over it than you do with referrals.
Scale Stage
This is a broad stage, like adulthood.
Make everything you do repeatable so clients get the same awesome experience. You also want new employees to have a smooth transition into working with your team.
Scale is where you become a leader. In this stage you will inspire your team. You’ll realize that you not only have an impact on your clients, but on your team as well.
By hiring staff and creating a team, you will save time since they will do some of your work. By saving time you are able to bring in more clients and more clients means more money.
All the levers in the previous stages are small levers.
The biggest lever is in scale - Team Creation.
In scale you have the ability to build a team and to inspire them. All of the levers will be amplified if there is a good team behind it. In this stage you have to learn how to hire the right people, people who will stand by your mission. How to train them so they are inspired and efficient in the work they’re doing.
People are more capable than they think they are, so you have to help them tap into their abilities and show them how much they can truly achieve.
You can’t skip to this step, but you can begin to understand the importance of a team. In scale when you create a good team you can have a future where clients, sales, and marketing are all handled by staff and all you have to do is oversee everything and make sure things are running smoothly.
Resources
Episode 007 - Consistency Is The Key To Marketing with Tyson Mutrux
Stay connected with news and updates!
Author
Moshe Amsel
Author
Moshe Amsel the host of the Profit with Law podcast is not an attorney. As the owner of a successful accounting firm DreamBuilder Financial and Law Firm Growth coaching organization Profit with Law, Moshe has proven that there are better and different ways for a law firm to do business and be successful.
