Law Firm Management
We talk about law firm development, management, and money metrics with Brooke Lively from Cathedral Capital.
Top 5 Reasons Why Lawyers Lose Money
Today’s Hot Take is from Americanbar.org,“Top 5 reasons Why Lawyers Lose Money,” by Gary Allen and Lynda Artesani. The reasons are:
“1 – Timekeeping
2 – Invoicing
3 – Retainers
4 – Choosing the wrong client
5 – Not hiring pros”
This article is coming at it from an accounting/book-keeping perspective, but the list could actually be applied more generally. We hear time and again how lawyers don’t have things a certain way or it’s different for law firms, but the reality is there are many parallels to other service-based businesses, and for some reason it’s not acknowledged.
The administrative side of running a business may not be the most exciting part of having your own law firm. In may cases it’s seen as a distraction from the real work of practicing law – and this is where the trouble starts. If you can’t get these business fundamentals down, get some kind of processes established, then you will get swallowed up by the bill paying and book-keeping. This is the business management equivalent of not seeing the forest because of the trees – except this is not seeing the money drifting away because you’re too busy going from task to task and putting out fires.
In poker, if you have a behavior or barrier that causes you to misplay hands, it’s called a “leak,” because you will leak money until you get it fixed. Same thing with this list – fix these leaks in your firm’s processes and you can take back the time and money you’ve earned.
“Everyone has a different definition of profit”
Brooke Lively is the President and Founder of Cathedral Capital, which specializes in helping entrepreneurs turn their companies into profitable businesses. Prior to consulting, Brooke was the full-charge administrator for a seven-figure small law firm which she helped to build from the ground up. Her 6 Key Numbers book series which includes, 6 Key Numbers Every Entrepreneur Should Know and 6 Key Numbers Every Psychologist Should Know is soon to be followed by an edition for Attorneys.
Get More Information About Being Better in Business, Finances and Entrepreneurship
Be sure to listen to the entire podcast episode for information and conversation about issues business owners face, successful financial management, key business metrics for growth in the law firm and more. If you want more LAWsome subscribe to the show on your favorite podcast platform, and for the latest in legal marketing insights and information be sure to subscribe to the Consultwebs Newsletter here –>SUBSCRIBE<—
We’re talking about leadership, ownership and empowerment, with entrepreneur, leadership development expert, Keynote Speaker, & Best-Selling Author, Peter Montoya.
Inspire Your Team To Take Ownership
Today’s Hot Take is from the greatest site on the internet Inc.com,“6 Disciplines of Leadership That Inspires Ownership,” by Gene Hammett. He writes:
“Ownership is the feeling of owning the results. When employees feel ownership for what they are doing, they go beyond just taking responsibility. They bring innovation to the job. They don’t turn off their brains at 5 o’clock. With big growth goals, how do you motivate employees to take OWNERSHIP of those goals?
Leaders told me to spark that sense of ownership, they tried the following six practices.
1. They create a one-of-a-kind brand
2. They include people from all levels when crafting vision
3. They embrace radical transparency
4. They empower others to take risks
5. They understand employees’ personal goals
6. They allow employees to be brand ambassadors”
These are all good starting points in our opinion, but there is one missing item on the list. If you truly want employee buy-in, innovation, growth mindset and all those other aspirational terms, item number 7 on the list would be “compensation.” That is literal “buy-in” and without it you will be hard pressed to have anyone share the same dedication to goals as ownership. Look at it this way – if the company fails, they find other jobs, but you are out of business, so if you really want employees to take ownership, put your money where your mouth is.
“Power is the ability to achieve intended results.”
There are gifted speakers, there are best-selling authors, and there are successful entrepreneurs… but rarely do you find all three in one person. Peter Montoya is that rare exception – a thought leader, skilled orator, powerful coach, and seasoned entrepreneur, Peter has traveled the globe, educating thousands and revolutionizing how organizations develop high-performance teams, and now he brings the heat to the LAWsome Podcast.
Get More Information About Leadership, Culture and Law Firm Management
Be sure to listen to the entire podcast episode for information and conversation about the power of leadership, positive management techniques, culture and how to build your law practice. If you want more LAWsome subscribe to the show on your favorite podcast platform, and for the latest in legal marketing insights and information be sure to subscribe to the Consultwebs Newsletter here –>SUBSCRIBE<—
We’re talking about being better at business, finances, and life, just by being in the moment, with the ever-present, Jonathan DeYoe of Mindful.Money.
Can Mindfulness Help You Run Your Business?
Today’s Hot Take is from Forbes.com, “Can Mindfulness Help You Run Your Business?” by Stephanie Burns. She writes:
“Mindfulness has been thought to help in a number of ways, but the most significant include reducing anxiety, heightening productivity, and contributing to a greater sense of presence. Because these benefits are preferred for employees, they’re also great for entrepreneurs, and can likely help you better run your business.”
Here are a few ways that neurocoaching and mindfulness can take your business to the next level:
1. It can improve your self-confidence, helping you with decision making.
2. It can help you be more creative.
3. It can heighten productivity.”
Mindfulness and awareness are approaches we are big fans of, and the idea of using it with regards to business, while not necessarily new, are worth looking into for the myriad of benefits they can provide.
“Stop Predicting The Short Term.”
Jonathan DeYoe is a best-selling author, behavioral wealth advisor, speaker, founder and CEO of MindfulMoney. He’s been helping his financial planning clients build futures, and create legacies for almost 20 years! He started on The Street, worked his way up to the top, and now he breaks through the cloudbank to join us on LAWsome.
Get More Information About Being Better in Business, Finances and Life By Being In the Moment
Be sure to listen to the entire podcast episode for information and conversation about issues business owners face, successful financial management, mindfulness and awareness in the law firm and more. If you want more LAWsome subscribe to the show on your favorite podcast platform, and for the latest in legal marketing insights and information be sure to subscribe to the Consultwebs Newsletter here –>SUBSCRIBE<—
We’re talking flat fees, subscription services, and the hourly rate, and we talk to lawyer & synth legend, Jonathan Tobin, of Counsel for Creators, about his reasons for different billing options, technology in the law firm, customer service and more!
Flat Fee or Hourly? Pros and Cons of Billing Options
Today’s Hot Take is from AttorneyAtWork.com,”Flat Fee or Hourly? Pros and Cons of Billing Options,”
by Ruth Carter. She writes:
“I’ve been practicing law for nearly seven years, both as a solo and with a firm. During this time, I’ve tried different billing arrangements with varying degrees of success and learned plenty of lessons (often about what not to do). Here is my take on the pros and cons of various billing options I’ve used.”
She goes on to detail her experiences with the various options and gives her honest assessments of each method/system. While specifics are good, we think there is a larger idea that needs to be addressed, and it’s that what gets measured, gets managed. Regardless of the calls to innovation and the calls to better lawyering and the cries for more marketing, and on and on, what guides behavior and choices is money, and the energy and mindset is FIXED on hitting the metric.
But how you get to that metric – how you get the true value for your work and ensure you are still providing exceptional service to your clients without being blinded by the billable hour or a profit margin goal or whatever your magic number is – that’s the trick.Or as Ruth puts it:
“There’s no one way to bill for your time. My suggestion is to respect the value you bring to clients and clearly state the requirements and expectations for payment in your engagement agreement.”
Making Law User Friendly By Changing the Experience of Hiring and Working With a Lawyer
Jonathan Tobin is an author, technologist, and lawyer whose goal is to redesign the law firm experience from the ground up while helping his clients grow successful businesses. He’s a force on Twitter, he’s a force on the page, and now he brings his force in alignment with the LAWsome podcast!
Get More Information About Innovation, Billing Models, Creativity and Tech for Law Firms
Be sure to listen to the entire podcast episode for information and conversation about different billing options, technology in the law firm, customer service and more! If you want more LAWsome subscribe to the show on your favorite podcast platform, and for the latest in legal marketing insights and information be sure to subscribe to the Consultwebs Newsletter here –>SUBSCRIBE<—
We’re talking about making the change to remote operations, adjusting advertising and social media strategies, and how to be a good leader in times of transition, with lawyer/marketer/good guy, Alan Cleveland.
Real-life Examples of Law Firms Focusing Their Marketing During COVID-19
Today’s Hot Take is from Consultwebs.com,“How Law Firms Are Marketing During COVID,” by Jacob Sanders. He writes:
“As the story of COVID continues to unfold, and certainties and social behaviors fluctuate, law firm marketers are faced with many challenges, one of which is striking the right tone with their marketing, advertising, messaging and PR.
There are, in fact, several ways law firms can market their practices in ways that positively impact the community and serve as a reminder of the firm in a tumultuous time.
In this article, we feature real-life examples of law firms focusing their legal marketing during COVID on three themes, all related to Community; In The Real World, Online Connections, and Content Marketing.”
It’s a great article with in-depth details and examples, and we would say it serves as an excellent guide not only for current situations but how to think and act with your marketing beyond simply buying a billboard or throwing a coupe more bucks at Youtube.
“If You Don’t Take Care of Your Talent, Someone Else Will”
Alan Cleveland is a founding partner at Adamson Cleveland, a Georgia personal injury law firm. He got his JD from the John Marshall Law School, He’s worked in-house, in sports marketing, and now he’s in our house, talking about law firm management and legal marketing.
““I like helping people get what they think is fair compensation and help them get their lives back together,” he says. “They suffer injuries, their lives turn into chaos, they don’t have anywhere to turn, and they need a champion who can guide them through a difficult situation. These cases need special care and attention, and that’s what we do. With myself and Kevin, you get good guys who are great lawyers with a personal touch.”
Get More Information About Marketing, Leadership and Navigating Uncharted Waters
Be sure to listen to the entire podcast episode for information and conversation about making the change to remote operations, adjusting advertising and social media strategies and how to be a good leader in times of transition. If you want more LAWsome subscribe to the show on your favorite podcast platform, and for the latest in legal marketing insights and information be sure to subscribe to the Consultwebs Newsletter here –>SUBSCRIBE<—
We’re talking about outsourcing and freelancing for lawyers, with lawyer and LawClerk co-founder, Kristin Tyler.
Is The Gig Economy Set To Disrupt The Legal Profession?
Today’s Hot Take is from one of our favorite sources Forbes.com,“Is The Gig Economy Set To Disrupt The Legal Profession?” by Adi Gaskell. He writes:
” If you think of the gig economy, the chances are you think of the likes of Uber and Lyft, Deliveroo and Mechanical Turk. Platforms offering relatively low skilled work with minimal job security and many of the bad things that have come to characterize the gig economy.”
Maybe the article was taking a skewed view of the gig economy, because when discussing professional services platforms for lawyers and law firms it goes on to say this:
“The study revealed that nearly all of the lawyers on the platforms were individual rather than corporate lawyers, with participants tending to fall into one of two groups: entry-level lawyers who lack the experience and contacts to find work in more traditional means, and lawyers operating in less developed parts of the country where there was not sufficient demand for legal services. In other words, they’re professionals who were struggling to find sufficient work at the lower end of the legal market.”
All we can say is this is just not that case – in fact, it’s the opposite. There are highly qualified, experienced “gigging” lawyers doing just fine, and there are plenty of smaller firms who are outsourcing work to provide seamless experiences for clients.
LawClerk Co-Founder Kristin Tyler has been practicing law for more than 10 years.
As a partner of a mid-size law firm in Las Vegas, she understands the challenges that her fellow attorneys face in today’s rapidly evolving legal industry and is committed to demonstrating that being a lawyer doesn’t have to mean working insane hours and missing out on time doing the things you enjoy with the people you love.
As one of the people that loves her, we’re honored to share some time with Kristin on the show today!
Get More Information About Outsourcing and Freelancing for Lawyers
Be sure to listen to the entire podcast episode for information and conversation about how to use LawClerk for both outsourcing and freelancing, how to approach matters with a project management state of mind, how to overcome the biggest hurdles to freelancing for lawyers and more. If you want more LAWsome subscribe to the show on your favorite podcast platform, and for the latest in legal marketing insights and information be sure to subscribe to the Consultwebs Newsletter here –>SUBSCRIBE<—
We’re talking about covering your assets, content marketing, grit, guts, and grace, with Lin Eleoff.
Is Your Marketing Breaking The Law?
Today’s Hot Take is from neilpatel.com,“How to NOT Break the Law While Marketing,” by Adria Saracino.
“The internet is a great force for democracy, industry, the spread of information, and free speech. It’s also a breeding ground for plagiarism, copyright infringement, and libel.
Add into the mix a very slow-moving government that not so long ago was calling the internet a “series of tubes,” and it’s difficult to grasp just what the law is, to predict what it will be in the near future, and to avoid stepping over legal lines. Altogether this makes for a challenging online marketing environment, one in which it’s hard to know when you’re being savvy and innovative and when you’re about to be slapped with a major fine (or worse).”
Using social media mentions as promotions, CAN-Spamm Act violation, GDPR – what’s the real takeaway here? To us, it means that online marketing is complicated for marketers, users, the government, and lawyers alike. In many ways, that murkiness is a good thing, allowing marketers to push the envelope as the rest of the world tries to catch up with these rapid technological advances.
However, a lack of clarity can hurt marketers when a judge interprets a law or usage in a different manner. As articulated here, there are many ways to get creative while staying safe. And if you want to go further? Well, the choice (and the risk) is up to you.
“Background Propels Forward Motion.”
Lin Eleoff is a life coach, online entrepreneur, and an internet business lawyer whose mission is to show business owners like us how to cover our “assets” online, without having to spend a lot of money on legal fees!
She is the founder of CoverYourAssetsOnline.com, offering a Do-It-Yourself Legal Toolkit so that entrepreneurs can protect not only their business assets but their homes, cars and investment. We may think it could never happen to us, but as she says “the smaller the business the bigger the risk.”
Get More Information About Protecting Your Assets, Setting Up A Business The Right Way & Planning For Success
Be sure to listen to the entire podcast episode for information and conversation about legal issues business owners face, successful asset protection and law firm business prosperity. If you want more LAWsome subscribe to the show on your favorite podcast platform, and for the latest in legal marketing insights and information be sure to subscribe to the Consultwebs Newsletter here –>SUBSCRIBE<—
We’re talking about leadership, gender, and the practice of law, with Davina Frederick from Wealthy Woman Lawyer.
Just Do One Thing Right Now
Today’s Hot Take is from JDSupra.com,“4 Business Development Truths for Women Lawyers,” by Jill Huse. In it she writes:
“We all know there are currently more women than men in law school and more women than men in associate ranks. Those numbers have still not translated (yet) to partnership and leadership levels within law firms. Men still dominate both.
Power and influence in law firms are determined by marketing prowess. You can generally make partner based on merit, but equity partnership and leadership are influenced by your personal book of business. To reach those heights, you need one.
So, if business development is the key to seeing more women in equity partnership and leadership, what do women lawyers need to know?”
The list of of 4 is:
1. There are gender differences in business development.
2. To see an increase in origination numbers, you must devote at least a half hour per day to business development.
3. You already possess the skills necessary to become capable at selling.
4. Just do one thing right now.
Our favorite is #3, and she explains:
“Additionally, women lawyers generally focus on service and client experience more than just the resulting outcome, and that mindset leads to greater client loyalty. The value women attach to the relationship itself, rather than just the transaction, equates to a more holistic approach and experience. ”
This is at the core of brand marketing – client experience – and we wholeheartedly agree.
“Always Focus On the Strategy, Never Start on the Tactical Level.”
Davina Frederick, Esq. is a Florida-licensed attorney, business growth strategist and marketing consultant who, through her company D. Frederick Media and Marketing & The Wealthy Woman Lawyer, works with legal, medical and health professionals, coaches, agents, and consultants to help them transform from Solos to CEOs of their own thriving, high-revenue-generating firms.
Get More Information About Leadership, Prosperity & Success for Women Lawyers
Be sure to listen to the entire podcast episode for information and conversation about leadership, success and prosperity for women. If you want more LAWsome subscribe to the show on your favorite podcast platform, and for the latest in legal marketing insights and information be sure to subscribe to the Consultwebs Newsletter here –>SUBSCRIBE<—