This one small change quadrupled my law practice revenue.
Recently a few friends and colleagues have approached me for business and marketing insights. Many of the questions and information that they have asked have been the same. I really enjoy sharing the expertise and insights I have gained over the years through trial and error, getting scammed by 5 different marketing companies (true story), and making so little in my first year of practice that I would have almost qualified for legal aid.
Hindsight is 20/20
It took me about two years to get here, but if I knew then what I know now, I think I could have gotten here in two. What is here? Here is the point where I feel like my law practice no longer owns me, and I own it. Here is where I dreamed of being for years, but had no idea how to get here. Here is working at a profitable law
practice while still having enough time to be at home, not only for dinner, but early enough to cook it. Here is where I finally have a dramatic and sustained growth in revenue, personal and client satisfaction, and overall positive outcomes.
So, what I have decided to do is share a lot of the things I have learned along the way. But more than anything, right off the bat, I want to share one secret that can transform a crappy practice, with crappy clients and a crappy work life balance, to a smooth-running engine that will make you more money with less time. Seriously, I make more now than I when I first went out on my own. Remarkably I also work fewer hours than before. So, what is the secret to achieving that outcome?
Change Your Identity
A change in identity. Yes, it is that simple.
I learned this from reading the book Atomic Habits by James Clear. He explains that you cannot change your outcomes without changing your processes, and you cannot change your processes without first changing your identity.
Be the Chief Executive Attorney
So, what does this all mean? If you see yourself as just a lawyer (and maybe one who thinks it is impossible to collect on all your billings like I used to think), you will be concerned with cultivating legal acumen while accepting mediocre compensation (if any). However, if you see yourself as a CEO of a law practice (a Chief Executive Attorney, if you will), you will be concerned with cultivating legal acumen with a view to trading it for profit. Thus, as a CEA your goal is not only to provide good legal services, but to provide them exchange for generous compensation.
If you become a CEA you will then put in some processes to ensure every action that is taken in your practice is with a view to profit. Once you institute these processes, you will achieve the outcomes you are looking for. I love helping lawyers build profitable practices with sustainable growth. Click below to book a 20 minute chat for a an audit of your practice or even just to pick my brain.