by Stephen Fairley, CEO, The Rainmaker Institute
Are you happy with where you are right now in your law firm? Are you growing as fast as you could, as fast as you want to? What's your plan to reach your financial goals in the next 12 months? Do you want to have this same conversation a year from now and be in the exact same place as you are right now? Would you be okay with that? No. Of course you wouldn’t. So what are you going to do about it? Because if you always do what you've always done, you'll always get what you've always got.
Booker T. Washington said that, “Success always leaves footprints.” During the last 15 years of counseling over 18,000 attorneys, I’ve studied the footprints left by successful law firms and have noticed that there are well-trodden paths that these highly successful and profitable law firms follow. There are also highly trodden paths made by law firms that end up in failure and get stuck at doing $100,000 to $500,000 a year.
If your law firm is experiencing stagnation, it’s not because you can't grow your law firm. It's because there's something about growing your law firm that you just don't understand. That doesn't make you dumb. It just means you have probably invested your time and energy learning how to be a great lawyer and maybe it's time to invest some time and energy learning how to run a great law firm.
You see, the way that you're trained as a lawyer is almost the antithesis of being a good business owner. Other than the ability to analyze and deep dive into problems, there are a lot of things that law schools teach lawyers that are just antithetical to the growth of a small business.
To remedy this, you need to make sure that you surround yourself with experts because honestly there are so many things in business. We can't know it all. We just can't. I've been a business owner for over 20 years. But I don't know it all. I'm still learning on a regular basis how to become a better business owner and to think differently. I challenge myself. Last year alone, I spent $100,000 on educating myself. Being around people that are better at business, run a bigger business than I do, because I want to learn from somebody else's mistakes instead of making my own.
- How to build a business plan for sustainable growth
- Pricing strategies that will deliver more dollars to your bottom line
- How to hire, train, manage and make a profit with staff
- How to improve your intake process and fix your follow-up
- The business building strategies that really work for law firms
- How to build an internal and external team of “A” players to take your firm to the next level
If you're looking to profit from the footprints left by success -- from other experts and lawyers who have built highly successful and profitable law firms -- there's no better place that I know of than the Law Firm 500 conference. It's a great group of people. They're very open and very giving.
I would highly recommend that you grab a ticket while they're still available and bring your family out too, make a week of it. Lake Las Vegas is a great place to stay. I look forward to seeing you there!