CASE STUDY: LAWYER ADDS $220K TO REVENUE, TAKES FOUR WEEKS OFF

 

In this post, I want to tell you about Rebecca, one of my clients, who grew her revenue by $220k while taking four weeks off.

 

Rebecca is one of my clients. And though her name is not really Rebecca, we really have been working together for about a year. She is an excellent lawyer and she owns her own firm. When we started working together, she was grossing $45k per month and she wanted to grow aggressively to a million dollar law firm. Unfortunately, she spent a lot of time in court and with clients, so she didn’t have the time to manage the firm, much less grow it. She was stressed out: working during the day, “rainmaking” at night. She was trying to be a great owner, lawyer, wife, and mother, but she felt like she wasn’t doing any of them as well as she should.

 

Over the past several months, Rebecca has had some remarkable success. Her firm’s revenue grew by $220k in six months. She took four weeks off, including a two week vacation to Hawaii. She hired a second paralegal and is bringing on a second associate. And her firm is on pace to be a million dollar practice this year.

 

Rebecca is a gifted lawyer and a natural entrepreneur. The truth is, she has implemented just three strategies with me:
1. She re-defined her target market to focus on the clients whom her firm serves best.
2. she developed a network that consistently provides her with a steady stream of high quality referrals.
3. She went through our unique approach to creating an annual business plan for her firm, and she discovered how to structure and grow her firm so that she can work fewer hours while simultaneously growing the firm’s revenue and profit.

 

I’ll go through the “How” with you in a moment. But before we get into that I want to ask you one question: is your law firm stuck? Or do you feel like it’s growing smoothly and easily? If it’s growing like Rebecca’s, I’m so happy to hear that and if you want some ideas on how to take it to yet another level, ping me. If your firm is stuck, or it’s just crawling along, or its growing but growth is really painful, then you should check out my free upcoming webinar Building Your Perfect Practice. It’s a one hour live, interactive webinar where I will give you my framework and some powerful ideas for getting unstuck and accelerating your firm’s results. Click here for the details.
Anyway let’s get back to Rebecca’s story.

 

So I mentioned that she re-defined her target market to focus on the clients whom her firm serves best. This is one of the strategies that we teach called Aligned Marketing, where we identify three things:
1. the firm’s unique value (i.e. what it does best)
2. The firm’s greater purpose beyond making money
3. The client who prizes #1 and really appreciates #2.
Using the Aligned Marketing technique, she was able to focus her networking efforts to attract those clients for whom her firm did their best work. Focusing in this way freed up her time because she stopped doing the marketing activities that weren’t producing. In addition, she was able to raise her rate due to the huge value she was delivering to these clients.

 

The second thing Rebecca did was to utlilize the Client Acquisition System. It’s an easy to follow process that builds you a network of referral partners from three sources: clients, power partners, and key influencers. This really got her referral engine running, and provided the steady stream of referrals needed for growth.

 

The third thing she implemented incredibly well was the One Page Practice Plan. It’s a tool my clients use to create a simple but effective business plan for the year. As she went through this process, she discovered that her primary role should be Rainmaker for the firm: that is, fill her firm’s book of business, not just hers. In addition, she needed to delegate many of her law firm admin tasks to her office manager and her bookkeeper.

 

As a result of these shifts, she had three major insights:
1. She realized that effective delegation is the most impactful way to leverage her time.
2. She focused on filling her associate’s book of clients.
3. She realized that running a law firm can be fun…if you run it like a business!

 

So I want to less about Rebecca right now and more about you. How are you doing? How long have you had your practice, and on a scale of 1 to 10 how happy are you with your progress right now? If you’re doing well, I’m really happy for you. I love working with the best of the best. If you’re doing OK, but you know there’s that next level of income, success, and freedom…and it’s calling out to you, you should sign up for my free live webinar How To Build Your Perfect Practice webinar. We’ll talk about the three areas that we focus on to take lawyers from being:

 

From Stressed out, to happy
From Unhappy with their income, to Delighted with their financial return
From Working lots of hours, to taking lots of time off
From Trapped in their law firm, to having Freedom

 

So here’s the thing, this is your call and I invite you to take the next step.
If you’re ready to take your law firm to the next level I want you to click here and sign up for the “How to build Your Perfect Practice” webinar. I look forward to having you on the webinar. Until then, take good care, thanks for reading this post, and I’ll see you soon.