In this post, I want to tell you about Rebecca, one of my clients, who successfully 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 had 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 several months, Rebecca’s revenue grew by $220k. She took four weeks off, including a two-week vacation to Hawaii. She hired a second paralegal and was bringing on a second associate. And her firm was on pace to be a million dollar practice that year (they have since blown past the million dollar mark and continue to do amazing work for their clients).
Rebecca is a gifted lawyer and a natural entrepreneur. The truth is, she implemented just three strategies with me:
- She re-defined her target market to focus on the clients whom her firm serves best.
- Rebecca developed a network that consistently provides her with a steady stream of high-quality referrals.
- 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.
Re-Defining the Target Market
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:
- The firm’s unique value (i.e. what it does best)
- The firm’s greater purpose beyond making money
- 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 Client Acquisition System for Rebecca
The second thing Rebecca did was to utilize 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 One Page Strategic Plan™
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.
Three Key Insights
As a result of these shifts, she had three major insights:
- She realized that effective delegation is the most impactful way to leverage her time.
- Rebecca focused on filling her associate’s book of clients.
- 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 look into my Strategic Workshop. We’ll talk about the three areas that we focus on to take lawyers from…
- stressed out, to happy
- unhappy with their income to delighted with their financial return
- working long hours, to taking a vacation
- trapped in their law firm, to having freedom
If you’re ready to build your Perfect Practice, click here and sign up for the Strategic Workshop. It’s your decision. Your Perfect Practice awaits.
Take good care, thanks for reading this post, and I’ll see you soon.
More posts by Lawyer Business Advantage:
Effective Law Office Management: 6 Things You Need to Know to Succeed