Will your law practice make you rich?

March 21, 2018 by
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I was reading one of “those” articles, you know, the ones that give you a list of reasons why certain types of people, habits, or beliefs are more conducive to success.

This one was about what rich people do differently.

One of the items on the list caught my eye because it’s something I did in my practice and something I preach in my sermons to you.

Verily: “Rich People Choose to Get Paid Based on Results”

When I began my practice, I charged by the hour and made a good income “per hour”. I earned a lot more, however, when I moved away from hourly work and focused on cases that paid contingency fees. It didn’t matter how many (or how few) hours I worked on a case. On more than a few cases, I earned the equivalent of thousands of dollars per hour.

If you practice in areas that aren’t conducive to contingency fees, there are other ways to be compensated that aren’t tied to the number of hours you work.

Charge by the matter, not by the hour. Ask for higher fees or bonuses for better results. Work with clients who offer equity instead of just cash. Hire more attorneys and earn the difference between what you pay them and what you bill the client.

If you can’t do this, look for other opportunities, outside of your practice. Because you’ll never get rich trading time for money.

How to do legal billing right

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Filed Under: Attorneys fees, Increase your income, Leverage

How to warm up a cold approach

March 20, 2018 by
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By far, the best way to approach a new business contact or prospective client is to have a mutual contact introduce you. When you identify someone you’d like to meet, go through your list of contacts to see if you know someone who knows them, or might know someone who does. Ask for an introduction or permission to use their name.

If you don’t know anyone who can introduce you, you can still approach them. But it will take more effort.

Whether you contact them by email or by phone, your initial objective is the same: to get their attention and stay out of the slush pile.

A few do’s and don’ts.

DON’T

  • DON’T pitch anything. Save that for later; probably much later.
  • DON’T ask for anything, e.g., a guest post, a link, etc.
  • DON’T brag about yourself; in fact, say almost nothing about yourself, focus on them
  • DON’T lie or exaggerate
  • DON’T ask them to read something or do something; they’re busy, just like you

DO

  • DO mention your mutual friend or contact. How did you get their name?
  • DO reference something you have in common (a mutual interest, cause, target market or industry, practice area, background, etc.)
  • DO mention something you like about something you heard about them or read, (their article, post, video, interview, etc.
  • DO tell them why you’re contacting them and what’s in it for them; give them a reason to listen
  • DO keep your message brief; get to the point
  • DO make the next step easy (ask them to reply, tell them you’ll call, tell them to watch their email)

So, what is in it for them? Why are you contacting them?

Here are some good options:

  • To offer information that will help them or their clients, or information about something that interests them
  • To discuss a mutual interest (an industry or local issue, similarly aligned clients, proposed laws or regs, etc.)
  • To invite them to speak at your meeting, to interview them for your newsletter, to participate in a panel discussion, etc.
  • To introduce yourself, learn more about what they do and how you might work together to your mutual benefit

To learn more about how to find and approach people you don’t know, and what to offer them, get this

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Filed Under: Marketing legal services, Referral sources, Relationship marketing Tagged With:

Write like you talk?

March 19, 2018 by
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We’re often told to “write like you talk”. Talk to the reader, on paper, as if you’re having a personal conversation. Use simple words and short sentences, to make your message clear and easy to understand.

But spoken communication is disjointed and repetitive. Our meaning is often ambiguous. We use gestures, pauses, facial expressions, and other cues, to provide context and clarity to our message. When we sense that the listener isn’t following us, we can repeat the thought with different words and examples. We can make sure they understand before we continue.

We can’t do this in writing, however, so if you write literally like you talk, your writing will be harder to understand, not easier.

Instead of “write like you talk,” the mantra should be, “write the first draft like you talk.”

When you edit that draft, change the order of your ideas so they flow more logically. Choose more descriptive words. Tighten sentences. Tell a story instead of piling on the facts.

Do another pass, to make the draft even clearer. Depending on your audience, consider adding (or adding back) slang, cliches, and buzz words, and using visual devices to mimic the spoken word.

K?

Make the words look good on the page. Then, read the draft out loud, to hear what your reader will hear in their head when they read it.

Listen to the sound of the words and their cadence. Pay attention to the images they conjure and the emotions they invoke.

CS Lewis said, “Write with the ear, not the eye.” Make sure your words not only say what you mean, make sure they sound good.

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Filed Under: Writing

2 easy-peasy techniques to stop procrastination

March 16, 2018 by
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You’ve got something you need to do but you’ve been putting it off. Maybe it’s unpleasant. Maybe you’re not ready. Maybe you’re not sure you can do a good job.

It doesn’t matter why you’re procrastinating. All that matters is that you’re not doing something you know you need to do.

There are many techniques for dealing with procrastination but one is about as simple as it gets. It’s called the ‘5 Second Rule’ and it goes like this:

As soon as you have an urge to do something or the recognition that you need to do it, start doing it within the next 5 seconds.

It’s like pulling off a bandage. Don’t think about it, do it and get it over with.

Since this is a habit you’re trying to develop, you might need a little help. Try a “five-second countdown”. As a kid, when I was tired and didn’t want to get out of a warm bed on a cold morning, I would do a countdown–5, 4, 3, 2, 1-and then spring out of bed.

What can I say, it worked.

Another technique for dealing with procrastination goes by a similar name. It’s the ‘5-minute rule’. Here, you commit to doing the task for just 5 minutes.

You can do just about anything for 5 minutes. Then you can turn your attention to something else. “I’m just going to work on this file for 5 minutes; then I’ll watch that new cat video”.

What frequently happens, of course, is that once you begin (and see that it’s not as bad as you thought and it feels good to make some progress), you’ll want to continue. 5 minutes turns into 15 or 30.

Use the 5-second rule and 5-minute rule together and you might be amazed at what you get done.

How to use your website to make your phone ring

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Filed Under: Personal development, Productivity Tagged With: , ,

Perfect

March 15, 2018 by
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To some extent, perfectionism is a valuable attribute in an attorney. Exacting standards and an almost obsessive attention to detail help you to do a good job for your clients, keeping them and yourself out of trouble.

I say “to some extent,” however, because research shows that perfectionism can lead to burnout, anxiety, and even depression.

You can argue that there’s too much at stake and, therefore, no room for error. You can’t take any risks with your work. But, as I’ve said before, life (and the practice of law) isn’t about the complete elimination of risk, it’s about the intelligent management of risk.

There are things you can do to maintain your wellbeing while staying faithful to your high standards. Like checklists, that tell you when you’ve done the work that needs to be done, and self-imposed deadlines that force you to “turn in your homework” even though you might want more time.

Mistakes happen. But most of the time, most of what you do is “good enough” and good enough is usually good enough. Err on the side of “overly cautious” or “painstakingly thorough,” but do what you have to do to let things go.

Repeat after me: “Done is better than perfect”.

One area where you cannot afford to be a perfectionist, however, is in managing your practice.

You can’t wait for the perfect marketing solution, you have to run with things and see how they work. Marketing is messy. Somethings work, some don’t. Sometimes you get it right, sometimes you lose your shirt.

Similarly, you can’t refuse to delegate work because “nobody can do better” or because someone might make a costly mistake. If you insist on doing everything yourself, you will never grow.

You will work more than you have to and achieve less than you could. And you’ll also go home exhausted.

Earn more, work less. Here’s how

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Filed Under: Law office management Tagged With: ,

Helping the competition?

March 14, 2018 by
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In Lawyer to Lawyer Referrals, I show you how to find and befriend lawyers who work in complementary practice areas and can send you referrals. One way to get on their radar, and in their good graces, is to help them do a better job for their clients.

Educate them about your area of expertise, even if that means they help those clients instead of referring them to you.

Karma, and all that.

It’s similar to what I said yesterday about encouraging clients and prospects to call you for “micro-advice,” without the meter running.

My friend Steve Emmert, a very successful appellate lawyer, emailed and said, “I always give free micro-advice to my customers (trial lawyers). It quite often comes back to me in future business, when they need an appellate lawyer and remember who looked out for them all these years.”

Indeed.

He continued, “. . .I also give free micro-advice to my competitors. It’s the neighborly thing to do, it promotes collegiality within the appellate “guild,” and refusing to do so would be giving in to a scarcity mentality. There’s plenty of work to go around.”

He gave a couple of recent examples–showing a new-ish appellate lawyer how to set up a section of a document, going to lunch with other lawyers who want to start an appellate practice and telling them what to do. “Why should I make them learn the hard way all the lessons I’ve learned in almost 15 years?”

He continued: “Most lawyers wouldn’t think of doing this because they have a scarcity mentality: ‘I have to take this client because I might never get another. I have to guard all my secrets so no one can compete with me.’ Jeez Louise!”

Aint that the truth.

It seems counterintuitive to share your time and expertise with lawyers who do what you do, or want to. But not only does it feel good to help others, it can pay dividends.

“One fringe benefit: My competitors get the message that I’m confident in my market position, and that means they’re very unlikely ever to really challenge that position.”

I’ll tell you what else it does. It gets other lawyers sending you referrals when they have a conflict or a case they otherwise can’t handle. They know you’re the BMOC (that’s “Big Man on Campus” for you Millenials and other whippersnappers.)

“I got some great advice long ago: “Identify a niche market and seek to dominate it,” Steve said. “This is one way I do that: I let my competitors know that I don’t regard them as competition, but as my friends. All the while, they’re realizing that I’m very good at this. See how that works? As long as no one gets the idea of hiring a hit man to take me out and make room at the top …”

Ah, there’s the catch. You actually have to be good. (Or make them think you are.)

Anyway, great advice from a very smart guy. If you want more of his advice for building a successful practice, read my interview with him in my Kindle book. 

Lawyer-to-Lawyer Referrals

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Filed Under: Referrals

Do you charge for “micro advice”?

March 13, 2018 by
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Many business attorneys won’t talk to a client without the meter running. So many clients don’t call their attorney before they make important decisions, often to their detriment.

The client then has to pay the attorney to fix their mess, often a lot more than they would have paid had they gotten advice in advance.

In the short term, the attorney makes out. In the long run, maybe there’s a better way for both client and attorney.

What if attorneys let their clients know they won’t charge them for “micro advice”? A quick call to find out if they’re going in the right direction, a question or two to see if they do (or don’t) need something else?

I heard that’s what many smart business attorneys do.

I concur.

You want your clients to call you often and they’re more likely to do that if they know they won’t be charged by the nanosecond. Maybe they have something that needs your help, maybe they don’t, but it’s better for both of you to find out.

How is this better for you? For one thing, it builds trust. The client sees that you’re looking out for them, not just sucking them dry.

It can also lead to more work for you. In the short term, if they need your help, you’ll be able to show them why. In the long run, by looking out for your clients, you help their business grow and you can grow with them.

Yes, some clients will (try to) take advantage of you. You will have some line drawing to do. But most clients will appreciate you for “not being like all those other attorneys”. You’ll earn their loyalty and their referrals.

This isn’t just for business attorneys. It’s a good policy for all clients. Even one-off clients can send referrals.

Referrals are good for your fiscal health

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Filed Under: Client loyalty, Client relations, Referrals

When to qualify prospective clients for money

March 12, 2018 by
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Some clients can’t afford you. They need your help, they trust you and want to sign up, they just don’t have the money, or they have it but don’t want to spend it.

When would you like to find that out?

Before they meet with you, or after you’ve spent a lot of time talking to them about their problem and your solution?

If you talk to them and they don’t hire you, is that a complete waste of time?

Maybe. Maybe not.

Maybe they’ll realize they have to do something and they will beg, borrow, or steal the money to pay you. Maybe they’ll hire another lawyer who will mess things up and they’ll come back to you to fix things, at greater cost. Or, maybe they can’t afford your primary service right now but they can afford one of your “entry level” services and get more help later.

Maybe they won’t ever hire you but they will appreciate you for meeting with them and send you referrals.

So, it depends.

Clearly, however, you can’t spend all your time talking to people who don’t have any money. You need to weed them out in advance.

How do you do that?

By promoting your services to target markets and prospective clients who have money and avoiding the ones who don’t.

By educating your referral services about your ideal client and including something about fees and retainers.

By giving prospective clients (on your website, in your ads or other marketing materials), a general idea of what they will need to pay up front.

And, when you meet with prospective clients, qualifying them as to their ability to pay.

How do you the latter? Early on, say something like this:

“I’ll need to get more information, of course, before I can tell you what I can do for you. If I can help you, you need to know that my minimum fee is X [I’ll need a retainer of X]. Would that be a problem for you?”

If they say it won’t be a problem, mazeltov. If they say it might be a problem, or their body language tells you it is, you can explore that subject further or head in a different direction.

How to get referrals from people who don’t hire you

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Filed Under: Closing the sale, Fees and Billing

Hanging with the big dogs

March 9, 2018 by
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“Who you know is more important than what you know”. It’s a law. The Law of Association.

We tend to be like the people with whom we associate most. If your personal and professional contacts consist primarily of smart, successful, and well-connected people, you are probably smart, successful, and well-connected.

We tend to share many of the same habits, attitudes, and opinions of the people in our inner circle. We read the same types of books, talk about the same subjects, and know many of the same types of people.

Your life would be different if your contacts consisted primarily of lazy people with bad habits and a poor work ethic.

Your task is clear. To continually upgrade your associations.

On a scale of 1 to 100, we are all 50s. There are people we look up to–the 80s, 90s, and 100s, and there are people who look up to us. To upgrade your associations, you’ll want to seek out and associate with the 80s and above.

It’s not easy to meet the top people in any field, let alone convince them to invite you into their world.

But you can do it.

Start by eliminating the bad influences in your life. They’re holding you back.

If you now associate with 20s and 30s, people with bad habits, bad attitudes, and poor motivation, stop spending time with them. If it’s difficult to remove them completely from your life, perhaps because they are family or co-workers, spend less time with them.

Then, start filling the void with people who are a little higher up the scale from you.

You’re a 50, right? So find and meet some 60s. People who have more experience, better skills, or more success than you.

Get to know them. Bring value to them. Eventually, you’ll become like them.

Then, as a 60, seek out some 70s.

Work your way up the scale, in increments. Eventually, you’ll be associating with 90s and 100s.

Maybe then I’ll take your call.

How to get referrals from lawyers and other professionals

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Filed Under: Networking, Personal development Tagged With:

Where are you thinking about?

March 8, 2018 by
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I’m at the Orange County Superior Court in Santa Ana, CA. It hasn’t changed much since the last time I was here but I feel a bit strange because I’m not wearing a suit. My wife was called for jury duty and I’m keeping her company.

One thing that has changed about the civic center is the scope of the homelessness problem. Outside the third floor window, I see a massive encampment. It’s like nothing I’ve seen before.

I’m not going to think about that right now, however. Right now I’m thinking about the words I’m typing for this post and about the book I’ll be finishing up after that.

I do my best to focus on things I can control. I think about where I want to go and what I need to do to get there. If a negative thought arises or a problem occurs, I deal with it appropriately and then push it aside.

I hope you do the same.

Earl Nightingale urged us to think about what we want, not what we don’t want. He said, “. . .the man who has no goal, who doesn’t know where he’s going, and whose thoughts must, therefore, be thoughts of confusion and anxiety and fear and worry, becomes what he thinks about. His life becomes one of frustration and fear and anxiety and worry. And if he thinks about nothing. . . he becomes nothing.”

So, what are you thinking about?

Are you worried about how you’re going to make overhead this month or are you planning your next big project? Are you frustrated by problems at work (or outside your window), or are you excited about the many opportunities at your feet?

If you’re like most people, you spend a lot of time focused on the work you have to finish today and very little time thinking about your future.

That allows you to survive, not thrive.

If you want a brighter future, you have to think about that future. Because we become what we think about.

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Filed Under: Personal development
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