How to create passive income in your law practice

September 15, 2015 by
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I love passive income. You hear me talk about it all the time. Passive income allowed me to retire from the practice of law. Passive income allows me to do what I want with my time because the income comes in whether I work or not.

I enjoy consulting but don’t do much anymore because there’s nothing passive about it. Instead of spending hours each week speaking with lawyers and getting paid once, I’d rather invest my time in creating more passive income.

I built a business years ago that provides me with passive income. It still pays me, month after month, year after year. I also get passive income from my books and courses.

Why earn $500 from consulting when I could spend that time creating a new book or course that pays me $500 per month, every month?

Do it once, get paid over and over again.

Set it and forget it.

Okay, so hurray for me. What about you?

Well, you could create passive income by building a side business like I did (contact me if you want me to show you how), and you could create books and courses or other products that sell over and over again. Or you could invest in income-producing assets.

But maybe none of that is right for you.

Can you use your law practice to build assets that provide you with passive income?

In a way, yes.

Instead of creating intellectual property, you can create relationships.

Find clients who have lots of legal work you can do, instead of one time clients. Find referral sources who can send you new business every month.

You have to spend time nurturing those relationships, and you still have to do the legal work (or supervise the people who do), but once you have a new referral source or client with ongoing work, the work will come to you without you having to do much more.

Not quite true passive income, but close. The next best thing.

Each relationship is an asset that provides cash flow. Each relationship gives you access to everyone in that person’s network.

Robert Kiyosaki said, “The richest people in the world look for and build networks; everyone else looks for work.”

This week, how will you build your network?

How to get more referrals from lawyers

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Filed Under: Increase your income, Leverage, Referral sources, Referrals Tagged With:

Two lawyers walked into a bar. . .

September 14, 2015 by
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Okay it’s not a bar, it’s a networking event, but a bar is funnier. Oh, and guess what? You’re one of the lawyers. I’m there too, but I’m not me, I’m the owner of a small chain of restaurants and I’m looking for a new lawyer (who does what you do).

We meet and I ask “What do you do?” You tell me you’re a small business lawyer (work with me here or my story won’t make sense) and you tell me a little bit about yourself. I’m impressed. I can see that you have a lot of experience and think you must be good at what you do. You’re a nice guy, too.

I meet another lawyer and have a similar conversation. Her name is Alice and she also represents small businesses. She also has an impressive background.

During my conversation with Alice, she asks me if I know Joe Martin. Joe is the president of our local restaurant owner’s association and I know him well. Alice has handed several legal matters for Joe personally and he’s just invited her to speak at our next monthly meeting.

Then Alice asks me if I know Karen Collins, co-owner of a popular restaurant in town. I don’t know Karen, but I’ve had several friends tell me about her restaurant and I tell Alice that I plan to go. Alice tells me I will love the food. “Tell Karen I said hello; she’ll take good care of you.”

Yes, Karen is Alice’s client. In fact, Alice represents quite a few restaurant owners.

Before the conversation ends, Alice asked me if I am familiar with a tax proposal the national chapter of our association is supporting. When I tell her I don’t much about it, she asks for my email address so she can send me an article she wrote about the bill for our association’s newsletter.

Can you see where this is going?

Yeah, sorry. Better luck next time.

It helps to know people in your prospect’s niche market. It helps to be able to say you represent many of their colleagues or neighbors. It’s even better when your prospect knows them and can ask them about you.

How does this happen? It happens when you target a niche market and build your reputation in that market by writing, speaking, and networking. It happens when you focus on that market, learn all about it, and meet the top people in it. It happens when you focus your time and resources on that market and eventually dominate it.

You can do that in business niches and consumer niches. You can do that by targeting prospective clients or people who can refer them (or both).

Gotta go. I’ve got a reservation for lunch at Karen’s restaurant. Alice sent me.

How to choose the right niche market: The Attorney Marketing Formula

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Filed Under: Marketing legal services, Networking, Specializing, Writing Tagged With:

You’re the one that I want — Ooh ooh ooh

September 11, 2015 by
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Would your clients fly 2000 miles to come to your office when they need your services? Would they refuse to hire any other lawyer because you are the one that they want?

My grandfather regularly flew from Los Angeles to Chicago to see his dentist long after he’d moved to the West Coast. He’d been with his dentist for decades and wouldn’t think of hiring anyone else.

Would your clients say the same about you?

Yes, it’s a tall order. But it’s the standard you should aim for. To make your clients see you as their one and only.

Complete trust in you. Smitten with the way you take care of them. Convinced that no one could do it better.

Because you know them better than anyone else, and take care of them better than anyone would.

You may not be the best lawyer in a literal sense. You’re just the best lawyer for them.

Ooh Ooh Ooh.

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Filed Under: Client loyalty, Client relations

Who says there are no shortcuts?

September 10, 2015 by
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Some say there are no shortcuts. You must do the work and put in the time. There are no shortcuts in life.

Balderdash.

Of course there are shortcuts. Untold numbers of shortcuts. Everywhere we look and everything we do there are shortcuts.

Law school is a shortcut. Imagine having to prepare yourself to practice law without it. A bar preparation course is a shortcut. In fact, every class, course, or book, is a (potential) shortcut. You learn what others know and what they did, so you can avoid their mistakes and follow their path to success.

A franchise is a shortcut. So is a network marketing business.

Do you (or did you) have another lawyer mentor you? That’s a shortcut.

Form books, checklists email templates, are shortcuts.

I dictated this post with dictation software. Yep, a shortcut.

The 80/20 principle says that in just about everything we do, a small percentage of our activities or effort produce a disproportionate percentage of our results. Do more of those activities (and less of the others) and you will have a shortcut to achieving more.

So if someone tells you there are no shortcuts, don’t listen to them. Shortcuts are everywhere and we use them all the time. Do you want a shortcut to success? Go find more shortcuts.

Want a shortcut to getting more clients and increasing your income? click here

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

Will you REALLY fight for me?

September 9, 2015 by
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A personal injury lawyer used to (still does?) run TV ads which ended with him pointing at the viewer and saying, “I’ll fight for you!”

But will he?

It depends.

Is it a good case? Are there enough damages? Does the other party have insurance?

If he were being honest, when asked if he would fight for the client, he would say, “We’ll see”.

“We’ll see” is a lawyer-like answer. But it won’t get the client to call.

Clients want more commitment. They do want you to fight for them. They don’t necessarily expect that you will win every time, or bring in a massive settlement, but they expect you to try.

“We’ll see” doesn’t cut it, so although you might be thinking it, don’t say that to a client.

Most lawyers recognize that their clients expect (and their oath demands) that they provide “best efforts” and they will tell the client something along the lines of, “I’ll do my best”.

That’s much better, but what if their best isn’t good enough? What if they don’t have enough experience? What if the case needs resources they don’t have? What if. . .

Your clients don’t want to hear that you’ll do your best, they want to hear that you’ll do “whatever it takes”. And that’s the message you should convey in your marketing.

This is also true for non-litigation matters. Clients want to know that you’ll do whatever it takes to help them achieve a good outcome. If you’re negotiating a contact, or drafting documents for them, they want to hear that you’ll do whatever it takes to protect them, deliver value, and make them happy.

“I’ll do my best” isn’t good enough. Tell them you’ll do “whatever it takes”.

If you want to earn more, make sure you have The Attorney Marketing Formula

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Filed Under: Advertising, Client relations, Closing the sale, Communication, Marketing legal services, Salesmanship, Writing

Building a successful law practice without marketing

September 8, 2015 by
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Is it possible to build a successful law practice without doing any marketing?

The answer is no. It’s not possible, because there’s no such thing as practicing law without marketing.

Everything you do in your practice is marketing. Everything.

You’re either doing a good job of it or you aren’t.

The way you treat your clients is marketing. Treat them well (good marketing) and they will come back to you and send referrals. Treat them poorly and they won’t.

Building a successful law practice takes more than just winning the case or delivering the work product. Not when clients can choose one of your many competitors instead of you. Building a successful law practice means getting a lot of little things right, to make your clients feel appreciated and see the value you deliver, and you either do a good job of that or you don’t.

When someone asks, “What do you do?” the way you answer that question is marketing. Your response either tells them how you can help them or someone they know, and makes them want to know more, or it doesn’t.

Good marketing or bad marketing, but marketing nonetheless.

Do you have a website, social media accounts, or a listing in a legal directory? Do other lawyers ever send you referrals? Have you ever handed out your business card to anyone?

You’re marketing.

You might hate marketing, and refuse to admit that you’re doing it, but doing it you are.

Even if you have a job that doesn’t require you to bring in clients, you’re marketing. Every day you go to work and “sell” your employer on continuing to employ you. Do a great job of marketing and they might give you a raise. Do a bad job of marketing and they might let you go.

Everything you do is marketing.

The question is, how well are you doing it?

No matter how well you are doing it, or how poorly, you can improve your marketing and get better results.

You can also do MORE marketing. There are other ways to attract clients than whatever it is that you’re doing now.

Speaking, networking, writing, advertising–they all work. You can do some of them, or all of them, or you can decide to stick with what you’re doing now and do more of THAT.

So we agree, then, you are marketing. You can improve your marketing and you can do more of it, but you cannot avoid marketing, and you can’t build a successful law practice without it.

Need a marketing plan? Here you go 

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Filed Under: Increase your income, Law office management, Marketing legal services, Marketing Plan

Two six-month vacations per year

September 4, 2015 by
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Hey there. I’ve got something to share with you. But it will have to wait. I’ll be back in an hour. . .

Okay, I’m back.

Where did I go? What did I do? I didn’t go anywhere, and I didn’t do anything. I took the hour off because I wanted to prove a point.

My point is that we can all choose how we spend our time. If we want to take an hour off, we can. If we want to take the rest of the day off, we can. If we want to take Friday’s off, we can.

Who says you can’t? Your boss? Your spouse? Your clients? Your creditors? Okay, so you have obligations. I’m not suggesting you shirk them, just that you don’t have to be enslaved by them.

You have free will.

So the question isn’t, “Why can’t you?” it’s “How can you?” How can you take off Friday afternoons if you want to, and still meet your responsibilities?

Come in a little early? Work a little later on Thursdays? Do some work on the weekends?

Think. There are solutions. You can find them.

Once you’ve mastered taking off Friday afternoons, you can work towards taking off every Friday, if that’s what you want to do.

There are solutions and you can find them.

I know professionals who take off an entire week every month of the year. Why couldn’t you?

I know some who take two months vacation every year (and they’re not European). Are you interested?

I know people who have the ultimate goal of taking two six-month vacations every year. Yes, it’s a joke, but for some people, it’s a very real goal. If you have enough cash or income-generating assets or passive income, it can be done.

Start with the end in mind (the goal) and work backwards. What would I have to have? What would I have to do first?

You may have a tough time right now accepting the idea of taking even an hour off in the middle of the day, but you can. Once you get used to it, you can go for two.

It’s your life and you can live it on your terms.

You may have some ‘splainin to do to the people in your life, and you should probably start small and not announce you’re taking the rest of the year off just yet, but you can (eventually) spend your days on Earth any way you choose.

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Filed Under: Career satisfaction, Goal Setting, Leverage, Time Management

How many hours a week do you work?

September 3, 2015 by
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If you’re like me, and you are, when someone asks you, “How many hours a week do you work?” you usually say, “It depends”. We say that because we’re lawyers and everything depends.

How many hours we work depends on how one defines “work”. Do we count being at our workplace as working?

Do we count thinking time? Reading time? What about driving time?

I’m guessing that most people who put in a “full” day spend only 25% of that time actually working. Show up for eight hours, you do about two hours of work. (Actually, I recall reading that the average person only works 90 minutes a day, but we’re not average, are we?)

And don’t get me started on billable hours.

So when I read about the notion that working more than 40 hours a week makes us less productive, I have to wonder what they mean by work. And while we’re on the subject, what do they mean by “less productive”?

We might get more done in less time working 40 hours a week, but so what? If we’re getting things done after 40 hours, we’re still getting things done.

And maybe we like what we do. Maybe it doesn’t feel like work. Maybe we don’t have hobbies or other things to occupy our time and, given the choice, we would prefer to keep working instead of resting or playing.

When someone tells us we’re working too hard, we should smile and nod and tell them they’re right, even if we disagree. Hard work never killed anyone, right? Yes, but what do we say when they tell us we’re not working hard enough?

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Filed Under: Personal development, Productivity, Time Management

Your doctor doesn’t use an away message so why do you?

September 2, 2015 by
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I saw an article this morning about how to write a good out-of-office email and reminded myself that I’ve never used one. I don’t want to tell anyone that I am in or out of the office. I don’t want a leash.

Why do your clients need to know where you are? And why does it matter if you’re out? Do you need to be “in the office” to receive or reply to an email?

No, you don’t.

“What about when I’m out of town and cannot be “reached” (i.e., on vacation?) I won’t even look at their email for two weeks. Don’t I need to tell them that?”

No. Nobody needs to know where you are, or for how long, or when you might read or reply to their email.

Yes, you do need to be accessible. Clients need to know that when they need help, they can count on you. But that doesn’t mean they should expect a personal reply to every email or phone call. You have staff to do that for you.

In fact, why are you even giving your clients your email? Do you have your doctor’s email? If he provides one at all, it’s for his office, and if you write to him, someone in the office will reply. You don’t know whether your doctor is in the office, at the hospital, or on the golf course. If it’s an emergency, someone will be able to reach him.

And that’s how it should work for you.

If you are a lone wolf, have one email for your office, another for you in your capacity as a lawyer, and another for personal matters. Don’t give everyone your lawyer email. Give them the official office email, and make sure they know that someone else will be reading it.

Don’t give everyone your cell number, either. Get an answering service who can call you if it’s an emergency, and take messages if it is not.

When I started practicing, in the days before email and cell phones, I had a secretary, an answering service, and a pager. A client could reach my “office” at midnight if they wanted to, but unless it was a true emergency, nobody called them back until the morning.

I was accessible, but on my terms. I served my clients, but I wasn’t at their beck and call.

 

 

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Filed Under: Client relations, Communication, Law office management, Time Management Tagged With: , ,

What you write isn’t as important as how you write it

September 1, 2015 by
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How do you write an original article or blog post? After all, hundreds or thousands of attorneys (and others) are writing about the same things. They talk about the same laws, the same legal system, the same problems and solutions.

The good news is that what you write isn’t nearly as important as how you write it.

Prospective clients don’t read your content because they want to learn the ins and outs of your practice area. They don’t really want to learn about the law, they want to learn about you.

Do they understand you? Do they relate to you? Do they like and trust you?

So, while content is important, style and personality are more so.

Don’t be concerned with delivering the definitive word on your subject. Write something that will make prospective clients see you as someone they would like to work with.

How?

By putting yourself in your writing.

Tell them about clients you’ve helped–what you did, why you did it that way, and what happened. Talk about how you feel about the issues and about your clients. Give them not just the facts, but your advice.

Don’t hold back, either. Give them the unvarnished truth. Write with passion. Open up your heart and your mind and share what’s inside, and let people see who you are.

And that’s the best news, because there’s only one you.

If you give the same raw material to 100 attorneys and ask them to write an article about that material, most of the articles will be very similar. A few will be unique and show readers why they should choose them as their lawyer.

Only a few because most lawyers don’t understand (or are unwilling to accept) the fundamental truth that clients don’t hire your knowledge or your experience, they hire you.

Marketing online for attorneys made simple

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Filed Under: Blogging, Communication, Marketing legal services, Newsletters, Online Marketing, Writing
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