Why I didn’t earn millions of dollar per year in my law career

February 12, 2015 by
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By most people’s standards, I had a successful law career. I helped a lot of people and earned a lot of money. Looking back, however, I realize that I didn’t help as many people as I could, or earn as much as I could.

One reason is that I didn’t want to work that hard. I wanted free time to spend with my family and do other things. I didn’t want to work all day every day and burn out (or die) at an early age.

But there may have been a way to earn a lot more without sacrificing quality of life. In fact, doing this one thing may have made my life more interesting and gratifying.

An article in Forbes has the answer. “According to multiple, peer-reviewed studies, simply being in an open network instead of a closed one is the best predictor of career success,” the article says.

An open network is where “you are the link between people from different clusters”. A closed network, on the other hand, is where “you are connected to people who already know each other.”

In other words, the best predictor of career success is continually meeting new people, outside of your usual haunts. Most people, myself included, associate primarily with people they already know.

I’d much rather spend time with people I know, in familiar surroundings, doing things I am comfortable doing. The big boys, it seems, regularly get out of their comfort zone and “go hunting” in unfamiliar territory.

One of the studies showed that “half of the predicted difference in career success (i.e., promotion, compensation, industry recognition) is due to this one variable.”

Oh my.

Practically speaking, an open network means getting away from your regular bar association and chamber of commerce meetings, at least periodically, and attending other functions, even if they seem to be wholly unrelated to your current career path.

In his early life, Steve Jobs pursued many diverse interests that had nothing to do with business. Those experiences, and the people he met in exploring them, not only helped mold his creative eye, they introduced him to opportunities he was later able to capitalize on in his career.

In view of this, if I was building my law career today, I would spend more time pursuing things that fascinated me and meeting people who share my interests. I would be a kid again, exploring the world and all it had to offer, something Jobs did throughout his life.

Want more referrals but don’t want to ask for them? Here’s the solution

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Filed Under: Career satisfaction, Increase your income, Leverage, Networking Tagged With: ,

Use your calendar to prioritize your work

February 11, 2015 by
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I did a consultation with an attorney yesterday. Like most attorneys, he’s a busy guy. In addition to his practice, he owns a small business which he hopes will allow him to transition out of practicing and into semi-retirement.

The first thing we talked about was his work schedule. To achieve his goals, he needs time each week for:

  1. Legal work
  2. Marketing the practice
  3. The business
  4. Marketing the business

I couldn’t tell him how much time to allocate to each function, only that he should allocate some time to each function. I told him to pick a number–an hour a day for this, two hours a day for that–but be prepared to change those numbers as experience and income dictate.

As the business grows, for example, he may allocate less time for marketing the practice. Or vice versa.

At least he has a place to start.

But will he? Will he do what he knows he needs to do each day? If experience is any indication, he’ll probably do the work, but let the marketing slide.

Unless. . . he blocks out time on his calendar for each function, in advance, and that’s what I told him to do.

When he looks at his calendar, he’ll see that it’s time to do 30 minutes of marketing for his practice. He’ll pull up his list of marketing activities and write something or make some calls. Since this has been blocked out in advance, he knows not to spend that time doing anything else.

Later in the day, during the legal work block of time, he’ll see that he’s got two client appointments. He also knows that he has to review a document and send some emails.

Now he’s cooking.

These blocks of time are appointments with himself. If a client calls during the “marketing the business” block, he doesn’t talk to them. He calls them back at another time.

You prioritize your work by scheduling blocks of time, in advance, based on what you know needs to get done.

This one concept could change everything for him, and for you if you don’t already do it. By deciding in advance how you will conduct your day, you stay focused on doing what is in keeping with your priorities and goals.

You are in charge. You make the rules. Decide how you want to spend your time and calendar it. Then, do what the calendar tells you to do and don’t do anything else.

Do you know The Formula to earn more and work less?

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Filed Under: Marketing Plan, Productivity, Time Management

Being a sole practitioner doesn’t mean doing everything yourself

February 10, 2015 by
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In response to yesterday’s post about taking the day off, a subscriber asked, “So how does a sole practitioner disconnect on vacation and turn off the phone? I haven’t had a real vacation in 15 years”.

Of course the short answer is you just do it. You have someone else answer the phone, something you should always do, and you have some else talk to clients and prospective clients and take care of the office.

In other words, you have people.

Being a sole practitioner means not having partners. It does not mean doing everything yourself. You have employees or virtual employees or assistants and outside lawyers who handle appearances and other things only lawyers can do.

Yes, this does add a layer of complexity to your practice. You have to supervise your people, or supervise people who supervise your people, and you have to be comfortable with delegating work. But this complexity gives you something even better in return. It gives you freedom. You can take vacations. You can sleep late. You can go to the movies in the middle of the day.

Having people also allows you to earn more money. If you do things right, you earn enough additional income to pay your people and have more net income after you do.

But there are a couple of additional things you need to do to make this work.

First, you need to specialize. You can’t expect to be good at “everything”. Nor can you make a compelling case to prospective clients as to why they should hire you instead of someone who specializes in what they need.

The email I received asking the question at the top of this post ends with a list of the attorney’s practice areas, to wit:

REAL ESTATE

** Residential Closings
** Commercial Closings
** Short Sales
** Loan Modifications
** Reverse Mortgages
** Deed in Lieu of Foreclosure
** 1031 Exchange
** Escrow services
** Property Tax Appeals
** Foreclosure Defense
** Motions to vacate foreclosure sales
** Mortgage Reinstatements
** Landlord Tenant

COMMERCIAL LAW

** Civil Suits
** Business Incorporations
** Debt Settlement

FAMILY LAW

** Divorce
** Child Support
** Modification of Settlement Agreements
** Mediation

CRIMINAL LAW

** Federal/State Defense
** Felony
** Misdemeanor
** Traffic Tickets
** License Suspension

It’s too much. No wonder she hasn’t taken a vacation.

Pick one practice area. Clients prefer to hire lawyers who specializes. They’re also willing to pay them higher fees because lawyers who specialize are perceived as being better, and they usually are. When you do lots of one thing, you tend to get better at it.

You also find it easier to keep up with changes in the law, new forms, and best practices. You spend less time (and money) on “compliance,” which gives you more time (and money) to invest in doing things that lead to more profits and growth.

Yes, you have to give up work that isn’t in your specialty. But you can refer that to other lawyers who send you business that’s outside of their specialty.

In addition, marketing is easier and more effective for lawyers who specialize. Which leads me to the last point. If you want to be able to take vacations, earn more and work less, you have to get good at marketing. Not great, necessarily. Good enough is good enough, as long as you do something on a regular basis.

Specialize, delegate as much as possible, and get good at marketing. Those were the three things that allowed me to go from being overworked and overwhelmed to quadrupling my income and reducing my work week to three days. You can do the same thing.

Learn more: The Attorney Marketing Formula

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Filed Under: Continuing Legal Education, Law office management, Legal industry, Leverage, Marketing legal services, Productivity, Specializing, Time Management

What to do when you don’t feel like working

February 9, 2015 by
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It happens. You look at your calendar and your list of tasks for the day and you don’t want to do any of it. You don’t want to work, you don’t want to talk to anyone, you want to take the day off.

But you’ve got obligations. You have work to do and bills to pay. You can’t abandon your responsibilities.

Yes you can. It’s just one day. The work will still be there tomorrow.

Give in to your whim and take the day off. Sneak off to the movies or to the mall. Go sit in a coffee shop and read. Get back in your jammies and order in.

When you come back tomorrow, batteries recharged, you’ll plow through the work and get it done.

Before you take off, have someone contact your appointments and re-schedule them. And go through your task list for the day and prioritize everything so that when you return you can jump right in and knock out the most important tasks first.

But here’s the thing. Sometimes, giving yourself permission to take the day off is all you really need, not the actual time off. Knowing that you could play hooky provides the relief you sought. Once you have it, you realize that the work isn’t so bad and you’re ready to get back to it.

Remind yourself that you’re in charge. Even if you work for someone else, even if you have demanding clients, with demanding deadlines, you’re the boss. It’s your life and you get to decide how to run it.

If you really need a break, take it. Don’t feel guilty about it, do it. And enjoy yourself. You’ll be glad you did.

What’s that? You want to know what to do if tomorrow you still don’t feel like working? Don’t ask me. I’m taking the rest of the day off.

Get more clients and increase your income. Get The Formula.

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Filed Under: Career satisfaction, Dealing with stress, Inspiration, Personal development, Productivity

What is the secret to your success?

February 6, 2015 by
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One day, a young lawyer just starting their career will contact you and ask for your advice. They’ll ask, “What is the your secret to your success?”

How will you respond?

Will you attribute it to hard work? Timing? The right practice area?

Is it good marketing? The right connections? Lots of experience?

A combination of several factors?

Simon Cowell may not be an attorney but I like his answer to that question. He said, “The secret of my success is that I make other people money.”

Quintessential business advice.

Note that he didn’t say things like delivering great TV shows or music or pleasing viewers and record buyers. He spoke about helping his business partners become more successful. Of course one of the ways he does this is by delivering great TV shows and music.

You might think about this as you craft your answer to the question.

You help your business clients make (or save) money. You help your consumer clients solve problems and feel safe. You help your “business partners” (i.e., other professionals, referral sources) look good to their clients and contacts.

Now matter how you answer the question, one thing is certain. The secret to your success involves helping people.

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Filed Under: Increase your income, Legal industry, success

What will your clients want from you ten years from now?

February 5, 2015 by
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Amazon CEO Jeff Bezos says that if you want to build a successful, sustainable business, don’t ask yourself what could change in the next ten years that could affect your company. Ask what won’t change, and then put all your energy and effort into that.

Bezos knew that Amazon’s customers will always want low prices and quick delivery and he invested heavily in the infrastructure and systems that allow him to provide these. He sacrificed short term profits to build something great for the long term. “When you have something that you know is true, even over the long term, you can afford to put a lot of energy into it,” he said.

What should you invest in? What do your clients want today that they will still want ten years from now?

Well, more than anything, your clients buy “you”. So invest time and energy in becoming the best you can be. Invest in your skills, your knowledge, and your ability to communicate.

Work on your writing, speaking, and selling skills. Work on becoming a better manager and a better leader. Invest as much as 25% of your time in personal and professional development.

There are other things clients want from you, related to your specific practice area(s), services, and client types. Figure out what those are and invest in them, too. If you find that your clients really want services performed quickly, for example, focus your energy on finding ways to do that.

But mostly, focus on making the best you possible so you can attract the best clients possible.

If you want to learn how to differentiate yourself from other lawyers, get The Formula

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Filed Under: Client loyalty, Communication, Image, Increase your income, Marketing legal services, Personal development

Happy people don’t become terrorists

February 4, 2015 by
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If more people in the world were happy, there would be less murder and mayhem and more peace and prosperity.

If more people were happy, the world would be a better place.

A happy world starts with happy people. It starts with you and me. We have a duty to the world, to our families, and to ourselves, to be happy. To infect our neighbors with our happiness, so they can do the same.

Let’s create a worldwide epidemic of happiness, shall we?

And so we have a plan. Our ongoing task is to find happiness in everything we do. To look at and think about things that make us happy, and avoid things that don’t.

Indeed, our thoughts are the only way to become happy. Dale Carnegie said, “It isn’t what you have, or who you are, or where you are, or what you are doing that makes you happy or unhappy. It is what you think about.”

If you’re not happy, change your thoughts. Stop thinking about what’s missing or wrong and start thinking about what could be.

When you see evil, recognize it and call it out. Protect yourself from it and take action to defeat it. But don’t dwell on it. Don’t let it consume you. Don’t let it stop you from being happy.

Over the years, I have become quite good at compartmentalizing my thoughts. If a negative thought enters my mind, or when I hear someone say something negative, I say “cancel” and let go of any emotions attached to it. For good measure, I often replace that negative thought with its positive counterpart.

We become what we think about. I want to make sure I think about what I want, not what I don’t want, and what I want is to be happy.

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Filed Under: Inspiration, Personal development Tagged With:

Superbowl commercials: spending millions and getting pennies

February 3, 2015 by
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Last night, I watched almost all of the Superbowl commercials back to back. I had heard that they were mostly a poor lot, with a handful of standouts, and that’s pretty much what I found.

But I didn’t watch merely for entertainment value. I wanted to see if any of these multi-million dollar creations did something that is essential in advertising. On this, they all failed miserably.

Toyota ran a good ad, about a man driving his daughter to the airport. Visually and emotionally effective. If they asked for my opinion before they ran it, here’s what I would have said:

Okay, Toyota, this ad is going to be seen by hundreds of millions of people all over the world. Many viewers will associate your name and brand with a positive message (what it means to be a father), and that’s good.

In addition to that, how would you like to have the names and email addresses (and zip codes) of a million future car buyers who saw that spot and wanted more information about your vehicles?

That would be cool, wouldn’t it? You could send them an online brochure, more videos, and an invitation to come in to their local dealer for a test drive.

You could also notify them when their dealer is having a sale, remind them when the new models are in, and send them special offers on maintenance and accessories.

On holiday weekends, you could invite them to come get free hot dogs and hamburgers and balloons for the kids. While they are in your dealer’s parking lot, they can get a free assessment of the trade-in value of their current vehicle, and take a test drive of the new model.

If you had this list and did these things, do you think you might sell more cars?

I think so, too.

So, here’s what I suggest. Instead of ending the ad on an emotional note and hoping for the best, put an offer in the ad. Offer viewers something they might want, like a 0 discount coupon on their next Toyota, and tell them how to get it. Tell them to go to a specific page on your site, provide their name and email and you’ll send it to them.

You’ll easily spend 0 per head on newspaper and TV ads to bring in prospective customers, but that’s money down the drain if they don’t buy. With a coupon offer like this, it costs you nothing unless someone buys a car.

Alas, they didn’t hire me and there was no offer in the ad. They missed out on a prime opportunity, and so did all of the other advertisers.

Many ads had a website, but in small letters at the bottom of the screen, almost as an afterthought. None had an offer. No incentive to visit the website and no call to action telling viewers what to do, and why. I watched the Victoria’s Secret spot several times, just to make sure I didn’t miss it, but no dice.

A few ads came close. They said things like, “To see more. . .”, and directed viewers to a specific page, but didn’t provide enough specifics or incentives to get anyone to take action.

I saw a lot of hashtags. Great. More people who know your name but don’t go to your website or sign up on your list.

These are billion dollar companies who spend millions on ads that don’t accomplish a fraction of what they could.

Why? Is it because they don’t know what they could do? In many cases, yes. They are so caught up in image and brand, and so far removed from actually selling anything, they are clueless about how to increase their bottom line. Others know but think that direct response advertising is beneath them.

Foolishness.

The lesson is simple. In every ad, in every piece of marketing collateral you circulate, offer something prospective clients or customers would want enough to identify themselves to you, and tell them what to do to get it.

It’s okay to use puppies and beautiful women to get their attention, but once you have it, get them to your site and onto your list so you can stay in touch with them and actually sell them something.

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Filed Under: Advertising, Communication, List building, Marketing legal services, Web traffic Tagged With:

The key to networking is to stop networking

February 2, 2015 by
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Venture capitalist, entrepreneur, and consummate networker, Rich Stromback, says, “The key to networking is to stop networking. Nobody wants to have a ‘networking conversation,’ . . . They are hungry for real conversations and real relationships. It just has to be authentic, genuine and sincere.”

Smart words from a smart guy.

I also liked what he said about not caring about your first impression, although I don’t know if I’m prepared to follow his advice:

Everyone gets this wrong. They try to look right and sound right and end up being completely forgettable. I’m having a ball just being myself. I don’t wear suits or anything like that. I do not care about first impressions. I’d almost rather make a bad first impression and let people discover me over time than go for an immediate positive response. Curiously, research I read years ago suggests that you build a stronger bond over time with someone who doesn’t like you immediately compared to someone who does. Everything about Jack Nicholson is wrong, but all of the wrong together makes something very cool.

You can read more of Stromback’s advice in, 99% of Networking Is a Waste of Time.

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Filed Under: Image, Networking

7 ways to write faster

January 30, 2015 by
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My goals this year require me to do more writing. To accomplish this, I plan to write faster.

The faster I write, the more work product I will get out the door producing more income, bringing more traffic, generating more leads, and building my brand.

Here’s how I plan to accomplish this:

(1) Stick with what I know

One of the biggest causes of writers’ block is not knowing what you want to say. When you write about what you know, writing is easier and faster.

You also don’t have to do a lot of research. If I do need to research a particular subject, I’ll either do it before I write, so as to not interrupt the flow, or “write around it,” i.e., leave a blank and come back to the subject later.

(2) Create more detailed outlines

I often find myself going down rabbit holes and off on side roads in my writing because I haven’t done enough advance planning. More detailed outlines will allow me to know what I’m going to say before I say it. That will allow me to not only write faster, but avoid wasting time on topics that are off subject.

(3) Write shorter

I’m working on a book now that will be less than one-third the length of the previous one. Shorter writing means more readers coming into my funnel. It also means I can get onto the next project that much quicker.

To write shorter, I’ll (a) choose narrower topics and (b) leave out some details, explanations, and examples.

(4) Bigger daily word count

I write every day, but I don’t crank out as many words as I know I could. This year, I’m committed to a bigger daily word count. I’ll do that by using the AIC method (“ass in chair”).

(5) Dictate more

I wrote most of the first draft of the book I’m working on now in a few hours. How? By looking at my outline and dictating it. I’ll transcribe it myself and flesh it out as I do so.

I’ll also try working more with Dragon Naturally Speaking, which I haven’t yet been able to master.

(6) More music to tame my inner teenager

After about 15 minutes of writing, I feel the urge to check email or do something else on the Internet. It gets me out of “flow” and takes me longer to get back on track.

Music helps me write for longer periods of time. Classical or new age; nothing with lyrics.

(7) Reward myself

Yes, the work product, and the income it will generate, is its own reward. Nevertheless, I’ve got a couple of new books I’m itching to crack open, digitally speaking. I’m looking forward to finishing my work for the day so I can get my reward.

So, no more time to chat. I’ve got words to write before I rest, and miles to go before I sleep.

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Filed Under: Increase your income, Productivity, Time Management, Web traffic, Writing
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