Free advice that can make you millions

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One of the best ways to get from where you are to where you want to go is getting help from someone who has done what you want to do. Make a list of areas you would like help with or areas where you would like to grow. Three key areas for lawyers in private practice would be

  • Substantive practice areas
  • Marketing
  • Administration/management

Specific areas you might want to key on might be

  • Technology/internet
  • Employee relations
  • Taxes/record keeping
  • Risk management/insurance
  • Retirement planning/investments

And so on.

Of course you can always hire experts to consult and advise you in these areas, and you might. But why not find lawyers (or other professionals) who have had success in these areas and ask them to be your mentor?

Mentors help you see what’s possible by serving as a role model. They can keep you from going off course by providing feedback about your ideas. And they can open doors for you to opportunities, introductions to vendors, prospective clients and referral sources. The right mentors can spare you years of hardship and, literally, make you rich.

Once you have identified a list of areas you would like to be mentored in, start asking everyone you know for recommendations and referrals to experts in those areas. “Who do you know who is a great networker?” “Do you know any lawyers who know a lot about web sites?” “Who is the best construction litigation attorney you know?”

Next, make a list of specific points you’d like to cover in your first conversation, such as why you’d like them to mentor you and what kind of help you might be looking for.

Successful people like to share what they have learned. Properly approached, you’ll find any number of individuals willing to share a few minutes of their time with you each month.

Here’s an approach you can take:

“Hello, Mr. Jones, my name is Robert Lawyer. We haven’t met and I know you’re a busy man, so I’ll be brief. I’m a sole practictioner in the area of estate planning. I know you’ve built a very successful estate practice over the last twenty-five years. I’ve been practicing for four years now and I’m ready to take things to a higher level and I would appreciate it if you would consider being my mentor. All that would mean is spending ten minutes with me on the phone once a month, so I could ask you a few questions. I’d really appreciate it. Would you be open to that?”

Be prepared to give your mentors something in return. At the very least, give them feedback on how their advice has worked out for you. Look for information and resources that can benefit them and share it with them.

Eventually, find others whom you can mentor. There’s no better way to pay tribute to your mentors than to follow in their footsteps.

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You only need a few (good) referral sources

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To create a successful, referral-based law practice, you only need strong relationships with a few good referral sources — people who can and will provide you with a lifetime of referrals.

Most of the referral sources you will meet (and already know) are not the “right” ones. They may have the willingness, but not the ability to refer the volume and quality of clients you seek. Or, they might have the wherewithal but, for whatever reasons, hold back on referring them to you.

A small percentage of the prospective referral sources you meet will be the “right” ones. I don’t know what the actual ratio will be, but let’s say that only one in fifty will be “right.” If your goal is to develop relationships with three good sources in the next two years, then you would need to prospect 150 to find those three.

When I say “prospect” I don’t mean “talk to.” You have to do much more than that speak to someone a couple of times before they start referring or before you will know if they are even a candidate. You have to spend time together, getting to know each other, building mutual trust, socializing, bonding, possibly having your spouses meet (and approve each other!)

It is a courtship; you spend quality time, face-to-face, belly-to-belly, getting to know people on a personal, intimate level. Without these “high-touch” activities, you will never be able to develop the kinds of strong relationships you want and need, even if you do meet someone who is otherwise “right”.

Technology, or high-tech, will never replace high-touch. Building relationships takes time and effort and emotional involvement. But high-tech can help you in two important ways.

First, you can use high-tech to find candidates and initiate contact. The Internet is your database, email and telephone your reaching out methods. Networking online is not as effective as networking in person, but it sure is efficient. Use it to find people who appear to be good candidates by virture of their business and their openness to “meet” new people (you). Eventually, invite those candidates to meet in person or otherwise take the next step towards building a relationship.

Second, use high-tech to stay in touch with candidates who aren’t ready to take the next step. Times change, people change, relationships change, and you want to be on their radar screen when they do become ready.

Never lose sight of your objective, that of finding a few of the “right” ones, but don’t ignore the many others who can provide value to you and should be a part of your business network. They may send you just one referral in ten years, or they might never send you referrals, but, through their contacts, lead you to others who do.

And that’s the biggest lesson for today: networking is not about who you know, it’s about who they can lead you to.

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Do you have arrangements or relationships?

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I have an arrangement with my dry cleaner. I bring in clothing, he cleans them, I pay. The arrangement works for both of us. We each know what is expected of us, we do it, and we both benefit.

In contrast, I have a relationship with certain business associates. Like my arrangement with my dry cleaner, my business associates and I know (generally) what is expected of us and we all mutually benefit from our relationship. 

But arrangements and relationships are different.

Arrangements are tidy and business-like. The parties know what to do, it’s understood that they will do it, and it usually gets done without a hitch.

Relationships are untidy and time-consuming. There is an emotional element to them. The unexpected often happens, and the consequences can be seriously detrimental.

Relationships are deeper than arrangements, and stronger. Relationships are the foundation for building a strong professional practice. Arrangements come and go, but relationships can last a lifetime.

Do you have arrangements or relationships with your clients and professional contacts? Surely you have both. But unless you have a core group of relationships, your future success is on shaky ground.

If your clients hire you because you do good work and only because of that, your future business with them is as much "at will" as the business I give my dry cleaner. It would not take much to woo me away to another dry cleaner. One screw-up might be all it takes.

Who refers you business? Do you have arrangements or relationships with them?

Relationships are equity. If you work hard for 5-25 years and all you have to show for it are a multitude of arrangements,  then every year you are starting over, and your income is as unpredictable as it was your first year.

You don’t have to develop relationships with everyone. You couldn’t even if you wanted to. Relationships are messy and emotional and require dedication and personal time to develop. You only have time to develop a few relationships, but a few is all you need.

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