Best Formula For Long-Term Financial Success And Happiness At The Practice Of Law
Q – Do you know what you get when you worry too much about making the average person happy?
A – Average results!
4 Part Formula For Financial Success & Happiness As A Lawyer:
1. Find an area of the law or a group of clients that you genuinely
give a crap about. Forget about going into any practice area(s) you
don’t know or care about, just because someone says you can make money
at it. You can make a ton of money in any area of the law if you know
anything about marketing and how to manage a law firm.
2. Run your law firm like a business, not a hobby or a higher calling.
Take an honest inventory of the skills you find yourself lacking in.
- If you’re struggling to get the work in, you need to learn more about marketing.
- If you’re struggling to keep up with the work you already have, you need to learn more about practice management.
- If you’re struggling with a/r, unpaid client bills, or
unpredictable cash flow, you need to learn more about financial
A law firm is a relatively simple business to run profitably. And
there are plenty of cost-effective resources to help you, including a
bunch created by me. Don’t just sit around waiting for things to
happen for you, like a houseplant waiting to be watered. DO SOMETHING ABOUT IT!
3. Ignore 99% of your critics. If you’re doing things that are
extraordinary and above-average most of the other lawyers in your
market will hate you for it. That’s just a sad fact of life. If you
have no critics you’re not doing enough to push the envelope for the
benefit of the only people who matter. . . paying clients, productive
referral sources, and YOURSELF!
4. Laugh all the way to the bank. Attend every school play for your
kids. Make it home in time for dinner most nights. Turn-down clients
you don’t like. Celebrate milestones with your staff. And, get
control of your law firm business so it doesn’t control you!