How to Double Your Law Firm’s Profit

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We’ve all been there, and are always at the forefront of our businesses to drive expansion and hopefully scale up our profits without losing sight of sustainability. However, it’s easier said than done as mismanagement of your resources can often result in an unexpected obstacle that will halt your speed.

But it’s fine if you’re having problems, it ain’t easy, and it isn’t supposed to be a part of our knowledge. We’re lawyers. To ensure profitability and efficiency at Mike Morse Law Firm, John Nachazel played a key role in helping us to figure out how to efficiently get to the other side of the rainbow.

Identify Your Core Values

You might think that your core values are fairly fundamental, and it’s about pursuing justice for your clients. But there’s more than that. According to Verne Harnish, the author of Scaling Up, well-thought-out and resonant core values are critical to your law firm’s growth in the long term. This attracts employees to those who share your values, and they will flourish under your roof to become ultimate assets.

You Need an Integrator

They don’t grow on trees, and oftentimes it’s hard to find a director of operations/general manager/chief operating officer that fits right in with your office environment, but it’s better you start later than never. We went through an extensive process before hiring John Nachazel, and he has been a great addition, not only for profitability but as a part of our small family as well. Your integrator will take your numbers from wildly mediocre to far more than useful.

Strong Numbers, Easy Decisions

There was a point in time when we realized that we were using 30% of our firm’s time on cases that generated only 4% of our income. Upon John’s suggestion, we hastily outsourced these cases to capable lawyers to make time for high-profile cases. You can do the same to increase your average per-case revenue.

Those are three simple, but extremely valuable core ideas that you should integrate into your business. However, it’s just the tip of the iceberg, and there’s a whole ocean to conquer. That’s where the Fireproof Coaching Comes in Play. 

Don’t miss out on the opportunity to join Fireproof community of leaders!  You can schedule your call here: https://scheduler.zoom.us/fireproof-jim-bishop

START YOUR FIREPROOF JOURNEY TODAY!


Join the Fireproof Coaching today and we’ll help you
completely revolutionize the business side of your law firm. Don’t struggle in the dark anymore, join us and get a step-by-step plan.


RESERVE YOUR SPOT


Your Law Firm is Your Biggest Case

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Remember when you got that case that put your firm on the map? Did you hand it over to an associate? Probably not. You put all your energy into it because you knew this was your case of the decade, and maybe a lifetime. That’s what your firm should be to you, and you should run your law practice like that daily!

Expert Execution Should be Constant

To bring a high-level urgency, preparation, and execution to the day-to-day operation of your firm, you will have to adopt some key business practices.

Set Goals

Throughout our practice, we’ve had set targets that we’d like to achieve for the firm, for members of our team, and for teams in the firm. These are our motivations, and these short-term and long-term goals keep us moving in the right direction.

Your Three-Year Goal

A longer time frame means more change, and you have to account for all of it as the world around you will change dramatically. Here are some things to consider for your three-year goal:

  • All employees work in small teams focused on discrete areas of the law you practice.
  • Your income from referrals will grow enough to offset your advertising expenses.
  • Every employee is an A player, doing the work they are best suited for.
  • You are the best place to work among all law firms.
  • Your charitable work is increased by 25 percent or more.

Your Annual Plan

We like to sit down at our law firm and discuss our goals for the year. These are more tangible and more achievable. We set specific revenue goals, how many calls we will take, what areas of law we may expand into, and a discussion on our overall budget. Your numbers should be well accounted for in this business plan. Your precision with your plan will be a lifesaver.

Let’s get right on it, then. Your biggest case is about to get a whole lot bigger. We coach our members through their expansion with the above-mentioned guidelines, which are a few among many. It took us years of trial-and-error to get where we are today, and we’d like to help shorten the process for you.

Don’t miss out on the opportunity to join Fireproof community of leaders! 

You can schedule your call here: https://scheduler.zoom.us/jimbishop/meeting-with-jim

 

START YOUR FIREPROOF JOURNEY TODAY!


Join the Fireproof Coaching today and we’ll help you
completely revolutionize the business side of your law firm. Don’t struggle in the dark anymore, join us and get a step-by-step plan.


RESERVE YOUR SPOT


Hiring? Traditional is No Longer Conventional

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Starting out in the legal world, things were tense. They usually are in a fresh new business. Each obstacle you overcome gives you new insight, making the rest of your experience easier. When it came to hiring, I’ve had my fair share of bad experiences, one in particular where I hired someone who I thought was extraordinary, but turned out to be a disappointment.

I trust the interview process primarily because I’m a great judge of people, but I don’t find it to be the only way to learn useful information about the person on the other side of the table. People exaggerate their accomplishments, take credit where it should go to someone else, and often pretend to have skills they don’t have.

Hire the Best Fit

In 1999, I needed an assistant badly. Being a solo practitioner is not easy, and I tried to get one. I needed someone good on the phone, with extensive experience in a law firm, patience, and probably a thousand more qualities that would satisfy me. Here’s where I was advised to spend a little more money, though. I hired my secretary for $50,000 yearly, and Laurie stuck with me for 11 years. She changed my life, and helped my office run more smoothly, efficiently, and profitably.

The Tests You Should Use

The best test for measuring cognitive skills is Wonderlic which will allow you to see how your candidate processes information. If you’re going to use only one test, you can use this one!

To measure emotional intelligence, we recently used the Enneagram test. A person’s emotional intelligence comprises three abilities, a knack for identifying and naming emotions, corralling their emotions and applying them to the task at hand, and managing their emotions or of those that are around them.

Here are other tests we have used or are considering:

Prevue: It is based on the ICES personality inventory, which measures independence, conscientiousness, extraversion, and stability.

Wechsler test: This test will give you a general IQ score of your candidate.

CBI test: Stands for Counterproductive Behavior Index and helps you to identify candidates that may have questionable behaviors, attitudes, and values. This will keep anyone who wants to steal from your company at bay.

Kolbe index: This particular test will reveal a person’s instincts and method of operation. It does not measure personality, intelligence, or social style but will spotlight a person’s natural abilities and preferences.

Testing isn’t exactly a foolproof process, and you may make mistakes along the way. However, you can always outsource these tests to other companies, and finding one for yourself is fairly easy. One final tip before I bid you farewell, “Hire slow and fire fast.”

Don’t miss out on the opportunity to join Fireproof community of leaders! 

You can schedule your call here: https://scheduler.zoom.us/jimbishop/meeting-with-jim

 

START YOUR FIREPROOF JOURNEY TODAY!


Join the Fireproof Coaching today and we’ll help you
completely revolutionize the business side of your law firm. Don’t struggle in the dark anymore, join us and get a step-by-step plan.


RESERVE YOUR SPOT


How I Turned My Struggles Into Success: A Personal Journey by Mike Morse

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Twenty years ago, I was making good money but working twelve-hour days. I was so busy practicing law that I had no time for the business side of things. My quality of life declined, and I barely had time for my family. I was exhausted, constantly running on empty.

In 2007, I decided to make a change. At the advice of my father-in-law, I hired a business coach, Gino Wickman. During our first retreat, I brought my assistant, top lawyer, and top paralegal. We discussed our struggles and restructured responsibilities. By the end of the day, my workload was 50% lighter, and I felt instant relief.

Steps I Took to Succeed:

  1. Hire a Business Coach: Seek professional guidance to gain fresh perspectives and practical solutions.
  2. Delegate Responsibilities: Trust your team with important tasks to lighten your load and improve efficiency.
  3. Build a Leadership Team: Identify and empower key team members to take on leadership roles.
  4. Communicate Openly: Share your challenges with your team and involve them in problem-solving.
  5. Continuously Evolve: Regularly assess and adapt your business structure to meet changing needs.

This simple act of delegation transformed my practice and my life. It taught me the importance of seeking help and trusting my team. Our structure has evolved, but the lesson remains: don’t bite off more than you can chew.

Takeaway:

Investing in yourself and your team is crucial. If you’re overwhelmed, don’t be afraid to delegate and seek guidance. This is your path to a balanced and prosperous law firm.

Ready to transform your practice? Contact us today and let us help you achieve a sustainable and successful law firm.

Don’t miss out on the opportunity to join Fireproof community of leaders! 

You can schedule your call here: https://scheduler.zoom.us/jimbishop/meeting-with-jim

 

START YOUR FIREPROOF JOURNEY TODAY!


Join the Fireproof Coaching today and we’ll help you
completely revolutionize the business side of your law firm. Don’t struggle in the dark anymore, join us and get a step-by-step plan.


RESERVE YOUR SPOT


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Why Core Values Are Crucial for Your Law Firm’s Success

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Many might think, “We’re a law firm. We pursue justice for our clients. Isn’t that enough?” The answer is no.

You need well-defined core values to attract and retain the right employees and ensure long-term growth. Core values are not just aspirational; they reflect what you truly stand for and guide your firm’s actions and decisions.

Steps to Define and Implement Your Core Values:

  1. Understand Their Importance: Core values are essential for attracting employees who share your vision and repelling those who don’t, fostering a more cohesive and motivated team.
  2. Discover, Don’t Create: Core values are not something you invent; they are discovered within your organization. They are authentic and reflect your firm’s true nature.
  3. Form a Core Values Team: Select a group of 5-7 highly competent and credible individuals from your firm. These should be people who naturally embody the values you believe are central to your organization.
  4. Identify Key Characteristics: Have the team think of three people who exemplify your firm’s core values. List the characteristics of these individuals and refine them to define your core values.
  5. Test Your Values:
    • Would you maintain this value even if it posed a competitive disadvantage?
    • Is this a value you would pass on to your children?
    • Will this value be as crucial a hundred years from now?
  6. Avoid Common Pitfalls: Avoid generic and vague values like “integrity” and “honesty.” Instead, use direct, everyday language that resonates within your firm. Ensure your values are realistic and enforceable.

Practical Implementation:

  • Embed in Daily Operations: Discuss your core values regularly in staff meetings, performance reviews, and hiring processes. Make them a visible part of your firm’s culture.
  • Lead by Example: Ensure that all leaders within your firm embody and uphold these values.
  • Continuous Refinement: Regularly review and refine your values to ensure they remain relevant and impactful.

Takeaway:

Strong core values are more than just words; they are a guiding force that shapes your firm’s culture and success. Investing the time to discover and implement them will lead to a more motivated team, satisfied clients, and long-term growth.

Ready to discover your core values? Contact us today to learn how we can help transform your firm.

Don’t miss out on the opportunity to join Fireproof community of leaders! 

You can schedule your call here: https://scheduler.zoom.us/jimbishop/meeting-with-jim

START YOUR FIREPROOF JOURNEY TODAY!


Join the Fireproof Coaching today and we’ll help you
completely revolutionize the business side of your law firm. Don’t struggle in the dark anymore, join us and get a step-by-step plan.


RESERVE YOUR SPOT


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