Lawyers: Get Ready for the End of Year Sprint
September 10, 2014
How are you approaching the end of the year? Yes, we haven’t even reached Halloween, but it’s not too early to decide how you will maximize your time and efforts during the last few months of 2014.
If you’ve been following me for very long, you’ve likely heard me talk about a strategy I call the End of the Year Sprint™. I addressed it last year in my blog, and I’m revisiting the topic because it’s a yearly habit you should be doing to grow your practice. You’ll have to forgive me if some of this advice seems like a rehash; frankly, it is. But I believe this is an important annual process lawyers should complete, and so I am hoping you’ll forgive the repetition.
There is an actual worksheet I’ve created using that title, but this exercise— once you understand it — can actually be done quite easily on a large sheet of blank paper that you’ve divided into four quadrants.
Before I explain the exercise, let’s dig a little deeper into how lawyers typically approach the end of the year. In my experience, there are the two ways they handle it:
The Worst Way
- The end of year sneaks up on you like a mugger and clobbers you.
- You are and your team are distracted by the holidays.
- Cash flow is inconsistent.
- Suddenly January is here, and you are surprised to see it.
The Best Way
- You see the end of the year like a finish line and sprint to it with intensity.
- You sprint with focus and clarity to drive great results.
- You create a contest or game with your team.
- You maximize your cash flow.
- You start setting up 2015 to be the best year ever.
If the “best” way makes sense to you, then here is how I suggest you approach the sprint:
Budget one full hour on this week’s calendar for you to do this exercise. At that time, take out a large sheet of blank paper. (An 11×17 sheet works best, but you can improvise by taping together two standard letter-sized sheets.) Position it horizontally and draw a large cross dividing the sheet into four quadrants.
Label your four quadrants with these headings and follow the instructions:
- Cash Flow – To maximize your cash flow, list your best financial opportunities for the rest of the year and put together a quick written plan on how to get them accomplished. Rank your highest dollar cases first.
- Marketing – Identify your top five marketing opportunities that will happen before the end of the year and draft a plan on how to get the most out of your marketing efforts.
- Projects – Identify your three most important projects you want to complete before year end. If possible, assign a project manager to help you complete them by year end.
- Next Year – Answer these questions to set up strategic planning for 2015.
- What would it take for 2015 to be the best year ever?
- What would you have to do now to start the ground work for 2015?
- What support would you need for 2015 to be the best ever? (Do you need to plan a firm retreat? Hire a coach? Join a quarterly group program?)
Filling out these four steps, while not replacing the power of a live workshop, can at least give you the sense of how to set up and do an End of Year Sprint in your own practice.
Doubling Your Revenue is a Competitive Advantage
August 13, 2014
What would it mean to the growth of your practice if you innovated your way into doubling your revenue? Significantly more revenue would certainly give your law firm a competitive advantage over the other players in your market.
For more than 15 years, I’ve coached attorneys one-on-one and in group workshops. One of the most powerful programs I have developed in that time has been the Double Your Revenue™ workshop. In the past, I led this program about twice a year to groups of 10-30 attorneys, each seeking to create a plan to dramatically grow their practices (and profits) without doubling their workloads.
Several other projects have prevented me from teaching this workshop for a couple years, and I’ve really missed doing it. Traditionally, the workshop took two days to complete and attendance cost nearly $1,500 per attorney. That proved an obstacle for some attorneys who wanted to attend but couldn’t take two or more days away from the office.
The big news: Together with my partners at Atticus, we are “un-retiring” the Double Your Revenue™ workshop! The new version will now last just one day. And, the price will be even more affordable – likely less than $1,000 per attorney. The exact tuition fee hasn’t been set because we are still making final negotiations on a hotel contract.
Atticus is looking to host two separate classes for this workshop in Dallas, Texas. We’re capping enrollment at 15 attorneys per session. The first workshop is set for Thursday Nov. 13. When the first session’s enrollment fills, we’ll open up registration for the second session – set for Friday Nov. 14.
Atticus hasn’t yet opened up enrollment for these two dates to the public, but that will happen soon.
In this message, I’m providing coaching clients, former workshop attendees and followers of my blog and newsletter the very first information about how to enroll in this workshop at a reduced cost. When enrollment opens to the public, it will be offered at a higher retail price than the level I’m talking to you about now. And so, I am asking you to clear these dates on your calendar and let me know if I can expect to see you.
I’ll be teaching these sessions with Atticus co-founder Mark Powers. If you consider having both of us as instructors better than just one of us, then you should understand that this will be the only Double Your Revenue™ workshop that we will teach together, side-by-side.
I know this workshop has changed lives. One attorney saw such good results that he enrolled two more times, returning every few years after continuing to double his revenue.
The Double Your Revenue Workshop™ addresses every phase of the professional’s practice, utilizing a variety of unique strategies, including:
- The Practice Comfort Trap™ – This concept allows you to distinguish what invisible barriers freeze practices in place and identify the blind spots that prevent growth.
- The Brainstorming Sprints – This breakthrough process helps you create 60 to 80 ideas you can use toward doubling your revenue.
- The Virtual Board™ – This practical exercise allows participants to test their plan by sharing it with a virtual Board of Directors of other participants.
- The 90-Day Growth Accelerator™ – This strategy empowers you and your support team to stay focused on immediate growth for the critical first 90 days after the workshop.
At the end of the session, participants will have a written, step-by-step plan that will allow them to implement the best and most effective ideas they generated at the program.
If you want to Double Your Revenue™ and have a competitive advantage, act NOW and follow up with me. If you are unhappy with the program, after attending the session and implementing our strategies, we offer a complete money back guarantee.
Lawyers: Why Dominate Your Market?
October 10, 2013
Why would you want to play a bigger game than what you are currently playing? Who needs the effort, right?
And, why would you ever play such an outrageous game as something called “Dominate Your Market” workshop?
One of the biggest traps that stops great law firms from growing is the trap of relative success. The partners look around and see that no other law firm is doing what they do. None of their competitors market as well, practice as well, treat their employees as well, or make as much money as they do. They think: “We are, without a doubt, the best in our marketplace. No one comes close.”
They attended a CLE program as a participant or as a speaker and thought, “Wow, I am the smartest attorney in this room. No one can touch me.”
They see themselves as the best in comparison to anyone else. They don’t need help. They just need to show up and smile.
In my experience, once this occurs, all growth stops. The ball game is over. The trap of relative success has been sprung, and this firm has hit a plateau of comfort.
This trap owns them now. They will never see it as the collar it is around their necks. Their growth is now leashed, and that chain is short. As long as the trap of relative success owns them, they will slowly but surely lose their spot in the market place. Of course, they will never see this coming. They are blinded by their own brilliance.
This why you we at Atticus say lawyers should always play for market dominance. If you are always playing to be the best at all times, then no one can catch up to you. You must always set stronger and hungrier goals — the type that motivate you to always play at your best level.
Nothing is worse than a lawyer that ran out of goals. You must always be playing to be bigger, stronger, more profitable, and never ever think you are the prettiest firm in the room.
If you’re interested in taking your relatively successful law firm to new heights, then I encourage you to check out the Dominate Your Market workshop program. It meets quarterly, provides members access to our top coaches (me included) , an inspiring peer group of high-achieving lawyers from around the country, and access to Atticus’ enormous bounty of practice management resources and tools.
If you don’t yet qualify to join the program — it’s not for everyone — then you should know that Atticus offers a number of other workshops that will help your law firm reach its tipping point to success — The Practice Builder, The Practice Growth Program and Rainmakers.
If you have any questions about Dominate Your Market or any of Atticus’ coaching programs, contact me.
2 Quick Fixes for Your Law Firm’s Cash Flow Crisis
August 12, 2013
I’m going to keep this short and sweet. There are two overlooked ways to improve cash flow at your law firm.
A cash flow crisis is a sure fire confidence crusher. Whenever I’ve started working with a law firm suffering a cash flow crisis, I’ve found there often were two simple, overlooked ways that they could have alleviated their money problems.
- Raise prices. I know that asking for more money might appear counter intuitive. However, in a non-contingency firm, raising the firm’s rates for fixed fee and hourly work is a quick and easy way of raising cash flow. Take a hard look at what you and the rest of your firm currently charge. What services are you giving away for free? Where are you doing work at discounted rates? Where could you immediately start raising prices today to improve your cash flow?
- Get all the money up front. Sure, I know you require a retainer and none of your clients ever fail to pay it. Yes, I know you collect half now and half later — or whatever way you get paid. However, in my experience, very few lawyers tell the truth about this. They say they get all their money up front. But if you push them past their initial hemming and hawing, they’ll finally admit that on most cases they do not get paid up front. If you want to improve cash flow, then get ALL of your money up front before you start work. You may have some clients balk, but in my experience 80 percent will pay up front. After a little bit of time, 100% will pay up front.
Try both of these ideas and let me know how they work.
Keeping Up Momentum After a Law Firm Retreat or Workshop
June 14, 2013
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So, you just attended the most amazing law firm workshop ever! You took copious notes. You’re inspired, feeling innovative and charged up. On the plane ride (or car ride) home from this law firm retreat, you feel ready to break down any barriers that kept your law practice stifled and struggling. Your brain is bursting with ideas to market to prospective clients, improve a document drafting process, or reorganize client files.
Good for you.
Trouble is, you’re returning to an office brimming with distracting interruptions, booby-trapped with unplanned meetings, and occupied by a frustrated staff that’s ready to punish you for your selfish absence by dumping all the new problems that popped up while you were gone — kerplop – right onto your desk.
You’ll be back to a frustrating square one position, putting out fires, fixing mistakes and flailing to keep on top of an ocean of “urgent” emails that must be read and voicemails that must be returned.
It’s crucial to keep the momentum alive, or all the money and time you spent away from your desk will be wasted. You’ll lose traction, confidence, and any hope you felt when you attended the workshop or retreat.
To get the most out of the next workshop or retreat that you attend, I have three important recommendations for you:
First, and this is the most important suggestion, block off an implementation day or a half day on your calendar on the first day you return to the office. After that implementation day, you should set aside perhaps two hours a week to work on the project ideas that came out of the session.
When you sit down to register for that next great legal workshop, look at your calendar. If the first day that you return to the office is blank, quickly block off the entire day as busy. If there are already appointments, delegate your assistant to reschedule those calls and meetings. If a court date can’t be moved, then pick the very next day for your implementation day.
Explain to your assistant that you absolutely cannot be interrupted during that day. No client appointments. No staff meetings. And absolutely no “Mrs. Jones is on line two and wants to talk to you for a few minutes.”
Second, during this implementation day, schedule another one about 90 days out. This can be a mini-retreat for you and your key assistant or law partners. I recommend doing this out of the office, keeping you away from distractions while you review progress from the first 90 days and set new goals for the next quarter.
I want you to create good habits, and future planning is crucial to your practice’s growth. Do you want to be back to square one every 90 days with the same uncompleted goals, or do you want to mark off your team’s progress so that you can move on to greater things and greater revenue?
Third, name a project manager for each project. One person can oversee several projects, but I want you to pick someone other than you or other attorneys at your firm.
“Oh no,” you say. “I’m a control freak, and I simply can’t fathom handing over the reins to anyone on my staff.”
You’ve got to trust the people you’ve hired with at least some of the responsibilities to grow the practice, or they will never grow as individuals professionally. Keep them out of the loop, and you are risking that they will look elsewhere for those challenges.
What’s my other reason for saying lawyers should not be the project managers? Well, I think the most successful lawyers chiefly focus on two things:
- production work — so that they can fulfill promises to clients
- marketing — meeting with referral sources, clients and prospective clients
Everything else is secondary. You, as the attorney, should not be doing all the initial footwork on choosing your practice’s new email marketing service, buying a new document scanner, or inputting a client’s information into the CRM system.
Assigning someone on your staff the role of project manager can help foster a feeling of ownership in the firm’s success and a huge sense of accomplishment when the task is done. This person will hold team members accountable for fulfilling their responsibilities in finishing the project — even you.
I hope my thoughts here have helped you consider new ways to grow your practice and improve your life. I have some great worksheet tools for setting goals and managing projects that I’m happy to share with you. If you’d like a copy of “My Top 10 Crucial Goals” or “My Great Quarter,” email my project manager, Mike Wells, at email@example.com.
As always, if you ever have any questions or suggestions for this blog, contact me.