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Posted on April 12, 2019
Public Resources

“Are you the biggest producer in your firm?” we asked. “Absolutely,” the attorney told us with pride. He was a new Atticus client, but this was not a new conversation for us. In fact, it was all too familiar: the owners of most small firms are typically the firm’s largest producers, along with the firm’s biggest marketers. Then they wedge the firm’s many management tasks into any time that’s left – meaning they don’t have much of a personal life. And the fact that they are not well leveraged means they aren’t producing much of a profit either. “How many associates do you have?” we asked. “Two, but they aren’t that productive. In fact, I out bill them both,” he answered – again with a hint of pride. “Do they have daily or weekly billing goals?” “No, but they do have yearly billing goals,” he said. We expected as much. “How effective is that at motivating them?” He paused and said, “Not very good, I guess.” Not very good indeed. In order to train good producers, it’s best to take their large production goals and break them down into small goals, which are reviewed often. Large goals discussed once a year tend to fade away in the minds of...

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Posted on April 12, 2019
Public Resources

Unless you’re independently wealthy and focus exclusively on pro bono legal work (in which case, congratulations!), you’re working to make a difference in your clients’ lives and make a profit while doing so. A profit, not just a living. Taking profit from your practice shouldn’t be treated as a bonus, it should be part of your operating principles. At Atticus, we teach our clients to take 35 percent of total revenues off the top as profit, with the remaining 65 percent for everything else, including your market-rate salary. Pay yourself a salary that reflects the work you do, no matter whether that’s $75,000 or $500,000. You pay your staff and associates (if any) a good wage, and you have to take one, too. That 35 percent before expenses is more time with family and friends, more and longer vacations, more satisfaction from the work you’ve chosen. To get there, you might need to break old habits and adopt new ones. As a solo or small practice attorney, you’re responsible for nearly everything that goes on in your firm — but that doesn’t mean you have to do everything. In fact, trying to do too much can stunt your growth and profits by taking time...

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Posted on April 10, 2019
Public Resources

Many of my coaching clients who are confident in their hourly rates are concerned about ways of determining profitability for their fixed price, or flat fee, services. They want to know how to reach a profit margin that will make them the kind of money they need to be successful. Profitability is a term that is thrown around in business settings, but people often use the word without knowing what it really means. In order to define it, let’s first talk about what profitability is not. Fair Price When I talk about profitability, I’m not talking about what you or anyone else thinks is a fair price. “Fair” is a relative term, and everyone has his or her own idea of what that means. Whose idea of “fair” are we talking about? Fair to you? To the client? Is there some sliding scale of “fair” out there? Of course not. Client Wish Profitability also has nothing to do with what the client would wish to pay. Most people are looking for ways to save money. But you are not in the business of providing the cheapest, bargain priced, clearance rack service. You are in the business of providing excellent service. And excellence costs money. If...

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Posted on March 20, 2019
Public Resources

I am often asked by solo and small law firm attorneys if I can recommend a case management software system. They want to know: Should it be cloud-based or server-based? Which one is best? The least expensive? Which one will my staff not hate? Is there one that will do my work for me? Which one will sync with my smartphone, tablet, car, and brain? In my practice, I switched five times over 20 years to five different systems for several different reasons. Requirements In the end, I really don’t think it matters which one you choose provided that it does four critical things for you: Link your emails to the appropriate electronic case matter. If you receive an email relating a case, with one mouse button click the case management software needs to save the email into the client file so you can track what went where and when. This must be simple and fast. For example, I talked to four partners at a small firm that was using Outlook. Their “system” to save an email was to print it out (seriously!) and then put it into the client’s paper file. (I am still nauseated by this example. I could send both of...

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Posted on March 20, 2019
Public Resources

Referral marketing is a numbers game. If you’re used to keeping your referral base data in your memory, it’s likely you’ve seen its limitations. You probably can recall facts about your clients and referral sources when you visit face to face, but you can’t perform from memory many advanced marketing functions. Contact management software allows you to perform high-level functions easier, faster and in greater numbers. You can track historical data on referral sources and other marketing contacts, generate reports on services performed and future needs identified, and inform clients and referral sources of future events in your office. Research software that is a good fit for your existing storage and record-keeping systems. These can be industry-specific and vary to individual preferences. Mailings You can track mailings to specific groups of existing and past clients for cross-selling and upgrading purposes. Target groups of clients in your database who fit the criteria for other services, such as a small business owner client who needs estate planning and asset protection. Tracking mailings also allow you to see how many referrals have been generated by existing clients over the years. You can track the follow-ups to each referral, such as a thank-you card or phone call. Database features Database features determine...

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Posted on March 19, 2019
Public Resources

By Michael Hammond & Mark Powers Effective time management brings better clients, more profits "I don’t have the time. I’m swamped here at work. I’m telling you, I have no time to contact referral sources — let alone meet with one — I have to be in the office." Congratulations. You’re the hero, indispensable. Where's that getting you? Are nights and weekends free? Do you have the best clients? Are profits up? Probably not. But you can change your firm’s trajectory, have more time off, better clients and higher profits. All it takes is getting a handle on your time and making time for referral-based marketing. (You’re probably thinking, Easier said than done. But it’s not, really. We can help.) Even if you’re the best lawyer you know, all of that technical skill and professional expertise means nothing without good clients who need your services. Keeping your practice viable depends on your ability to generate a steady stream of new business. Client development is one of the highest and best uses of your time, and to be effective at referral-based marketing, you need to practice effective time management. Shift your mindset Here at Atticus, we’ve heard all the excuses. You’re too busy. You’re struggling to keep the lights on. You just don’t have the energy. When it comes...

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Posted on February 13, 2019
Public Resources

If you want your solo or small practice to grow and thrive — and who doesn't? — there's no magical elixir to get you where you want to be. It takes some effort on your part, and perhaps a new way of thinking about your firm, but the formula for success can be yours. If you're stuck in a pay-the-rent mode, taking in any client who will pay a bill so you can keep the lights on, you’re on a path to burnout. You work late each night and on the weekends, running yourself ragged just to keep your firm afloat. You have no time for friends or family, a seldom-seen ghost in your own household. The clients you get? They're all pretty marginal — at best — right? To turn your practice around, you need to focus on the "A" and "B" clients and divest yourself from the "C" and "D" clients. The latter monopolize your time, have unreasonable demands and as often as not they don't pay on time or at all. They're vampires, sucking the life blood from your firm. When you focus on obtaining and keeping "A" and "B" clients — but especially "A" — your practice will be...

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Posted on January 15, 2019
Public Resources

Busy attorneys find it greatly difficult to find enough time to handle the scheduling and logistics of marketing lunches, meetings, and other social events. They're too distracted by constant interruptions, difficult staffing issues and demanding clients, and so they don't take (or make) the time to do what they need to. Many attorneys can be quite good at marketing when they inadvertently find themselves in the right situations but getting there on purpose is the issue I’m addressing here. In general, most attorneys aren't very good at the initiation phase of marketing. Getting started is essential. Without someone to initiate and organize these steps, most marketing efforts never get off the ground. If you aren’t successful in setting up lunches, dinners, and meetings with referral sources, then your client development efforts are going to be haphazard. If you’re not meeting with the right people, then you're relying on happenstance to promote your practice. Instead, I'd like suggest a more proactive approach. Enter the Marketing Assistant When one of our coaching clients had difficulty marketing his firm, he sought help. It came in the form of student majoring in marketing at a local junior college. Although his new assistant had little real-world working experience, the attorney immediately noticed the...

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Posted on December 19, 2018
Public Resources

We held our second annual SUMMIT last week, and it was an incredible success. Over 200 of our attorney clients and their law firm staff members attended this unique event. They represent the best of the best in the legal industry and in their respective practice areas. Each of the SUMMIT's three days carried a specific theme. The theme for Day 1 was Inspiration with Keynote speakers Dr. Jeffry Life, John Morgan of Morgan and Morgan, and singer-songwriter Mandy Harvey. Their presentations inspired people in the room to commit to making changes in their lives to become healthier and have the courage to take calculated risks. Mandy's presentation really instilled that a positive attitude and "tethering" yourself to the right people can make all the difference in your life and your practice. Day 2 was themed for Innovation. Eleven Dominate Your Market™ presenters spoke about innovations they implemented in their personal lives and law firms that brought them success and happiness. Kimberly Lee kicked off the day talking about her "Not Yet" projects, a concept learned after reading Mindset by Carol Dweck in the Dominate Your Market™ program. Each quarter since reading Dweck's book, Kimberly set a goal of learning something new....

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Posted on November 19, 2018
Public Resources

Running, running, running — a marathon at a sprinter's pace. All year, you've been focused on growing your practice, providing superior service for clients, and increasing profits. Whirlwind days turned into weeks, which turned into months. I encourage you to take stock of your past year by examining the big takeaways from your victories — and from your losses. But let's not rest on our laurels, okay? Because before the holidays get underway, you should set aside at least a little time for planning on how to make next year your best year ever. In fact, the first thing you can do is sign up for my upcoming webinar (Dec. 4) called "3 Things You Should Do NOW to Give Your Law Firm a Head Start in the New Year". Next, start thinking about the biggest three victories or accomplishments your firm had this year. It could be anything that brought value to your practice. Maybe it was a big court victory that brought in a ton of revenue. Maybe it was a new associate who invigorated the staff. Maybe it was a new referral source who consistently sent "A" clients to your firm. Whatever it is, take a moment to write them down. Next,...

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