(webinar slides) how to create your own 6-figure law firm
TRANSCRIPT
How to Create Your Own 6-Figure Law Firm#6FigureFirm
About MyCase
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Web-Based Legal Practice Management Software
Built as a complete platform, MyCase offers features that seamlessly cover all the daily functions that a modern, small law firm requires in one place at an affordable price.
Just $39/month per attorney $29/month per paralegal or staff
MyCase Websites
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Jumpstart your marketing• Modern, professional design built for your firm• Social media and blog integration• Complete integration with MyCase• Basic SEO
About our presenter
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Presenter
‣ Writer in the Clinton White House
‣ Started Corcoran Law Firm in 2011
‣ Contributor for Forbes, Huffington Post, Business Insider, etc.
‣ Create training programs for lawyers
Your Free Gift at end:
A 10-page guide on tools and technology you can use to start your own law firm,
including Google Voice, MyFax, Hello Sign, and
Google Scholar.
+ Giving away $50 Amazon gift card
1. My Story: from unhappy associate to thriving solo
2. How the changing legal industry is affecting today’s law firm
3. How to develop a strategy for your law firm in order to achieve leverage & increase profits
4. How to navigate business cycles5. How to create consistent marketing to
prevent roller-coaster results 6. Advanced training option7. Q&A
Agenda
Quick poll
Do you love your law practice right now?
Yes / No
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About me
Over $127,000 in law school debt
• 2007: Graduate from law school• 2007-2011: Associate at two small law firms• 2011: Launch The Corcoran Law Firm
Who is John Corcoran:
My one-sized-fits all “strategy” for getting clients: networking, joining boards, volunteering, advertising, blogging, etc.
• Tried it all: networking, joining boards, volunteering, advertising, blogging
• Wanted to work with business clients, but struggled to close them.
• Doing low-profit “short sale consults”• Struggled to define my niche & attract clients• 2012: discovered a much better approach…
The Corcoran Law Firm 1.0
• Redefined practice – from real estate/short sales to focus on working with business owners & entrepreneurs
• Developed a “Stand out strategy” through writing
• Restarted the business law section• Organized events for business lawyers• Increased revenue & worked less • Created SmartBusinessRevolution.com & 6
Figure Law Firm training program• 1st 3 years: over $500K in revenue
2012 – onward: Continual improvement
Changes to the Legal Industry:
Be prepared for disruption
“Uber, the world’s largest taxi company, owns no vehicles. Facebook, the world’s most popular media owner, creates no content. Alibaba, the most valuable retailer, has no inventory. And Airbnb, the world’s largest accommodation provider, owns no real estate. Something interesting is happening.”
- The Battle Is For the Customer Interface, March 3, 2015
Other industries & companies that are being disrupted: •Taxis (Uber)•Travel agencies (Expedia, Orbitz, etc.)•Tax preparation (TurboTax)•Newspapers (Craigslist)•Dictation & proofreading (Dragon)•Booksellers (Amazon)•Job recruiters (LinkedIn)•Hotels and motels (Airbnb)•Manufacturing (3D printing)
The Enterprise Legal Management Trends Report (2013):
•more work is shifting from large law firms to smaller law firms
•Firms with 201-500 lawyers doubled their share of High fee litigation matters (matters with over $1M billed) – their portion of high fee work went from 22% in 2010 to 41% in 2013.
•The share of U.S. legal fees paid by clients to firms with more than 750 lawyers dropped from 26% to 20% between 2010 and 2013.
Quick poll
How much do you think it costs to start a new law firm today? A. $30,000B. $10,000C. $1,000
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How technology is changing the legal industry
Then vs. Now
How technology is changing the legal industry
Then vs. Now
How the Legal Industry is Changing• Cost of starting a firm much lower
• Cloud Practice management software like My Case
• VOIP vs. expensive telephone system• No longer need a secretary • LegalMatch, Lead referral services• Social networking• A.I. - Artificial Intelligence • Self-help legal document sites• Virtual law firms like Axiom
Bitly.com/solo-costs
Bitly.com/solo-costs
“What scares me more than competition from traditional big firms is competition from Axiom Legal. Axiom is different.
They handle fairly routine, but complex legal matters for corporate clients – compliance, litigation, and transactional. At rates like $130/hour for regulatory compliance matters or $150 an hour for litigation, there’s simply no way that I – or any solos I know for that matter – can compete.” -- Carolyn Elefant
“DeepMind burst into the limelight last year when it published a paper in Nature that showed how a computer could be programmed to teach itself to play Atari games better than most humans.”
YouTube video: Bitly.com/breakoutvid15
What can you do about the changing legal industry?
• Keep track of changes • Monitor what other successful lawyers are
doing (not just loud complainers)• Look for opportunities – blogging, podcasting,
video, etc.
Follow the innovators:
Law Offices of Jacob Sapochnik – 118K Facebook fans
Jeena Cho - @Jeena_Cho on Twitter
How to Evaluate Whether You Should Start Your Own
Firm
Quick poll
What is the first thing you should do when thinking about starting your own law firm?
A. Print business cardsB. Set up a website & get started with SEO
C. Begin bloggingD. None of these
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How to Evaluate Whether You Should Start Your Own Firm:
•Measure and track incoming referrals•Begin meeting with senior attorneys in your practice area•Elevate your profile through writing, speaking, getting involved with Bar Associations
The Wrong way to start your new firm: •Lock yourself into an expensive lease•Prepay for expensive legal research systems•Buy top of the line office furniture•Start a new practice area immediately •No savings
The RIGHT way to start your new firm: •Find month-to-month shared office space, work in exchange for rent, or work from home•Use free or inexpensive research sources (i.e. law library + my report)•Use cloud-based software systems (lower up front costs)•Repurpose computers & furniture
When you start your firm, there are 5 basic things you need:
1.Somewhere to work2.A practice or business management software3.The ability to communicate with people4.Billing or payment software5.The ability to do research
How to Make $10,000 in your
First Month
$10,000 $250 = 40 hours/month
10 HOURSper week
That’s just
1-2 CLIENTSper week
That’s just
How to Navigate the Business Rollercoaster
How to Navigate the Business Rollercoaster
1.Forge Key Relationships2.Consistency
Forge key relationships with high-value clients
& referral partners
You work too much to networkYou have a familyYou live in a small town
You need to be efficient and laser-focused on which potential clients to target
Problem: “No time” Disease
Typical “time management” advice:
1.Download a new app
2.Read another book
3.Try a new productivity system (which doesn’t work)
Solution:
The Conversation List Strategy
Your Conversation List is a list of the 50+ people who
you want to deepen a relationship with over the
course of the next 12 months.
3 parts to the Conversation List strategy:
People
Organizations
Events
Create a “Conversation list” of the 50+ people who you want to connect &
deepen relationship with.
Who should be on your Conversations list?
•Other attorneys•VIPs, influencers•Potential & existing clients•Your friends’ friends & connections•People who understand reciprocity system•People who you connect with
Strategy #2: Be Consistent over time
Quick poll
If you want more clients, which should you focus on:
A. Networking & meeting new peopleB. Joining boards & committees
C. Reconnecting with old friends
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How do you deliver value later to deepen a relationship?
How do you avoid feeling like you’re “selling” or being “salesy”
How do you communicate without bothering someone?
How to Deliver Ongoing Value and Deepen a Relationship
Evolution of a Relationship
Initial Meeting
Time
Follow-up (Deepening
Relationship)
No relationship
Intro
“Warm up”
No awareness
Knowledge
Positive Affinity
Trust
Mutual Reciprocity
The Relationship Value Funnel
Solution: Be the Value-
Delivering Tortoise, Not the Hare
Two parts:
1.) Deliver Relevant Value at the Right
Times
2.) Use Tools to Scale Your Efforts
What is Relevant Value at the Right Times?
Look for opportunities to help (new business, new book, family member looking for a job, etc.).
Use Powerful Relevant Introductions
Send articles of interest
Your most relevant value to a person may not be your encyclopedic knowledge of the Rules of Civil Procedure.
Step 2: Use tools scale your efforts:
A CRM ProgramIntro.net A BlogAn Email Newsletter (Advanced)
How to set up Contactually: SmartBusinessRevolution.com/follow-up-networking
Put Your Conversations List in Contactually
How to use blog posts
How to use email newsletters
How to create email newsletters: SmartBusinessRevolution.com/start-here/
I want to ask you an
important question…
Are you passionate about your practice TODAY?
How would you feel?
If you do not love your practice, what canyou do today that willmake your tomorrow
better?
My challenge to you:
What is 1 action you will take based on the strategies I covered today?
Build a Thriving Small Law FirmYou Will Love
Gold Level 4-Week Course Community Lifetime access
$45 x 12 mos.
How to go from no law firm to 6-figure law
firm in a few months
• Step-by-step video guides to launching & growing your firm ($999)
• Homework ($199)• Step-by-step email templates ($199)• My personal list of tools, software & technology
recommendations ($199) • Your Launch Plan worksheet ($399)• The “Client Strategy Map” worksheet ($199)• How to Choose a lucrative Practice Area worksheet ($199).• The 9-Step “Easy Sales Conversation” handout ($199)• Private Facebook Community ($499)
Here’s what you get:
Everything included is a $3,091 value
Gold Level 4-Week Course Community Lifetime access
$45 x 12 mos.
Investment: $397
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Extra Bonus:
3 Checklists for Managing Relationships with Past Clients, Potential Clients & Referral Partners
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Thank you
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