Ep #17 The Secret Weapon Every Law Firm Owner Should Know To Scale Their Practice

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Hello and thank you for joining us today on the Profit Scale Thrive Podcast, where we guide attorneys to overflowing profits, scaled growth, and thriving lives. I am your host, Kelley Brubaker.

We have a secret though - this is a special place because we don't work with every law firm owner, we support the solo attorneys who are single parents because we know the special challenges you face, and we know the business advice out there is not always practical for you and your firm.

Each week we will talk about things that will give you the insight you need to stop feeling overwhelmed, to gain back your confidence, and to finally enjoy your law firm and your life again.

Podcast Episode #17: The Secret Weapon Every Law Firm Owner Should Know To Scale Their Practice

Welcome to episode 17! I am your host, Kelley Brubaker, business coach, CPA and Certified Profit First Professional.  In today's episode I want to talk about something I have struggled with for years and I see it over and over when I talk to other business owners. It’s something that I actively need to remind myself to correct.  What is it? The secret weapon every law firm owner should know to scale their practice.

Imagine unlocking a path to exponential growth for your law firm, skyrocketing revenues, and molding an ideal lifestyle that comes with such success? Sounds good, doesn't it? The secret to this transformation isn't as convoluted as you might think. The answer is simple: Stop doing everything yourself.

The entrepreneurial trap that most law firm owners find themselves ensnared in is the obsession with figuring out how to do everything on their own. This self-limiting approach often leads to a bottleneck when they come to terms with their limited know-how, capabilities, or resources. 

The fundamental shift to drive real growth

The architects of booming businesses, however, understand a fundamental truth: they do not have to do everything themselves. Their success stems from their ability to bring the right people, with the right skills, onboard to help achieve their vision. 

Let's take a page out of Dan Sullivan's book. The co-founder of Strategic Coach and globally recognized entrepreneurial coach has built a thriving business out of a simple concept coined by Dean Jackson: the question of who, not how. 

By encouraging entrepreneurs to replace the question, "How can I do this?" with "Who can do this for me?" Sullivan has helped shift the mindsets of countless leaders, resulting in a substantial impact on their businesses. This concept, while seemingly simple, has far-reaching implications, which he explores in detail in his book, co-authored with Dr. Benjamin Hardy.

This shift to a "who" mindset propels your law firm into a universe of potential skills and capabilities. But how do you turn this philosophy into action?

Embrace the era of on-demand expertise

You may think that hiring full-time employees is the only way to implement the "who" mindset, but that's far from true.

Embracing the world of on-demand labor offers an alternative, feasible solution to outsourcing various aspects of your business. This strategy is particularly valuable if you calculate your own hourly rate and the opportunity cost of spending time on tasks outside your core area of expertise. 

As someone who has built several successful businesses, I've seen the game-changing impact of on-demand labor. In this era of remote work, finding highly skilled freelancers for virtually any task has never been easier. 

Whether it's launching a podcast or automating your sales system, you can bypass the grueling process of mastering these skills yourself and instead delegate these tasks to experts. 

Remember these two crucial principles when outsourcing: First, consider the true cost of a task. Cheap can be expensive, especially if it requires significant oversight. Second, be absolutely clear about your desired outcome. This clarity will ensure that your freelancer can meet your expectations.

Leveraging partnerships: The game-changer for law firm owners

Partnerships stand as the most underutilized and underrated growth tactic across industries. They offer a means to magnify your results with little to no upfront investment, and the beauty of it is that everyone involved benefits.

Ask yourself: "Who possesses the services, skills, or capabilities that my clients need?"

Here are a few examples of businesses that law firms can partner with:

• Consulting Firms: Law firms can partner with consulting companies to provide holistic solutions to clients, from legal advice to business strategies.
• Accounting Firms: A partnership with an accounting firm can offer a seamless financial and legal service package to clients, covering tax law advice, auditing, financial planning, and more.
• Tech Companies: Legal tech is a rapidly growing field. Partnering with tech companies can help law firms provide clients with more efficient services using software for document management, contract analysis, legal research, and more.
• Real Estate Agencies: Partnerships with real estate agencies can facilitate a comprehensive package of legal and real estate services for clients involved in property transactions.
• Insurance Companies: Collaboration with insurance firms can be beneficial in offering clients a combined service of legal advice and insurance solutions, especially in cases involving personal injury, property damage, or malpractice.
• Marketing Agencies: Law firms can partner with marketing agencies to enhance their brand image, reach a wider client base, and communicate their services effectively.
• Financial Institutions: Partnerships with banks or investment firms can offer an integrated suite of financial and legal services to clients, particularly useful for corporate clients involved in complex financial transactions.
• Human Resource (HR) Firms: Law firms can work closely with HR firms to provide combined services for labor law issues, employment contracts, and workplace policies.
• Cybersecurity Firms: In the digital age, collaborating with cybersecurity firms can ensure clients' sensitive information is protected, and the firm is compliant with data protection laws.

Remember, the most effective partnerships align with the law firm's areas of expertise and the needs of their clients. They can not only add value to the clients' experience but also help law firms stand out in a competitive market.

The path to unlocking growth in your law firm comes down to these two concepts: embracing the "who" mindset and leveraging partnerships. So, for all law firm owners looking to break the mold, it's time to think about who can help you rather than how you can do it all yourself.

Listener’s Question of the Week

And now, it’s time for our Listener’s Question of the Week!

Today’s question is from Tom. Tom asks: I am considering changing my accounting methods for IOLTA from written ledgers and backups to software based that also prints the checks. What services have people been using and what do you consider the strengths and weaknesses of each?

Great question, Tom! I’m excited that you are looking to increase the efficiency of your office. It will take a little bit of time to get your new process up and running, but once your office is acclimated to the change, you will reap the benefits.

But first, my answer depends on the answers to some follow up questions. 

I reached out to Tom and discovered that he needs to be able to print checks in the office so he can attach them to filings. This is an important question because it rules out bill paying services such as Bill.com or MelioPayments.com as these services will send payment directly to the payee on your behalf. Additionally, they may take a few days to process payments depending on the day of the week or time you generate the payment meaning you can’t have a check in your hand the same day you generate it.

My other follow up question is about the use of a case management tool or if case work was tracked manually too.  This is important because for trust activity, most case management tools work the same - you post the payment information in your case management tool for the case it pertains to. The program then sends the data to your bookkeeping program. The bookkeeping program then allows you to print the data on your pre-printed check stock. This will eliminate the need to post the same information in two places (your cash management system and your bookkeeping software).

To pay a invoice that is not trust-related, you would enter the payment information directly into your bookkeeping system and select the print check option.  The program will prompt you to load your check stock into your printer and then submit the information for printing.  I recommend doing a trial print on plain paper to make sure you know how to place your print stock for proper printing.

Tom shared that he uses Clio for case management.  

Based on this additional information, specifically for Clio, your options will be either QuickBooks Online or Xero.

If you use a different case management software, I recommend looking at which bookkeeping software programs it can connect with.  To my knowledge, the most popular case management software programs all connect with QuickBooks and many of the also have the ability to connect with Xero.  

Thanks for your question, Tom!  If you would like to submit a question for a future episode, please send an email to [email protected] – and no - by sending an email you will not get added to an email distribution list, there will not be a phone call and there will not be a sales pitch. We follow the golden rule – treat others how you wish to be treated!

Inspirational Quote

This week’s inspirational quote is from Yuichiro Miura, “It’s important to set your own goals and work hard to achieve them.”

Final Thoughts

Final thoughts for today! 

I know my transition from self-employed to a business owner started with the question “who not how”. I have a note hanging from my computer screen to remind me of this daily. It’s so simple and yet so powerful. I personally do not need to know how to do everything in my firm.

It’s such a mind shift to let go of control too. My issue comes from the start of my career when work was piled on me to figure out on my own. I didn’t even have Google to consult! But, I hated that feeling and it bothered me to put that feeling on someone else. But, what I eventually realized is that for many employees, they are looking for new challenges, new tasks. 

And, when you don’t have employees to delegate to, finding remote help is so easy these days. Of course, I’m not suggesting that you remove data protection protocols. So, some tasks may take some planning, but a lot of apps and software these days are set up to allow you to add a vendor with limited access.

As for the power of partnerships, this was something that I discovered when I opened my first CPA firm in the early 2000s.  I partnered with my local SBA office, my banker and a client who owned an insurance agency, just to name a few. We frequently had referrals between us. Not all panned out for me, but those relationships helped fill my funnel with many great leads for a lot of years.  

Thinking about the type of law your practice, what do your clients need that you can’t provide? For example, divorce attorneys can partner with tax preparers. Help guide your client to make tax advantaged decisions. Corporate law? Insurance agents and bankers are always needed.

If you have any questions about today’s episode, feel free to comment if you are watching on YouTube or send me an email to [email protected].

If you know someone who might need to hear this information, please share this episode with them or if you are on YouTube, tag them below! 

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Did you enjoy this episode? Please consider leaving a review. 

And before I go – remember - profit is something you intentionally plan for in the beginning. It is not a potential bonus at the end of the year!

Thanks, and have an amazing day!

In this episode, we will be talking about two less common ways to grow your law firm. 

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