This post is kicking off a series on how attorneys can build a multi-million dollar legal practice. I’ve written before on the broad strokes involved in building a million dollar law firm. That series of articles focused on the broader “mindset issues” as well as some specific problems, which prevent the overwhelming majority of firms from achieving success. My upcoming posts, in contrast, will be quite a bit longer than my normal
manifestos articles and will be very specific as to the business model flaws which exist in most law firms and the specific changes you need to make to ratchet it up several levels. Attorneys who choose to make the types of changes I’ll be talking about can look like this:
While those who choose to stick with their current habits will find themselves being rather unhappy as the legal sector continues to contract and consolidate. Let’s get to it.
I’ll be looking at quite a few issues over my coming articles. These are going to include talks on:
- The flaws inherit to law firm business/billing models and how you can rapidly increase profits
- Getting new business the “right way” and how most firms fail in this area
- Increasing profits through the leveraging of technology
- What a multi-million dollar attorney’s work week looks like and how to make the right hiring decisions
- The need for attorneys to understand that business, and life for that matter, is about choices
- The need for law firms to “go big or go home”
The last of these articles, in my less than humble opinion, is going to be the most important. I recently wrote on the unwinding of the current attorney bubble. One point I made in that series, which is shown in current profession statistics, is that law firms are rapidly consolidating and becoming larger. Advancements in technology, as well as other factors, allow for firms to scale up in a way that they couldn’t previously. The ability to grow with scale will apply to law firms in the ways that companies such as Walmart, food chains, and others have already been doing for years (at the expense of small “mom and pops” shops). The reason why it took until now for this trend to hit the legal profession would be a subject for another set of future articles (spoiler alert). That growth is going to come at the expense of smaller firms and solo practitioners. In other words, “going big” is no longer optional.
One of the other big things to take from these upcoming writings is the focus on running a business and not a law firm. Understanding that hanging your own shingle means that you are a business owner, and that you’ve given up being a lawyer, is going to be critical to those who want to be successful in today’s environment.