This post wraps up my series on building a million dollar law practice. I decided to write on this topic due to the fact that in my time consulting for law firms I’ve seen many of the same mistakes repeated over and over by those in the legal profession. These mistakes get in the way of lawyers making more money. My goal with this series has been to provide a framework which will help you grow your practice to the million dollar level.
I’ve addressed quite a few topics over my recent posts. Here’s a list of those discussions:
- Attorneys must focus on the big picture to grow profits
- Million dollar law firms focus on opportunity and not obstacles
- Millionaire lawyers admire the success of others
- Attorneys must understand how clients see value
- Attorney’s financial management and mismanagement
- Attorneys must work smarter and not harder
I felt it necessary because of something I see often – professionals who want to grow their practice but don’t have the structure in place to do it. One point common to all of these posts is that having a truly successful practice takes more than just “getting more phone calls.” It requires you to put a foundation in place which makes your marketing sustainable, which makes your firm more efficient (which makes individual cases more profitable), and which requires you to invest in your future. To be blunt, most firms won’t achieve true success because they are not willing to do these things. Instead many attorneys focus on getting more calls now with the idea that they’ll fix underlying problems later. The problem with this approach is that it equates to investing on a house that already has a crumbling foundation – not a good idea.
I suggest seeing opportunity in the fact that most firms aren’t willing to take the time to build something which truly works on a more fundamental level. If you take the time to do these things then you can have a million dollar practice. It’s up to you.