Grow Your Law Firm

Latest Episodes:

The Other Way to Quickly Grow Your Law Firm, with Tom Lenfestey Jan 22, 2021

Show notes

The Other Way To Quickly Grow Your Law Firm, with Tom Lenfestey

Tom Lenfestey, started his legal career as an attorney and CPA focusing on estate, business and tax planning. Through his work with clients in personal and business succession planning while comparing it to his experience through his ownership and management of law firms he noted a tremendous void in his own profession. The lack of resources for lawyers and law firms in the areas of law firm continuity and succession planning, selling of a law practice and lawyer professional transition as compared to other professions and businesses had to be corrected. As a result, Tom founded The Law Practice Exchange, LLC in 2013 and since has been actively involved in helping lawyers and law firms tackle and successfully transition ownership of law practices from one generation to the next for the benefit of all involved. The Law Practice Exchange continues to expand its reach today in helping lawyers across the country understand, evaluate and achieve law firm continuity plans that involve sale, transition, retirement and other goals of law firm owners and their successors. Tom was appointed and actively serves on the Transitioning Lawyers Commission with the North Carolina Bar Association and provides numerous educational events to attorneys, law firms, state and local bar associations, legal insurers and other law related professional organizations on the topics of law firm succession planning, selling and buying of law firms, valuation of law firms and others related to law firm continuity and professional transition planning. Tom is a NC State Wolfpack fan, a past Michigander (who still believes in the Lions). However, his true passion in life is his family and with his wife and two young boys waiting for him at home, the pace of life just speeds up when he walks in the door, which is just the way he likes it.

What you'll learn about in this episode:

Why law firm acquisition should be considered as an option to accelerate your firm's growth
How to evaluate the fair market value of a law firm
The 4 methods of evaluation when it comes to assessing a firm's value
Looking at case inventory as an asset
How to get financing to purchase a law firm
Why now is a great time to buy or sell a firm
What effect non-lawyer ownership of firms could have on buying or selling a law firm

Resources:

Website: https://thelawpracticeexchange.com/
LinkedIn- Personal Page: https://www.linkedin.com/in/tomlenfestey/
LinkedIn- Business Page: https://www.linkedin.com/company/3523876/
Facebook: https://www.facebook.com/lawpracticeexchange/
Twitter: https://twitter.com/LawPracticeExch
Email: Tom@TheLawPracticeExchange.com

Additional Resources:

The Mastermind Effect: https://www.pilmma.org/the-mastermind-effect/
PILMMA's free Coronavirus Survival Kit: www.pilmma.org/free-resources/
Strategic Attorney Coach: https://www.pilmma.org/strategic-attorney-coach/
PILMMA Join Page: https://pilmma.kartra.com/page/join-pilmma

How Hiring a Business Coach Can Benefit Your Firm and Your Life, with Marc Whitehead Jan 15, 2021

Show notes

How Hiring a Business Coach Can Benefit Your Firm and Your Life, with Marc Whitehead

Marc Whitehead is double board certified in both Personal Injury Trial Law and Social Security Disability Law. He dedicates his practice to disability law, specializing in long-term disability insurance denials, Social Security Disability and Veterans Disability. He has authored multiple books on the topic of disability benefit claims and litigation. Based in Houston, Texas, Marc runs a national practice and has successfully litigated disability claims in 44 states and counting plus Puerto Rico.

Marc is the editor and publisher of the bi-monthly newsletter, "The Successful Barrister--Marketing, Management & Life Skills that Probably Won't Get You Disbarred." Marc is an adjunct practice advisor for Atticus, through which he advises and coaches other lawyers on running successful practices.

Mr. Whitehead is a past president of the Houston Trial Lawyers Association (HTLA), and a member of the Board of Directors of the Texas Trial Lawyers Association (TTLA). He is actively involved in the American Association for Justice (AAJ) where he was a past chair of the Insurance Law Section. He was also a member of AAJ's Marketing and Practice Development Committee among many others. Mr. Whitehead generously donates to AAJ as a PAC Eagle and his firm is an AAJ Leaders Forum member.

What you'll learn about in this episode:

The ways that many lawyers underestimate all the roles they'll have to play when starting their own law firm
Gifting yourself the relief of choosing the areas of the practice that you love, and hiring a team to handle the rest
All the ways that a Great business coach can benefit your law firm
How a Coach can help you make both the personal and professional aspects of your life harmonize
Two things you should do right now to improve your practice
Four things you can change to drastically improve your law firm right now
The importance of hiring a great staff
The percentage of time you should be spending on your highest paying cases...while making sure you don't neglect your other clients

Resources:

Website: www.disabilitydenials.com
LinkedIn: https://www.linkedin.com/company/marc-whitehead-&-associates
Facebook: https://www.facebook.com/AttorneyMarcWhitehead/
Twitter: https://twitter.com/marcwhitehead?lang=en
Email: marc@marcwhitehead.com

Additional Resources:

The Mastermind Effect: https://www.pilmma.org/the-mastermind-effect/
PILMMA's free Coronavirus Survival Kit: www.pilmma.org/free-resources/
Strategic Attorney Coach: https://www.pilmma.org/strategic-attorney-coach/
PILMMA Join Page: https://pilmma.kartra.com/page/join-pilmma

The Truth About Missed Calls and How to Stop Losing Cases Because of Them, with Ammon Collins Jan 08, 2021

Show notes

The Truth About Missed Calls and How to Stop Losing Cases Because of Them, with Ammon Collins

Ammon Collins started his entrepreneurial journey after his car broke down one day and he called several auto shops during business hours looking for a quote. His call was missed by the first 3 auto shops, so when the fourth one answered they were the ones that got his business. After this experience he decided that missed calls were a problem for small/medium businesses and started coming up with a solution.

Ammon is a graduate from Brigham Young University's business school. He grew up in Washington raising cows and is an Eagle Scout. He loves the outdoors and dirt biking. He is a High School wrestling coach in his spare time.

What you'll learn about in this episode:

That you are likely missing many more phone calls than you think….even if you have a 24/7 call center
That 80% of callers who receive text message responses actually respond to those texts...but the same callers are MUCH less likely to leave a voicemail message
About a new software that will allow you to automatically send a text message to callers who don't receive an answered call
The customization options available with the new software; including having different messages for calls missed after-hours, calls missed during business hours, etc.
How one law firm using this software discovered that, even though they thought they were only missing 2-3 calls per week, the Inca software revealed that they were actually missing 10-15 calls per day
Additional uses for the Inca software, including sending and receiving texts to/from clients on your desktop or laptop computer

Resources:

Website: https://getinca.com
LinkedIn: https://www.linkedin.com/in/ammoncollins/
Instagram: https://www.instagram.com/missedcalltext/?hl=en
Email: ammon@getinca.com

Additional Resources:

The Mastermind Effect: https://www.pilmma.org/the-mastermind-effect/
PILMMA's free Coronavirus Survival Kit: www.pilmma.org/free-resources/
Strategic Attorney Coach: https://www.pilmma.org/strategic-attorney-coach/
PILMMA Join Page: https://pilmma.kartra.com/page/join-pilmma

Year-End Tax Planning For Your Law Firm, with Boris Musheyev Dec 18, 2020

Show notes

Year-End Tax Planning For Your Law Firm, with Boris Musheyev

Boris Musheyev, CPA is a tax and accounting firm specializing in tax planning and compliance for self-employed attorneys and law firms. We use proven tax strategies to save our clients tens of thousands of dollars on taxes every year when implemented correctly. We personalize each and every strategy to ensure that our client's family and business situation is thoroughly examined to maximize tax savings. Our team is made of high-performing professionals who take diligence and care in every step of the process when handling clients taxes.

We believe that accounting is more than just being correct, its being strategic, proactive and maximizing tax savings. Aside from strategic tax planning, we also believe that our clients financial information is theirs and theirs alone. We employ secure technology that allows our clients to access their data at any time, no more waiting for a response. In our firm, we have one goal and one goal only, commit to doing everything in our power to help our attorney clients to legally reduce taxes and take home more of their hard-earned money.

What you'll learn about in this episode:

The most important things you can still do this year to save money on your taxes
How you may be able to take deductions for home office and remote work
Why failing to maximize your 401k deposit potential could negatively impact your taxes
Who can benefit from HSAs and what those benefits look like
The advantages/disadvantages of a Roth IRA
What tax impacts the new Presidential administration could have
How you may be able to use real estate investment to your advantage

Resources:

Website: https://borismtax.com/
LinkedIn: www.linkedin.com/in/boris-musheyev-cpa
Facebook: https://www.facebook.com/boriscpataxpro

Additional Resources:

The Mastermind Effect: https://www.pilmma.org/the-mastermind-effect/
PILMMA's free Coronavirus Survival Kit: www.pilmma.org/free-resources/
Strategic Attorney Coach: https://www.pilmma.org/strategic-attorney-coach/
PILMMA Join Page: https://pilmma.kartra.com/page/join-pilmma

The New Cyber Security Risks Created By Remote Work Environments, with Chip LeFleur Dec 11, 2020

Show notes

The New Cyber Security Risks Created By Remote Work Environments, with Chip LaFleur

Chip LaFleur became involved in website development early on when he used a dialup connection to explore the bulletin board system (a precursor to the World Wide Web). Soon, he was learning HTML and building websites. While working for an advertising agency, Chip became convinced that digital marketing's trackability made it more effective and powerful than traditional marketing platforms. He began to focus more on data-driven digital solutions.

In 2015, Chip founded LaFleur. The Grand Rapids-based marketing agency has focused on legal marketing from the beginning, helping law firms nationwide build effective marketing plans, empower their communities, and reach their ideal clients. LaFleur quickly became a recognized name in the legal and digital marketing industries. Today, the agency focuses on digital marketing for professional services, with deep specializations in heavily regulated industries like legal, healthcare, and financial services.

In his spare time, Chip loves spending time with his wife and sons, building things out of wood and metal, and being outdoors.

What you'll learn about in this episode:

Why information security is one of the most vulnerable parts of your business
That 60% of businesses that are on the receiving end of a data breach go out of business within the next 12 months
How a data breach affects the trust your clients have in you as a professional
How you could be financially responsible for any losses experienced due to a breach
Why you should reassess your security setup in today's world of remote work
The vulnerabilities a home office has that you may not be aware of
What the most common types of breach threat are
The difference between a threat, a vulnerability, and a risk
What steps you should be taking to back up your data

Resources:

Website: https://lafleur.marketing/
- https://lafleur.marketing/digital-marketing-for-law-firms/
LinkedIn: https://www.linkedin.com/in/chiplafleur/
Facebook: https://www.facebook.com/lafleurmarketing/
Twitter: https://twitter.com/chiplafleur

Additional Resources:

The Mastermind Effect: https://www.pilmma.org/the-mastermind-effect/
PILMMA's free Coronavirus Survival Kit: www.pilmma.org/free-resources/
Strategic Attorney Coach: https://www.pilmma.org/strategic-attorney-coach/
PILMMA Join Page: https://pilmma.kartra.com/page/join-pilmma

The Fundamentals of Growth, with Christopher T. Anderson Dec 04, 2020

Show notes

The Fundamentals of Growth, with Chris Anderson

Christopher T. Anderson is the host of two podcasts on Legal Talk Network, On The Road, and The Un-Billable Hour. Chris has authored numerous articles and speaks on a wide range of topics, including law firm management, the ethics of cloud computing, and the future of technology in law firms. A regular speaker at LegalTech New York, ABA TechShow, and various state bar associations, Chris has over 19 years of experience as a practicing attorney. He is a former managing partner of a full-service law firm in Georgia, has served as in-house general counsel and began his career as a New York City assistant district attorney.

What you'll learn about in this episode:

What 3 elements make up the "legs" on the "tripod" of successful growth
Why defining your reason for wanting growth and what you want the end game to look like must come before the growth
Why unplanned growth can actually be devastating to your firm
The importance of knowing your cost per case, profit per case, number of cases needed to achieve your goal income, average number of qualified leads that convert to cases, and the number of qualified leads needed to reach your growth goal
Why keeping your word with yourself is vital...and how not keeping your word can snowball into a far reaching habit
Why Chris says that all good law firms are built on the same triangle of parts, and what those parts are

Resources:

Website: https://legaltalknetwork.com/hosts/chris-anderson/.com/
The Four Agreements by Don Miguel Ruiz: https://www.amazon.com/Four-Agreements-Practical-Personal-Freedom/dp/1878424319/
Finding Your Why by Simon Sinek: https://www.amazon.com/Find-Your-Why-Practical-Discovering/dp/0143111728/

LinkedIn: Christopher Anderson | LinkedIn
Facebook: https://www.facebook.com/HowToManageASmallLawFirm
Twitter: (20) Christopher Anderson (@LawFirmBusiness) / Twitter

Additional Resources:

The Mastermind Effect: https://www.pilmma.org/the-mastermind-effect/
PILMMA's free Coronavirus Survival Kit: www.pilmma.org/free-resources/
Strategic Attorney Coach: https://www.pilmma.org/strategic-attorney-coach/
PILMMA Join Page: https://pilmma.kartra.com/page/join-pilmma

Experimentation and Risk Tolerance, with Billie Tarascio Nov 27, 2020

Show notes

Billie Tarascio is the owner of Modern Law, a three time recognized winner of the fastest growing firms in America; Access Legal, a certified legal document preparation and legal technology company dedicated to increasing access to justice; and Modern Law Practice, her newest venture to put best practices for a plug and play law firm model to maximize law firm growth using technology and best practices. She is also a national speaker and author of the books Decode Your Divorce and Tiger Tactics, winning strategies for building law firms.

What you'll learn about in this episode:

How experimentation has been the key for Billie to create a model that works for her firm, even during the global pandemic
What adjustments Billie and her team have made to adapt to working from home, and why the impact of the pandemic on the firm's culture has been the biggest challenge
How Billie has supported her staff during the transition to working from home to maintain productivity and ensure they have everything they need
How Billie is measuring her team's productivity and ensuring that the firm is staying on track to meet their annual goals
Why all of the firm's business comes from either online or referrals, and how Billie differentiates her firm from the competition
How Billie has built out her team of lawyers and staff, and why she believes encouraging creative thinking has been crucial for the success of her firm
Why your risk tolerance needs to be thought out and intentional, and why you should ensure that your needs are met first before you begin experimenting
Why getting creative with your marketing budget and experimenting is a powerful way to discover new marketing avenues
Billie shares how the book "Radical Candor" by Kim Scott has made an impact on her leadership style

Resources:

Website: https://mymodernlaw.com/
Tiger Tactics, co-authored by Billie Tarascio: https://amzn.to/35pv7xY
Decode Your Divorce by Billie Tarascio: https://amzn.to/32GVxJS
Radical Candor by Kim Scott: https://amzn.to/3nmI0Pv
The Biggest Bluff by Maria Konnikova: https://amzn.to/3lu99PZ
LinkedIn: www.linkedin.com/in/billie-tarascio-62322bb/
LinkedIn: www.linkedin.com/company/access-legal-services/
Facebook: www.facebook.com/MyModernLaw/
Twitter: https://twitter.com/mymodernlaw @mymodernlaw

Additional Resources:

The Mastermind Effect: https://www.pilmma.org/the-mastermind-effect/
PILMMA's free Coronavirus Survival Kit: www.pilmma.org/free-resources/
Strategic Attorney Coach: https://www.pilmma.org/strategic-attorney-coach/

PILMMA Join Page: https://pilmma.kartra.com/page/join-pilmma

Learning to Let Go, with Allison Williams Nov 20, 2020

Show notes

Allison Williams is the owner of not one, but two companies. Not only does she own Williams Law Group, a multi-million dollar law firm focused in matrimonial and family law, with an emphasis on complex Child Welfare matters which she scaled by 856% in four years, but she went on to take the skills that she learned in that journey to start a second business, Law Firm Mentor, where she provides business coaching services for Solo and Small Law Firm attorneys helping them grow their revenues, crush chaos in business and make more money.

What you'll learn about in this episode:

Allison shares her background story and how she transitioned her work in child abuse cases into starting her own firm
How working 18 hour days and having a near-death auto collision taught Allison that she needed to make changes and bring in help
Why lawyers often have trouble letting go of responsibility and delegating to other members of the law firm team, and why doing so is the key to freeing time for yourself
How the global pandemic has impacted various practice areas differently, with personal injury and criminal law being the hardest-hit areas
How family law is booming under the global pandemic due to the surging increase in domestic problems and issues
Why lowering your rates is never the correct solution, and why learning how to effectively sell your services is crucial for growth
Why marketing shouldn't be one-and-done but instead everything you do should be repurposed and repackaged into other content
Which books have made the most impact on Allison, her career, and the way she conducts her business
Why the best way to move the needle in your business is to start where there is the most friction
How to get access to Allison's free "Crushing Chaos Quiz" to help you identify where you can make improvements in your firm

Resources:

Website: https://lawfirmmentor.net
The Crushing Chaos with Law Firm Mentor Podcast: https://lawfirmmentor.net/podcast
Crushing Chaos Quiz: https://bit.ly/LFM-chaosquiz
LinkedIn: https://linkedin.com/in/allisoncwilliams
LinkedIn: www.linkedin.com/company/law-firm-mentor-llc/
LinkedIn: www.linkedin.com/company/paragano-&-williams-llc/
Facebook: www.facebook.com/LawFirmMentor
Twitter: www.twitter.com/Law_Firm_Mentor @Law_Firm_Mentor

Additional Resources:

The Mastermind Effect: https://www.pilmma.org/the-mastermind-effect/
PILMMA's free Coronavirus Survival Kit: www.pilmma.org/free-resources/
Strategic Attorney Coach: https://www.pilmma.org/strategic-attorney-coach/
PILMMA Join Page: https://pilmma.kartra.com/page/join-pilmma

The Non-Lawyer Ownership of Law Firms, with Brian LaBovick Nov 13, 2020

Show notes

Brian F. LaBovick was admitted to the Florida Bar in 1990 and started his career as an Honor Graduate Program inductee at the United States Department of Justice as a Federal Prosecutor. Since that time Mr. LaBovick has maintained an AV rating from Martindale-Hubbell, and been a Super Lawyer® in 2007 and a Florida Trend Legal Elite attorney in 2010 both in the Personal Injury field. He has been involved in multiple charities and community service projects over the past 30 years, and served on numerous charity boards. He is a past Director of the Palm Beach County Justice Association and a Past President of the North Palm Beach County Bar Association. Mr. LaBovick has created multiple businesses outside his law firm, including Media Maven Marketing, Legal Assist, LLC, and a national specialized medical billing company, GO-SB. Mr. LaBovick moved to Palm Beach County, Florida where he started a solo practice in 1994. The firm now has 8 attorneys and 40 office staff, and offices in Florida and Massachusetts. The firm handles serious personal injury concentrating in Maritime, travel, and Cruise boat injuries as well as workers compensation across Florida, and Social Security Disability and pip collections across the nation.

What you'll learn about in this episode:

How the coming wave of non-lawyer ownership of law firms will affect the legal industry, and what pros and cons exist
Why Brian doesn't feel "doom and gloom" over the coming wave, and why looking at the precedent set in countries like England and Australia can offer guidance
How the coming wave of corporation-owned firms can be compared to the birth and growth of Walmart, and why it is important to compete on more than price to survive
Why consumer-based law isn't nearly as in danger of being taken over or pushed out of business as big corporate firms
What steps to take to better prepare your law firm for potential merger and acquisition opportunities
What concerns Brian has about the way the state of Arizona may be implementing non-lawyer ownership of firms
Why one of the key things to watch out for is the "gaming of the system" and the establishment of unethical relationships between firms and their owners
What a "para-lawyer" is, and how North Carolina set the standard to allow people to exist halfway between paralegal and lawyer and still have ownership in a firm
Why setting up and running your law firm like a business is going to be instrumental in navigating the future

Resources:

Website: www.labovick.com
LinkedIn: www.linkedin.com/in/brian-labovick-40032a9/
LinkedIn: www.linkedin.com/company/labovick-law-group/
Facebook: www.facebook.com/Florida.Lawyers/
Twitter: @LaBovickLaw

Additional Resources:

The Mastermind Effect: https://www.pilmma.org/the-mastermind-effect/
PILMMA's free Coronavirus Survival Kit: www.pilmma.org/free-resources/
Strategic Attorney Coach: https://www.pilmma.org/strategic-attorney-coach/
PILMMA Join Page: https://pilmma.kartra.com/page/join-pilmma

Masterminds: The Law Firm Game Changer, with Ken Hardison Nov 06, 2020

Show notes

Ken Hardison has fought for people's rights as a trusted personal injury lawyer for over 35 years. His ethics, integrity, and passion for his clients helped to build one of North Carolina's most successful firms, Hardison & Cochran, and a successful Social Security disability firm, Carolina Disability Lawyers, in Myrtle Beach, South Carolina. Now, as owner and publisher of the law firm management website, Law Practice Advisor, and founder and president of PILMMA, Ken devotes his time to helping attorneys build their own preeminent law practices with proven marketing strategies and management resources. Ken has been recognized as one of the top 100 Trial Lawyers in North Carolina and is a member of the exclusive Million Dollar Advocates Forum. Systematic Marketing is his tenth book. Ken has authored 5 books on marketing and managing law firms. He is a sought-after speaker throughout the country on marketing and managing law firms.

Ken is known as the "Millionaire Maker" due to his coaching clients doubling and quadrupling their law practices and income following Ken's practice growing advice and insights.

Ken lives in North Myrtle Beach, SC where he enjoys playing golf and fishing when he is not helping lawyers grow their practices.

What you'll learn about in this episode:

Why Ken believes masterminds have been the biggest thing to help take his law firm to the next level
What a mastermind group is, how they are structured, and how participating in one can benefit your firm
What important topics to cover in the mastermind, like discussing what has and hasn't been working for your firm and what strategies others are finding success with
Why a mastermind can be worked into a getaway vacation, allowing you to spend time thinking about growing your practice without having to deal with the day-to-day
How masterminds have shown proven growth for firms who participate, and how to start your own or join someone else's mastermind
What frequency to meet together as a mastermind group for maximum effectiveness, and what resources are available to help you set up a mastermind
Why a great facilitator is an important part of a mastermind, keeping everyone focused and productive
Why a mastermind serves as a powerful connector, allowing you to access the skills and expertise of people with many different skill sets and experiences
Why a mastermind that costs money to become a member can often prove more useful and effective than a free mastermind, and why participating is an investment

Resources:

Email: Ken@PILMMA.org
Phone: 1-800-497-1890
The Mastermind Effect: https://www.pilmma.org/the-mastermind-effect/
PILMMA's free Coronavirus Survival Kit: www.pilmma.org/free-resources/
Strategic Attorney Coach: https://www.pilmma.org/strategic-attorney-coach/
PILMMA Join Page: https://pilmma.kartra.com/page/join-pilmma

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