Someone asked me the question, “how can I determine if my law firm is a real business?” You might be thinking, well, of course, if my doors are open and I’m selling legal services, I’m a business. But there really are some very fundamental differences between a law firm that can be very professional, providing services with the expectation of payment in some manner and a real business. 

In this episode, I want to talk about what I consider to be the top three business indicators that define a sustainable business. Being able to identify these attributes in your law practice will give you greater insight into whether or not your law practice really constitutes a business. 

In this episode, I’ll discuss:

• The top 3 indicators of having a sustainable law firm business vs. a law practice
• How the owner mindset determines what actions are being avoided
• The hesitation to trust and train a new team member
• The fear of how you may be perceived if you let someone go from your team
• The resistance to following up with a prospect until you get to close or no
• The importance of setting the expectations and leading by example
• What sustainability means for you and your business
• The chaos due to everyday workload versus lack of systems
• The lawyers’ inherent struggle to delegate to and empower their team
• The number one reason lawyers will stall in their growth
• The benefits of achieving consistency in revenue besides just the money
• The importance of having a framework for and understanding of how your money is spent
• Planning for a less than 100% payment/collection rate