Your Law Firm - from Rosen Institute

By Ned Daze

Ned Daze and Lee Rosen speak to aspiring entrepreneurial and tenured law professionals on law practice management, marketing, technology and finance, increasing your revenues and helping you implement... more

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The podcast currently has 687 episodes available.

Your Law Firm - from Rosen Institute episodes:

March 17, 2017 The Secret to Transitioning from Lawyer to Entrepreneur
I did the direct client service thing for many years. I liked it, too.
For the most part I felt like I added value to the world, but sometimes the clients drove me bat-shit crazy. They would do or say things that made me want to jump in front of a bus.
There are a substantial number of lawyers, however, who don’t experience sudden suicidal urges like mine when working with clients. They love caring for people in the community, solving problems, and feeling pride in a job well done. They love their work, no doubt.
We’re all different. We have different experiences and perspectives. We each derive satisfaction from different elements of the practice (and business) of law.
After many years serving clients while managing a business, I realized that serving wasn’t how I derived satisfaction.
I’d had enough of the lack of clarity that comes from splitting my time between two functions. I knew my time was more valuable when I spent it making the business run more efficiently and effectively. I was certain the business would be better off if I built it up, rather than getting bogged down by the daily minutiae.
I had reached my limit. I wanted to work exclusively on the business, not in it. It was time for me to make a switch.
That’s when I stopped serving on the front lines, taking calls, appearing in court, handling consultations, etc. I moved to the back office and led the team from behind the scenes.
Nevertheless, I was still sucked into daily tasks. I had emails to answer, client calls to return, and endless questions from my team to resolve. I was still spending considerable time in the business, long after I decided to switch to working on the business. As sure as I was that this plan was right for me, I struggled with the transition.
I fantasized about a time - far off in the future - when I would have the freedom, space, and energy to fully shift my focus from in to on. I could see that version of my business off on the horizon, but as I ran toward it, it seemed to move further away.
My time working on instead of in the law firm has inspired most of the insights I’ve shared here over the years. I’ve been involved in every element of my practice. I went from working in someone else’s firm as an associate to working all by myself in a makeshift office fashioned from a former hallway.
For a while, I served my clients without assistance. Over time, I grew the business to nearly fifty team members. I found it necessary (and inviting!) to spend my time working on instead of in. In fact, I found working on much more pleasurable than directly serving clients.
Make the switch from in to on
There’s no reason to wait to make the switch from working in your business to working on your business. If the decision is right for you, it should happen quickly.
Today I’m going to talk about whether making the switch is sensible for you. As someone who made that switch myself (possible prematurely), I have special insight into how the transition plays out. (Hint: It’s not all rainbows and sunshine.)
So when is the right time to stop serving clients and focus on your business’s growth and success? Is it now? Sometime in the future?
It depends.
Don’t you hate when the answer is “It depends”? Don’t worry, I’m going to answer the question, but it really does depend on a number of considerations. Let’s go through each one to figure out if now is the right time for you to make the switch.
1. Do you enjoy client service?
Some lawyers want to get busy working on instead of in the practice because they hate dealing with clients. They assume, mistakenly, that working on the business will insulate them from the day-to-day client interaction that prevents their happiness and satisfaction.
Working on the business doesn't separate you from clients. In fact, it inc…
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23min
March 16, 2017 Podcast: 10 Ways Lawyers Quickly Destroy Trust
All relationships are built on trust. The same applies to your client relationships.

Look at your marketing, your messaging, and your team communication. Do they build trust or destroy it? Because once you've ruined trust, it's impossible to reverse course. Fix your approach, and move onto the next potential client.

These are the 10 biggest trust killers. Use your marketing to get your relationships on the right footing and then follow through. A single slip-up could mean the difference between a signed agreement and hours of wasted consults (if you even make it that far).

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16min
March 10, 2017 Hunting, Hiring, and Keeping High-Dollar Rainmakers
Finding and Hiring Rainmakers
The Holy Grail is finding and hiring young lawyers who can generate business.
The hunt is painful. We pick the lawyers carefully. We train, we feed and water, and we sprinkle love and attention on those young lawyers and they grow. We get a front-row seat to witness their increasing confidence, developing maturity, and improved skills. It's exciting.
Then those young lawyers stab you in the heart.
I've always wanted to grow my business by hiring young, talented, personable associates who can learn to bring in business. I've been attempting it for years. I've hired, trained, coached, encouraged, and supported them in their efforts. It has been very hard, and only a few have been successful at bringing in referrals. Most haven't done particularly well.
We've found very few who can actually bring in work. Even fewer have been willing to stick around.
There’s a phrase we use for law firm associates who are good at bringing in business.
They’re called “former associates.”
Seriously. It's depressing.
The idea that you’re going to rapidly build your business by hiring and retaining associates who can generate a book of business is borderline fantasyland.
Sure, you’ll find a rainmaking associate you can retain---once every 100 years. But that’s not a model that sustains a business that needs to generate a return right now. Maybe 100 years is an overstatement, but you get the idea.
The Facts About Generating Business
These are the facts---as I've experienced them---over 30 years of critically observing our industry.
The most profitable engagements come from referrals.
The referral sources sending the best of the referrals are other lawyers, with business owners running a close second.
Most, not all, of the most profitable law firms are generating nearly all of their business from referrals from these two sources, along with referrals from former clients.
There are very few lawyers who crush it at generating business. I define "crushing it" as putting about 10 associates to work on the business they generate. That kind of ratio is what it takes to maintain a highly profitable firm. You can be profitable with a lower ratio, but higher is better, right?
Highly profitable firms typically have one lawyer generating enough business to keep 1o lawyers busy. They amount to about 9% of the lawyers in the firm. In a 300-lawyer firm, there are 27 of them. In an 11-lawyer firm, there is one.
It’s possible to build a business without good referrals, but it’s harder, and it involves business and marketing savvy that doesn’t come naturally to most lawyers. It requires significant investment, lots of hunting for the new "new" thing, and a considerable investment of time and attention.
Building such a business quickly, without referrals, requires substantial capital investment in marketing. Most small firms are bootstrapped and lack capital so growing quickly, without referrals, isn't an option. Even with appropriate investment, these firms struggle to achieve the profitability levels of the firms built upon a solid base of referrals.
I can’t count the number of small law firm owners who explain to me that they’re going to hire associates who are going to go out and generate referrals. I express my doubt, and the lawyer responds by explaining the clever compensation system that’s going to make it work. Mostly, it doesn’t work and by “mostly,” I mean that it doesn’t work.
How Law Firms Create Sustainable Growth
Finding associates who can generate business and who will stick with you after they realize they can generate business is tough. Mostly they can’t generate the business. If they can, they tend to leave pretty quickly because they imagine---often incorrectly---that they’ll make more money on their own.
W…
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17min
March 09, 2017 Podcast: Osmosis Is Not a Management Tool
She's frustrated with her firm. Mistakes are happening. Client communication is haphazard. Turnover is unacceptably high. We talked about managing her firm, and I suggested more frequent, systematic communication.

She resisted team meetings and consistent communication. Pressed, she was full of excuses. Her kids, court dates, and outside meetings all took priority over her team.

When asked how she shares her priorities with the team, she said, "It happens through osmosis." They texted often.

This is a lawyer who felt out of control. She didn't know what was happening when or what her associates were working on. She didn't know or keep track of deadlines and couldn't explain turnover.

Her "osmosis" style of management was an abysmal failure because osmosis isn't management.

Management is deliberate. Unless you want to stay a solo forever, you can't scale without coordinated, scheduled management. Communication is the foundation for growth. This is how it's done correctly.

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14min
March 03, 2017 Worn Out and Exhausted From Frustrating Questions?
The Answer Just Gets Us More Questions
Most of us spend much of our day answering questions. It wears us out.
We deeply believe that we're supposed to answer the questions. It's what we do, it's who we are, and it's the role we play. But what if that's a flawed premise?
Believing that we should always have the answer is stressful. Sometimes it’s more than we can bear. We’re tired, nervous, distressed, and anxious. We’re not always sure we can cope. We survive, but sometimes it’s touch and go.
It’s challenging when we’re the people everyone else comes to for answers. The clients ask us what to do. The employees do as well. Sometimes our vendors want our guidance on how we want “it” (the copier, the Internet, the website, the business cards, whatever) handled. Then there’s our family asking us for input. The questions just keep on coming.
Deep down, we know they could answer the questions themselves. We know that our answer isn’t much, if any, better than their best guess. After all, our answer is merely our best guess. We don't always "know," but we always answer.
But the questions keep on coming, so we keep answering. We respond, “Go ahead and call her,” “It goes over there,” “Send the money he needs,” “Tell him you did it,” “Stop doing it,” “Start doing it,” and on and on. You’ve got questions. We’ve got answers.
It’s hard to answer one question before the next question flies at us. Sometimes we want to hide out in the closet.
We accept our role as the answerer. We buffer ourselves by regulating our e-mail, limiting our phone calls, and closing our door. But we know we’ve got to spend time each day answering the questions because our failure will cause progress to stop. Answering is the role we play.
Is Answering Questions the Best Idea?
But does it have to be this way? Is this the best way?
Let's stop for a bit, spend a few extra minutes hiding in the closet, and look at the big picture. Let's take a minute to ask ourselves a question.
What would happen if we stopped answering the questions? Would the world stop spinning if we stopped answering?
It’s valuable to acknowledge that we’ve created a culture, with ourselves at the center, that requires us to play our part as the answerer. The team needs us to be there leading, guiding, and answering. That’s what we’ve built, whether we’ve done it consciously or accidentally. We’ve made a business that doesn’t work well without our being central to the decision-making.
Why did we build it this way? It’s likely that we didn’t think much about it before it evolved. We didn’t mind everyone turning to us at the outset. In fact, we like knowing the answers and being able to respond. It feels good to be thought of as the person who knows what to do. We feel important and valuable. We appreciate the respect that comes from being useful at the center of the group.
What Would Happen If We Stepped Away?
What would happen if we stopped answering the questions?
Many things would likely occur---some of them good, and some of them less good. Certainly:
They’d do it differently than we’d do it.
Some things would fall through the cracks (like they do now).
They’d get it done eventually.
They might get done better. That could feel uncomfortable for us.
Some folks couldn’t cope. They might leave.
Some folks could cope. They might grow.
Your team will change and evolve to the new culture.
You’d likely end up with some new team members who better fit the new way of doing business.
You might feel out of control and might react poorly to your emotional distress.
You might like it.
The business might grow faster. It might be more profitable. Your clients might be happier.
It’s likely that, at least sometimes, allowing someone else to answer the questions would result in better answe…
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19min
March 02, 2017 Podcast: Oh ****! I Just Got a Grievance
A while back, I wrote a post about the day I received a grievance. Fortunately, the result ended in my favor, but the immediate dread feels as close as now as it did then.
Certified letters tend to elicit a Pavlovian response in me. I've never received one with anything good like lottery winnings inside. My heart sinks, I resist opening them, and I want whatever's inside over before it begins.
The distress latches on and affects you until you've ground your way to the conclusion. If you've never had the misfortune of receiving a grievance yourself, know that it will be an emotional reaction. It feels like a personal attack, and you'll be immediately defensive.
The lawyer in you will kick into analytical, conquer mode, and you'll want to pick it apart and start drafting your response.
Don't. Don't even analyze it. Hire a lawyer.
You need to become a client. Push aside your DIY mentality and take your own advice. You'll learn what it feels like to be the clients you counsel every day. Use that experience to better your practice.
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13min
February 24, 2017 6 Ways to Own (Instead of Rent) Your Reputation
Reputation is to lawyers what real estate is to restaurant owners.
Stick with me for a moment, and I’ll explain. (Warning: this could make you hungry.)
Who Makes Money in the Restaurant Industry?
A smart real estate lawyer explained that the money in the restaurant business is made by the landlord. It’s not made by the restaurateur.
I was confused, so I asked questions. Now I get it.
Here’s how it goes down -
Restaurateur leases space.
Restaurateur invests lots of time and money in building out restaurant.
Restaurateur then markets the restaurant like crazy.
The restaurant takes off. The line is down the block. Everybody is talking about the place, and it’s fantastic.
More restaurants move into the area. The neighborhood booms. Cool shops open. Even lawyers move into the area and lease space. This happens very quickly in some areas, and the entire neighborhood can transition in five or ten years. We’ve all seen it.
The landlord raises the rent. It’s reasonable because this is now a hot area.
The restaurant starts to struggle financially because of the new high rent. The restaurateur is suddenly earning less and less.
The landlord, of course, makes more and more.
The restaurateur ends up with a restaurant that's no longer very profitable. The landlord ends up with a very valuable parcel of real estate.
Who Makes Money in the Legal Industry?
Here’s how many lawyers have the same problem as restaurants.
Lawyer leases office space.
Lawyer invests lots of time, money, and education in setting up a practice.
Lawyer then markets the practice (much of it through advertising on Google, Facebook, Avvo, radio, etc.).
Lawyer’s business takes off.
More lawyers see what’s happening and start advertising in the same venues.
The advertising medium raises rates. It’s reasonable because it’s working for all the advertisers, and these newcomers bid up the prices.
The lawyer starts to struggle to maintain earnings with the new higher advertising prices.
The advertising company makes more and more.
See it now? See how we’re like restaurants?
The landlord wins in the restaurant business. Who wins in the law business? Here’s the Google stock chart.
[caption id="attachment_66250" align="alignnone" width="499"] Via CNBC[/caption]
It’s not fair. That’s my first reaction. Why should all the restaurateurs' work mostly end up benefiting the landlord? Why should most of the lawyers' work mostly benefit Google?
Google, Facebook, and the other purveyors of online advertising opportunities create a powerful algorithm that takes much of the profit and leaves just enough to keep ad buyers sufficiently engaged to keep playing the game and bidding up the prices. These powerful vendors are well funded, staffed with talented and motivated teams, and deserve to reap the rewards generated by their efforts. They've figured out how to take their share off the top, just like the landlords.
But it doesn’t have to be that way. The smart restaurateur could have avoided the problem by purchasing the building at the outset. Sadly, most restaurateurs can’t figure out a financial way to make that happen.
Lawyers have an option as well. And it doesn’t involve access to nearly as much capital or require the never-ending hunt for algorithm-exploiting secrets.
How Advertising Falls Short for Lawyers
We can build our reputation without advertising. At a minimum, we can use advertising only as necessary.
Most advertising, at least as employed on behalf of law firms, doesn’t stick. It's effective for the short-term but doesn't have much long-term impact.
It’s very difficult to find examples of law firms that have successfully branded themselves. They are few and far between. Most people don’t remember law firms, especially in the consumer arena, bec…
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17min
February 23, 2017 Podcast: Life as a Digital Nomad Lawyer
My wife and I have been jumping across Asia and Europe for over two years.
Following my posts on Instagram, it'd be easy to get the impression that I'm in 24/7 vacation mode. I'm not. Nomadic life is a chance to work in new places and explore during off hours. It's still real life; it's just life somewhere interesting.
While I've been traveling, I've let the success of my law firm back home serve as a gauge of worthwhileness. Fortunately, it's been growing better and faster than when I was deeply involved in the day-to-day minutiae. Maybe they needed me out of the way.
It's not all fun and play, but it's one of my most fulfilling experiences yet. If you're even curious about transitioning to remote work, give this episode a listen. I'll help you head in the right direction.
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25min
February 17, 2017 The "Nobody Else Can Do It" Disease
Do you feel like you're the only person in the firm who can do one particular thing? Does everyone else kind of stink at it?
The story goes like this:
We’ve got people who can do this and people who can do that, but I’m the only one who can do [fill in the blank].
Sometimes it’s the initial consultations.
Sometimes it’s the trial work.
Sometimes it’s the marketing.
It’s awesome that it’s getting done in a world where getting things done is always harder than it ought to be.
It’s wonderful that you’re good at it. It’s terrific that doing it has enabled you to build the business. It’s great that it’s being done so well.
It's not unusual for the thing you alone are capable of doing to be THE THING. It's the thing that's your competitive advantage. It's the thing that has brought attention, results, and success. If you hadn't been doing the thing, you'd likely be working as a public defender in a beige government office building and putting 50¢ in the coffee can for each cup.
But doing it isn’t getting where you want to be.
In fact, doing it is holding you back.
Why are we doing it? I know you've convinced yourself that it's because you've got to do it. You're the only one who can.
But we don't keep doing these things (whatever they may be) because they can't be done by others. There are other forces at play. We rationalize, we explain ourselves to ourselves, and somehow we start to accept our story. Most of us reach the point where we believe our bullshit. (I certainly do.)
So why are we doing it? It’s not because we’re the only ones who can do it. It’s likely that we’re doing it because…we like doing it. It makes us feel good.
It’s natural that we enjoy things we’re good at doing. It's comforting. It keeps the happy-feeling chemicals pumping through our brain.
In fact, many of us learn to do something we’re good at when we’re having a bad day. It's about self-soothing. It's good for us. It’s a quick trick for hitting the reset button. It makes us feel better instantly.
Doing things that make us feel good may be good for us. Feeling good is nice. I like it too.
But what's the objective? Are we in business to feel good? Or are we in business for some other reason? Or are we in business for a little bit of both (accepting that we may have to make some compromises to have both)?
It's your call, of course. But, when we hold on to the things we enjoy, we slow down the growth of the business. Instead of overcoming challenges, we spend our time doing what we enjoy.
When we hold on to one thing, it keeps us from focusing on other things. Holding on slows the development of our team. Holding on shifts the focus of the business.
There are things that only you can do at any particular moment. They likely involve creating your vision, hiring your team, and making cash available. They are the highest-level tasks and drive the growth of the business. Others should handle everything else.
When you believe this story, "We’ve got people who can do this and people who can do that, but I’m the only one who can do [fill in the blank]," then you need also to believe that you're slowing growth. You're moving more slowly than you would if you'd figure out a way to let go and let others do it instead of you.
There's nothing wrong with going slow. You get to decide on the destination and the route. If you love it and it's what you want, then keep doing it. There's no downside to happiness. Happiness is good.
But you can be replaced. Believing otherwise is a load of crap. It's not true. It's not reasonable. It's not reality. Someone else can do it. In fact, it's likely that someone else can do it better!
Be careful when you jump forward to respond with "I've tried to get them to do it and they're not as good as me." Of course they're not. You're exceptional …
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20min
February 16, 2017 Podcast: The Persistence Payoff
Bragging authority: Divorce Discourse made it to the top. I'm an ABA Blawg Hall of Famer.
I'll admit it: anyone could have achieved the same success. There were many blogs in the running that I personally followed throughout the years. The difference is that they stopped. Their persistence ended.
Stick with what you enjoy, and it will pay off. You will achieve your goals.
You don't have to be the best. You don't have to be the most talented. You'll win in the long haul if you stick with anything you're doing.
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12min

FAQs about Your Law Firm - from Rosen Institute:

How many episodes does Your Law Firm - from Rosen Institute have?

The podcast currently has 687 episodes available.

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