4-WEEK INTENSIVE · 2019-09-17 · Be Clear about your Marketing Funnel Create a Marketing Plan...
Transcript of 4-WEEK INTENSIVE · 2019-09-17 · Be Clear about your Marketing Funnel Create a Marketing Plan...
© Copyright 2019 How To MANAGE a Small Law Firm II Inc. All rights reserved.These documents may not be reproduced without written permission from publisher Page 1
4-WEEK INTENSIVE
© Copyright 2019 How To MANAGE a Small Law Firm II Inc. All rights reserved.These documents may not be reproduced without written permission from publisher Page 2
© Copyright 2019 How To MANAGE a Small Law Firm II Inc. All rights reserved.These documents may not be reproduced without written permission from publisher Page 3
NOTES:
© Copyright 2019 How To MANAGE a Small Law Firm II Inc. All rights reserved.These documents may not be reproduced without written permission from publisher Page 4
THE 7 WORKING PARTSOF YOUR LAW FIRM
MARKETING
SALES
Be Clear about your Marketing FunnelCreate a Marketing PlanStrategize your Marketing CampaignsLeverage Endless Referrals Website & Online Presence
Honest Discussion with Potential New Clients (PNC)Help PNC Understand THEIR ProblemHelp PNC Understand THEIR Opportunity
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PRODUCTION
PEOPLE
PHYSICAL PLANT
What Services Do You Offer?Who Does What by When?Forecasting Legal Deliverables
Positions in Every Law FirmBuilding and Leading Your Team
Furniture & EquipmentSoftware & LicensesPhysical SpaceContracts & Insurance
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FINANCIAL CONTROLS/ METRICS
YOU
Budget/Budget Variance Report.Financial ReportsOther Metrics that Show the Heartbeat of your Firm.
Physical HealthMental HealthFinancial HealthGoals
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4-WEEK INTENSIVE
HOMEWORK
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PROFESSIONAL GOALS
WHY DO YOU WANT YOUR LAW FIRM BUSINESSTO BE SUCCESSFUL?
You can’t get to where you want to go unless you first get clear on where you are going. Watch/Listen to this very important Goal Setting Recording to help you get clear on you professional, personal, and financial goals. Visit your course page to access the recording
Let’s make your success unstoppable by working-out the answers to a few seemingly simple questions that you’ve probably never been asked before:
In order to get to clear on who you want to work with consider your legal practice area as well as the client type:
I Want my Law Firm Business to be Successful so
My passion is to help people with the following types of legal
I Want my Law Firm Business to be Successful to be able
Or
I specifically thrive on helping the following types of
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PERSONAL / SOCIAL GOALSQuantify How YouManage Your Time
Do you have an inappropriate relationshipwith your law firm!?
Your law firm is your mule.
No matter how much time and how much energy you put into your law firm,It’s never going to love you, and it’s never going to give you a hug.
It’s there to pull your plow, so you can grow crops to feed yourself andyour family.
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STEP 1: Circle everything you do in a typical day...
Attend NetworkingEvents
Draft & ReviewDocuments
Chase Down OldAccounts Receivable
Staff Training
Meet With Investigators
Conduct EvidentiaryHearings
Spot-Check Staff
Conduct Trial Interview ProspectiveClients
Meet With ProspectiveReferral Source
Pick Up DryCleaning
Conduct A Seminar
Legal Research
Audit Trust Account
Meet With TheAccountant
Voir Dire
Attend Hearing
Eat Lunch
Draft Contracts
Negotiation ForClients
Grocery Shopping
Spiritual Time
Attend A Sporting Event
Learn About How To Make It Rain
Prepare For Deposition
SleepMotion Calendar
Get A Haircut
Read A Book
Trial Preparation
Take Deposition
Oil Change
Payroll
Meet With LitigationSupport Professionals
Pick up Kidsfrom School
Drop Off KidsAt School
Give KidsAllowance
Audit Accounts Payable
Document An OfficeProcedure
Develop DiscoveryStrategy
WitnessPrep.
Learn More About LawOffice Management
Fill Up CarWith Gas
Visit Clients Who CannotCome To You
Personal Hygiene
Correspondence OnBehalf Of Clients
Put Out FiresFind The Right Person ToWhom Make A Referral
Visit A Client’s PlaceOf Business
Alone Time WithSignificant Other
Ongoing CLE
Commute To &From Office
Eat Breakfast
Read Newspaper
Play Bills AtHome
Fire Clients
Document An OfficePolicy For Staff
Help WithHomework
Eat Dinner
Pay Bills AtThe Office
Present A Speech
Present A Speech
File Maintenance
See A Train Clients
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STEP 2: Divide YOUR TIME into 3 categories1. Things You MUST Do Yourself Every Day And Cannot Delegate
3. Things You Do For The Mule To Keep It Healthy + Productive + Everything on Pg. 9
2. Things You WANT To Do
SleepEatPersonal HygieneCommuteOther
Marketing Networking Sales Calls P.R.Management Training + Supervision Staff Policies & ProceduresFinancials Budget/ A/R’s/ Evergreens Trust Account ManagementLegal Services Calls w/ or for Clients Research Court/ Prep for Court Draft/ Review K’s + other Agmts CLE Other
ExerciseHobbyKids PlaytimeKids HomeworkPersonal Time w/Spouse or S.O.Spiritual TimeSocial Time w/Friends + FamilyOther
#HRS
#HRS
#HRS
Subtotal
Subtotal
Subtotal
TOTAL: 168 HRS
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STEP 3: Count hours
1. Things You MUST Do Yourself Every Day And Cannot Delegate
3. Things You Do For The Mule
2. Things You WANT To Do
#HRS
#HRS
#HRS
Subtotal
Subtotal
Subtotal
TOTAL
24 Hrs x 7 Days = 168 Hrs Available to you every week.
Since life’s not perfect and some weeks will be better than others, it’s best to average every two-weeks. In other words, some weeks the mule needs you to prepare for a big case so you’ll give it more Hrs. Other weeks you need time with friends + family. Use this exercise like any other kind of budget as a management tool not an edict
carved in stone.
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PERSONAL GOALS
Sleep 7-8 hours each day, so that my body is well rested and I am living a balanced life.
Walk/ Run/ Bike ___ minutes ___ times a week,
Work out ____ times a week. This is important to keep a positive mental state as well as staying physically fit.
Reduce my BMI to ____ by __________.
Lose _____ lbs by _______. This will involve both daily exercise and changing of eating habits.________________________________________________________________________________________________________________________________________________________________________________________________________________________
Read one ‘real’ book a week.
Spend ___ hrs per week on ____________________, my favorite hobby.
Spend ___ hrs per week studying ________________ (language/ musical instrument/ art/ creative endeavor)
________________________________________________________________________________________________________________________________________________________________________________________________________________________
Volunteer ___ hrs/ wk in one charity/ organization I truly care about.
Focus on family without distraction ___ evenings per week
Spend one night a week on “date night”.
Plan a ___ week vacation.
________________________________________________________________________________________________________________________________________________________________________________________________________________________
Decide upon personalized GOALS which are measurable, realistic and driven by your desire. Below are some sample personal goals to get you thinking...
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FINANCIAL GOALSStep 1. Visualize the life you WANT to be living 12 months from now.
Use the worksheet on the next page to be sure you remember you take into account the cost of life & disability insurance to protect that lifestyle once achieved and project it forward for the way you want to be loving your life 12 months from now, in three years, and even five years from now.
Step 2. Alright, so what does it cost to live that lifestyle? [A]
Step 3. Now multiply [A] times two and that gives you your annual Gross Income Goal: [B]
Step 4. Divide [B] by 12 months to determine your gross monthly revenue requirement: [C]
Step 5. Here we get a little more granular. Some might say “gritty”. There are 52 weeks in the year ahead. Deduct all the major holidays and you’re left with only 50 weeks. Deduct another 2-weeks for “life” to happen to you (kid gets sick, best friend needs a shoulder to cry on, the day is just too nice to be cooped up in an office so you go to the beach) and now you’re left with just 48 productive weeks in the year. Now budget at least 2 weeks for a vacation so you can thank yourself and your family for supporting your career and now we have no more than just 46 productive weeks in which to achieve your annual financial goal.
Annual Gross Income Goal [A] divided by 46 (or fewer) weeks = Weekly Gross Income Goal: [D]
So now you know what your law firm has to generate in gross revenues each week in order to hit your gross income goals, in order to extract your net income requirements in order to support the lifestyle you want to enjoy.
Keep that number in mind. This will be an important number we will refer back to and I’ll show you how and why to measure it when we get to the modules about Financial Controls.
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HOW MUCH MONEY DOES YOUR LAW FIRM BUSINESS NEED TO PRODUCE...IN ORDER TO SUPPORT THE LIFESTYLE YOU HAVE CHOSEN FOR YOURSELF?
HOME
ENTERTAINMENT
INSURANCE
LEISURE
Mortgage/RentUtilitiesTelephone/CellDomestic ServicesMaintenanceGroceriesClothingOther
RestaurantsTheater/Sporting Events/Etc.HobbiesSocial ClubsDues/SubscriptionsOther
HealthLifeDisabilityAutoHomeBoatOther
VacationTravel2nd HomeToys (ex: boat, motorcycle, etc)Other
NOW
NOW
NOW
NOW
GOAL
GOAL
GOAL
GOAL
Subtotal
Subtotal
Subtotal
Subtotal
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DEBT SERVICE
SAVINGS/RETIREMENT
EDUCATION
TRANSPORTATION
TRANSPORTATION
Credit CardStudent LoanAlimonyChild SupportOther
Savings Account 1Savings Account 2Savings Account 3Savings Account 4RetirementOther
Adult Personal Development**Child 1 529 plan/current tuitionChild 2 529 plan/current tuitionChild 3 529 plan/current tuitionChild 4 529 plan/current tuitionOther
** Note: Professional education will be a business expense.
CarCarOther
CarCarOther
NOW
NOW
NOW
NOW
NOW
GOAL
GOAL
GOAL
GOAL
GOAL
Subtotal
Subtotal
Subtotal
Subtotal
Subtotal
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Subtotal Home:
Subtotal Entertainment:
Subtotal Leisure:
Subtotal Insurance:
Subtotal Debt Services:
Subtotal Savings:
Subtotal Education:
Subtotal Transportation:
TOTAL
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NICHE/ MAGIC STATEMENT
TIPS TO CRAFT A SUCCESSFUL “MAGIC STATEMENT”
Identify who you are helping and what you are helping them do.Target your ideal audience and craft your Magic Statement to appeal to the “A client” you want to represent.Use language your client will understand.Don’t be long winded - be to the point.Make it memorable.Make it unique.Ask yourself if the Magic Statement may encourage the wrong type of clients and think about how you could be more specific to exclude those you don’t want.Short and sweet – think elevator speech.Use Magic Statement to invite further conversation.Speak with your own “voice”. What works for one, may not be right for you.Play with multiple versions with different adjectives, verbs, adverbs, etc.Find a Magic Statement that makes you smile each time you say it. (It should show that you enjoy doing what you do!)“I help . . .”“I protect . . .”“I defend . . .”“I fight for . . .”“I represent . . .”Edit, Edit, Edit, Refine, Refine, Refine, Boil it Down, Boil it Down, Boil it Down.
In order to convey to individuals one encounters at networking events, social meetings and personal activities, one must be able to concisely convey what it is you do and how you help people make their lives better. This is the type of “magic” that grabs people!
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Post your Magic Statement on the course forum to get feedback from RJon & the team! Go to www.howtomanageasmalllawfirm.com/Course to post your magic statement.
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4-WEEK INTENSIVE