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The Law Practice Doctor - Podcast

The law practice doctor podcast is the place to get the easiest most practical and profitable ways to grow your firm and still have a Life! Its mission is to help solo and small law firms succeed.
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The Law Practice Doctor - Podcast
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Now displaying: April, 2015
Apr 28, 2015

In this week’s episode of The Law Practice Doctor, Sam Gaylord interviews Jaimie B. Field, Esq., who has been involved in the legal industry since the age of twelve. Jaimie became an attorney as a result of having a behind the scenes preview of law. After graduating law school, Jaimie landed a job as an in-house associate for a startup entertainment company owned by the Jackson family. She opened Marketing Field in 2002 when she recognized the business opportunity to help law firms grow by using ethical solutions for getting new clients and marketing their firms. Marketing Field shifted its focus to include marketing, training, and coaching. During the show, Sam and Jaimie discuss the three steps of rainmaking, networking, common problems, and ethics and rules.

 

Main Questions Asked:

  • How did you get to be The Rainmaker?
  • What is involved in group coaching, and what are you trying to coach?
  • Is there a resistance to people coming to you but not wanting to sell themselves?
  • What is enlightened rainmaking?
  • What prompted you to want to stay working with attorneys with regards to rainmaking?
  • Give us a description of holistic marketing.
  • What are the common tips for attorneys to improve?
  • Is the first step creating a USP?

 

Key Lessons Learned:

The Rainmaker

  • The Rainmaker is a rainmaking training and coaching company that provides continuing legal education credits in New Jersey and New York for ethics CLEs in conjunction with rainmaking tactics and techniques.
  • Jaimie offers workshops and one-on-one coaching, group coaching, and group public coaching.

 

Networking For Lawyers

  • You don’t have to go to a networking event to network as networking is done one-on-one.
  • Marketing, networking, and rainmaking is about getting out of your chair and getting out and being proactive.
  • There are plenty of things every attorney can do that will fit in to your individual personality.
  • There are 1.281M attorneys in the USA that are practicing law. Being a good lawyer is no longer enough.
  • The USA has two thirds of the world’s attorneys. You have to be able to differentiate yourself as a lawyer in order to get business
  • You can’t have a practice if you don’t have clients. You can’t have clients if you don’t meet people.
  • For high-level law, people need lawyers not a computer screen.

 

The Three Steps of Rainmaking

1) Creating visibility (marketing).

2) Creating relationships (networking).

3) Creating trust (turns into business) this is the rainmaking part.

  • People have to know, like, and trust you.

 

Enlightened Rainmaking & Holistic Marketing

  • Enlightened is not in the self-help sense but rather to mean showing a rational and well-informed outlook.
  • Jaimie works with each attorney to teach how to grow his or her own book of business.
  • Holistic marketing talks about the firm and how to brand and market the firm.
  • The ‘whole’ comes into play by looking at all the systems in place including training the staff in client services.
  • Virtual receptionists aren’t expensive with regards to the return they can bring solo businesses.

 

Common Problems With Lawyers & Rainmaking

  • The biggest problem with attorneys in marketing is the ‘follow the leader’ syndrome.
  • Attorneys are used to mitigating risk, which is an inherent need to not be entrepreneurial.
  • ‘Excusitis’ is the biggest problem with regards to rainmaking at law firms.
  • People often follow ‘weapons of mass distraction’ and get lost in trying to do everything instead of doing one thing on a consistent and constant basis.
  • Law is a business that is done with people despite the wanting for commodification.

 

Ethics & Rules

  • There are ethical considerations of online and offline marketing.
  • Read the rules of professional conduct, then look at your firm’s advertising.
  • Rule 7.0-7.5 are the advertising rules that most states have.
  • A lot of other rules come into play including confidentiality, conflict of interest, trial publicity, and referral fees.
  • Most ethics complaints on advertising don’t come from clients but rather from other attorneys.

 

Jaimie’s Tips

  • Stop trying to be all things to all people and start to find a niche so you can coherently market your services.
  • Just saying “I’m an attorney” in marketing doesn’t mean much. It doesn’t say what you do, and people will jump to their own conclusions.
  • You need to figure out how to answer the question, “How can I solve your problem?”
  • Develop a list of what your ideal client looks like.
  • Giving referrals to other attorneys is one of the greatest things you can do as those attorneys will find a way to pay you back.
  • The more you give without expecting anything in return, the more you’ll get back.

 

Thank you for listening! If you enjoyed this podcast, please subscribe and leave a 5 star rating and review in iTunes!

 

Links to Resources Mentioned

The Rainmaker

Marketing Field

Legal Typist

Ruby Receptionist

The One Thing 

201-264-6040

 

info@marketingfield.com

Apr 28, 2015

On this episode of The Law Practice Doctor, Ben Glass talks about his career in legal marketing, how he got there, and the problems and solutions he deals with most.

 

Key Takeaways:

[00:03:09] Learn more about Ben Glass and Great Legal Marketing

[00:11:16] Common marketing diagnoses

[00:15:43] prescriptions for success

[00:20:32] disney wow experience

[00:21:10] where to start

[00:25:21] knowing when to cut losses

[00:27:30] contact info

 

Mentioned in this Episode:

http://www.greatlegalmarketing.com/

http://www.vamedmal.com/ (BenGlassLaw.com)

Ben@BenGlassLaw.com

Apr 28, 2015

In this week’s episode of The Law Practice Doctor, Sam Gaylord interviews Roger Whitney, who is a certified financial planner, investment management consultant, private wealth advisor, and an accredited investment fiduciary. Roger is known as the Retirement Answer Man. During this episode, Sam and Roger discuss setting financial goals and keeping records, mastermind and accountability groups, the ‘little conversations,’ budgeting, and solutions.

 

Main Questions Asked:

  • Talk about setting good financial goals.
  • What are some of the systems and structures you’ve put in place to get balance? 
  • What things do you want to make sure clients are doing when it comes to their financial records?
  • What are some of the problems you see when meeting with clients?
  • Tell us what you mean when you say ‘little conversations.’
  • What should we think about with regards to budgeting?
  • What solutions do you suggest to clients?
  • Tell us about what it means to be the Retirement Answer Man.

 

Key Lessons Learned:

Setting Financial Goals

  • When you’re a solopreneur, the lines between business and personal life are blurred.
  • A business needs to serve you as much as you serve it.
  • There are ways of structuring the business so it can run without you.

 

Keeping Financial Records

  • What is your overhead, and how are you tracking that consistently?
  • What is your income, and what things can do you do to manage the income and control the kind of growth you have?

 

Mastermind & Accountability Groups

  • Start a mastermind group in your area, or virtually, and thoughtfully seek out two likeminded people with similar motivations, goals, and values.
  • This is an opportunity to have weekly video chats or calls as peers with complete confidence and transparency on what each person is struggling with and what is working.
  • Masterminds help you find the blind spots in business.
  • Accountability groups have a weekly meeting where each person revisits tasks they promised to be done during the week.

 

Common Problems

  • People in general don’t want to deal with their finances in a thoughtful way.
  • It’s not that people don’t have good intentions for the discussion; it’s that the conversation gets put off.
  • Roger essentially provides the framework for conversations about the right things.
  • Most people don’t have a clear concept of what their net worth is.
  • Net worth is the sum of all the assets and liabilities on one page. This is a representation of all the decisions they’ve made with money through their lives.

 

The Little Conversations

  • Little conversations mean not having ‘big conversations,’ which is when things are out of hand and need to be addressed.
  • Rather than trying to ‘figure it all out,’ the key is to have a process to have thoughtful conversations, so you can make lots of little adjustments and manage uncertainty rather than removing it.
  • It’s the forced engagements that facilitate the littler conversations that deal with the little inklings rather than huge problems.

 

Budgeting

  • The core goal of budgeting is to control your overhead and to capture free cash flow.
  • Roger sets a spending target each month.
  • The income will go into a separate account from the checking account.
  •  Once a month, the spending target money will be moved over to the spending account.
  • As long as he remains close to the spending target, it doesn’t matter what category it goes under.
  • The key is capturing the excess earnings and allowing that to accumulate.
  • It’s important to have systems in place so money doesn’t get co-mingled.
  • Most people have their income go into the checking account, and it all gets spent.
  • When money arrives in the income account, it’s best to separate the money that will go to estimated taxes.

 

Solutions

  • Set your 1, 3, and 5-year priorities as a family, business, or individual.
  • Priorities have the ability to change over time, whereas a goal is finite.
  • Figure out what you are trying to accomplish and make sure your cash flow is in alignment with your priorities. 
  • Allocate the net worth statement to align with those 1, 3, 5-year priorities.
  • Use checklists to ensure the little conversations happen.
  • When people think about personal finance, they think too much about investments.
  • Investing is part of personal finance but isn’t the engine that drives everything.

 

Thank you for listening! If you enjoyed this podcast, please subscribe and leave a 5 star rating and review in iTunes!

 

Links to Resources Mentioned

Roger Whitney 

Retirement Answer Man Podcast

 

  

Apr 9, 2015

On this episode of The Law Practice Doctor, Diane Gardner shares her journey into tax coaching and how she saves her clients from overpaying their taxes.

 

Key Takeaways:
[00:01:59] All about Diane Gardner
[00:05:20] Diane lists common tax mistakes
[00:08:03] Diane gives tips about hiring your kids
[00:10:00] Diane talks about the differences between sole proprietor, LLC or S-Corp
[00:12:26] The status of Diane’s general clients
[00:14:35] Diane shares about implementing tax services
[00:15:58] Diane’s top tip
[00:17:10] Questions to ask tax professional
[00:18:17] Diane talks about her mastermind group
[00:20:29] Diane’s worst case clients
[00:22:25] Diane discusses her new book
[00:24:10] Advice Diane has for solo or small entrepreneurs

 

Mentioned in this Episode:
http://www.taxcoach4you.com/
http://www.amazon.com/Think-Grow-Rich-Napoleon-Hill/dp/1453670114
http://www.skype.com/en/
http://www.taxcoach4you.com/books/stop-over-paying-your-taxes/

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