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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: September, 2015
Sep 28, 2015

In this week’s episode of The Law Practice Doctor, Sam Gaylord interviews Todd Tressider, who has spent several years as an entrepreneur in the investment management industry. He previously worked in the hedge fund industry and retired at age 35. During the show, Sam and Todd discuss personal finance, the two stages in the wealth building equation, 401Ks, achieving happiness, and the seven steps to seven figures.

 

Main Questions Asked:

  • What are the primary questions people should be asking in order to get to first base in understanding finances?
  • Talk about financial advice for the professional side.
  • What are some of the steps you go through in coaching clients to build wealth?

 

Key Lessons Learned:

  • It’s not about hot stock tips and getting a good investment but rather a process to achieving a positive outcome.
  • There are layers of deception in the industry, some of which are sinister and some inherent or accidental.

 

Personal Finances

  • The key to wealth is spending less than you earn and investing the difference wisely. If you do this every month for your lifetime, you will become wealthy.
  • The sooner in life you start doing the above, the wealthier you will become faster.

 

Two Stages in the Wealth Building Equation

  1. Savings rate to your total spending:
  • This is the most important in the first half of your wealth building.
  • What percent of your total income are you saving, and what is spent?
  • People get stuck in the earning and saving pattern even when it’s no longer important to the financial picture.
  1. Return on Investment Minus Inflation:
  • Determined by your investment and not savings.
  • At some point in your financial journey you cross the dividing line, and this is where people get messed up.

 

401K

  • Low fee out produces over time, so getting rid of overhead is critically important.
  • A lot of 401Ks have limited investment selection, so they are difficult to get solid returns on.

 

The 7 Steps to 7 Figures

  1. Get Your Financial House In Order
  1. Habitudes of Success
  • Your financial outcome is a mirror of your habits and attitudes.
  1. Your Wealth Plan
  • Takes into account your personal values, interests, and personal resources.
  • This breaks everything into action steps
  1. Taking Massive Action
  • Overcome your personal obstacles to success.
  • Construct your environment so it pulls you toward your goals.
  1. Expectancy Investing
  • This is different to traditional buy and hold and more about protecting the downside.
  • Maximize the potential and minimize the exposure.
  • Diversification works 95% of the time you don’t need it and feels miserable the 5% of the time you do need it.
  1. Personal Investment Issues
  • As you achieve high net worth, your wealth requires change.
  1. Now That You’re a Millionaire, So What?
  • Freedom is about much more than money.
  • The core value of freedom is internal and must be projected outward.

 

Achieving Financial Independence

  • When you achieve financial independence, something changes and most people don’t ‘get it’ when it happens.
  • Your willingness to tolerate your life as it is ends.
  • Your life that was fine for so long is no longer satisfying.
  • You will pay a price for any path you take to get to financial freedom.

 

Fulfillment and Happiness

  • Fulfillment and happiness is a subtle process that is much deeper than you think.
  • Many good things are attached to your work and goal-oriented activity, including sense of purpose and contribution.
  • There needs to be balance between fulfilling work that reflects your values and enough leisure to pursue dreams outside of that work. 

 

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

Financial Mentor

The Ultimate Return Calculator

 

 

Sep 21, 2015

In this week’s episode of The Law Practice Doctor, Sam Gaylord interviews Jason Hartman, who is the founder and CEO of Platinum Properties Investment Network, The Hartman Media Company, and the Jason Hartman Foundation. During this episode, Sam and Jason talk passive income, the three types of real estate markets, the rent to value ratio, and what it means to be a direct investor.

 

Main Questions Asked:

  • What is a direct investor?
  • What are some ways people can look to be a direct investor?
  • What should first time investors be thinking?

 

Key Lessons Learned:

Why Real Estate?

  • We are in an environment where you can’t make anything on saving money due to taxes and inflation.
  • Jason doesn’t advise on investing in Wall Street. People should be a direct investor and control what you put your money in.
  • Income property is a multidimensional asset class. You make money from the appreciation, income, leverage, and tax benefits.
  • Real estate is the most historically proven asset class in the world.
  • Real estate is the most tax-favored asset in America.

 

Passive Income

  • The closest thing to passive income is as follows:

1) Buying and owning income properties. 

2) Lending and owning the notes, mortgages, or land contracts on the properties.

 

Three Types of Markets

Linear:

  • Prices chug along quietly.
  • These are seen as boring but make sense for investing.
  • Example markets include Memphis, Atlanta, Little Rock, Kansas City, Indianapolis Chicago Suburbs, and Columbus.

 

Cyclical:

  • More expensive areas.
  • These markets have highs and lows.
  • Example markets include the North East, South Florida, and California. 

 

Hybrid:

  • This is a blend of the two markets.
  • The cash flow doesn't work as well in the linear and cyclical markets because the properties get too expensive and the rents don’t match the markets.
  • Example markets include Phoenix, Las Vegas, and Atlanta.  

 

The Rent to Value Ratio

  • The aim is to get 1% of the value of the property per month.
  • If the property is worth $100K, then the monthly rent should be $1K per month in rent.
  • The cyclical markets are too expensive, so a $500K property will rent for $2.5K per month, which is 0.5%.

 

Direct Investor

  • If you have relinquished control of your money, make the call and regain control.
  • The property must make sense the day you buy it. If it doesn’t, then don’t buy it.
  • When it comes to property, nothing spectacular should have to happen in order to make a nice return on your investment.

 

The Best Deals

  1. Single-family homes.
  2. Apartment buildings.
  3. Owning the paper – Making hard money loans on properties or buying notes or land contracts and owning the paper. These are easier and simpler but have lower returns.
  4. Your own business.

 

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

Jason Hartman

Platinum Properties Investment Network

Creating Wealth Show

The Longevity and Biohacking Show

The Hartman Media Company   

Jason Hartman Foundation

 

Sep 17, 2015

In this week’s episode of The Law Practice Doctor, Sam Gaylord interviews Gordon Firemark, who is an attorney in California that specializes in entertainment law. Gordon has a background in theatrical, is the designer, implementer, and owner of Power Podcasting For Lawyers, and was a speaker at Podcast Movement 2015. During this episode, Sam and Gordon discuss podcasting, sponsorship, content marketing, frequency, The Slight Edge, and Periscope.

 

Main Questions Asked:

  • How did you get into podcasting?
  • How do you find a podcast sponsor, and what is the benefit?
  • Do you have a post-podcast checklist for each guest?
  • Talk about Periscope and how you’ll implement that in your overall marketing position.

 

Key Lessons Learned:

About Gordon & Podcasting

  • Gordon helps creative and business-minded people bridge the gap by making and managing smart deals that make sense.
  • The focus is live theater, independent films/TV, and new media such as podcast.
  • Gordon’s focus is transactional (doing deals) rather than litigation.
  • Part of Gordon’s business is educating clients on the next steps of how to set up deals at studios or raise financing.
  • People think of podcasting as episodic content, but there is potential to put a fixed beginning and end to a series of 10 episodes.

 

Podcasting Sponsorship

  • Sponsorships is a way to defray the cost of podcasting.
  • Clio is the podcast sponsor of Gordon’s show, which is an affiliate relationship rather than a flat amount.
  • Sponsors get a bigger bang for their buck with podcasting over terrestrial radio, as the audience is niche.
  • If you are creating a podcast to market a law practice, then the sponsor is essentially the law practice.
  • You don’t have to do a podcast about law to be supportive of a law practice.

 

Content Marketing

  • The keys to success with any kind of content marketing is that if it feels too much like marketing, it’s going to turn people off.
  • Today’s consumer has instant access to anything for free in so many formats and across multiple platforms.
  • It’s not about being the best sales person; it’s all about content marketing.
  • If you give people information that solves their problems, answers their questions, and has actionable steps, then your business will get the knock-on effect.
  • Providing quality information doesn't have to be every day, but there does need to be consistency.
  • At the end of the day, content marketing is about the development of relationships.

 

 

Frequency

  • Even if you’re not producing content several times a week, if you are putting out content, it must be consistent.
  • Often, content as a stand-alone item seems like a giant piece of content, but if you provide that for a year, then you have 52 videos, 12 hour long podcasts, and a few dozen blog posts.
  • If your content is about a niche area, then you are bound to organically include keywords that will be searched.
  • Get in the habit of consistently providing content, even if it is just once a week. Eventually, a content library will build up.

 

The Slight Edge

  • Every day we make thousands of choices. You can choose to do the simple thing, which is to not do it.
  • The people who are successful are those who decide to do the tiny thing every day that will help them move forward over time.
  • When you look back at the culmination of taking action on the ‘tiny things,’ you’ll see the exponential return.

 

Lawyer Objections & Content

  • Some lawyers have fear with regards to giving away information and knowledge, as they want clients to pay for it.
  • Creating a podcast is similar to creating an informational brochure you would submit to clients.

 

Post-Podcast Guest Checklist

  • Podcasts can be transcribed for repurposing and reusing content. This is also an aspect of added value for the person you are interviewing.
  • The best post-podcast route is to have a checklist and work the system.
  • At the very least, a host should send a post-interview following letting the guest know that the episode is going live and asking the guest to promote on social media.
  • A programmed follow-up for a few weeks, and months, post-podcast is a great system.

 

Periscope

  • This is a video broadcasting tool that uses your smartphone and Twitter account to live stream video from your phone. The video is saved for 24-hours afterward.
  • Periscope is a great tool for the video playing field; you don’t need YouTube and for the videos to be produced.
  • There is an extemporaneous ‘get to know you’ vibe that comes out of using Periscope.
  • You could even strip the video and publish the audio as a podcast or do a video podcast.

 

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

Power Podcasting For Lawyers

The Entertainment Law Update

Firemark

Podcast Movement

Podcast Answer Man

Valtimax Podcast  

Clio

The Slight Edge (book)

 

 

Sep 8, 2015

In this week’s episode of The Law Practice Doctor, Sam Gaylord interviews Michael Prywes, who is an attorney specializing in entertainment. Having started out as a film and internet producer, Michael deems himself as an ‘accidental attorney’ and is now a partner with Prywes and Swartz, which caters to artists and entrepreneurs. During this episode, Michael discuss starting a new firm, the benefit of co-working spaces, alternative billing, and avatar clients.

 

Main Questions Asked:

  • What are some of the systems you suggest a new firm think about?
  • Talk about how you decided to structure how you are getting paid and how to charge clients.
  • Who is your avatar client?
  • Talk about the struggles from a mindset point of view.

 

Key Lessons Learned:

  • Michael’s personal mission is to be an ongoing resource and mentor to artists and entrepreneurs.
  • He recognizes that his target clients don’t actually want to call lawyers. 
  • The beauty of being an attorney is that it opens so many doors and you can do anything anywhere, which provides freedom within the industry.
  • The inherent drama of law is not so different from writing a screenplay,
  • Michael approached setting up his law firm from the blue ocean strategy.
  • The blue ocean strategy asks, ‘What are you going to give up to get what you want?’

 

Starting a New Firm

  • When you set up a law firm with someone, it’s important to completely understand the simplest philosophy such as ‘how is it you envision the spending of money?’
  • When starting up a firm, it’s not about spending money in the Yellow Pages; it’s about niche marketing.
  • A file management system is key and one of the first things to be set up.
  • The level of comfort with new technology and the relative integration of that technology is paramount.
  • Don’t get involved in long-term commitments.
  • Track your progress and schedule chunks of time with a contingency plan in mind.

 

Choosing Clients

  • Spend time drafting the retainer agreement/engagement letter. 
  • When you are on your own, you get to choose who you have and don’t have as clients.
  • It is your right to reject toxic clients, and there is level of comfort in choosing not to take a case.

 

Regus Space

  • This is a company that supplies a physical virtual office.
  • Using a co-working space reduces the overheads of paying for a fully functioning office space annually. 
  • There are options to have a certain amount of included office days per month, and then extra days are paid for hourly, half-day, or full-day use.

 

Alternative Billing

  • Prywes and Swartz turned the legal business model of charging on its head.
  • They don’t charge for time but rather by the page for documents they draft, read, or review.
  • The services are unbundles, and billing is essentially per project, or known as a la carte or concierge billing.
  • The rates are listed on the website, so if the price is too high, the client won’t call.

 

Prywes and Swartz

  • Most of the clients come to the firm via organic Google search or referrals.
  • There was little feeling of movement in the first six months of the firm.
  • The reason you are in business is to put you and your family first. Take the time to chunk out time for them first.
  • Set your priorities. When your values and priorities align, that is when you’re happiest.

 

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

MP@newyorkstartupattorneys.com

Prywess Swartz

Practical Law 

Regus Space

The Blue Ocean Strategy (book)

Returning Mickey Stern (movie)

The Miracle Morning (book)

The War of Art (book)

 

 

Sep 1, 2015

In this week’s episode of The Law Practice Doctor, Sam Gaylord interviews Adam Krause, who is a Kansas City attorney and one of the founding partners of Krause and Kinsman Law. Adam’s emphasis is in trial practice and litigation that focuses on personal injury and mass torts. During this episode, Sam and Adam discuss the draw of creating your own practice, obstacles when starting up, newsletter marketing, creating and repurposing content, growing your list, and the power of referral programs.

 

Main Questions Asked:

  • What pushed you to create this law firm for yourself?
  • What have you found to be the business hurdles and obstacles, and how have you overcome them?
  • What are you doing in terms of marketing?

 

Key Lessons Learned:

Financials

  • Adam broke down the finances of what an employee at a small law firm would be paid as opposed to what a business owner could make. He chose to open his own firm.
  • The problem with many solo and small law firms is that the people are good lawyers but don’t take the time to become good business people.
  • Adam figured out that he could make the same amount as a salaried lawyer by taking on about four cases of his own.

 

Obstacles & Priorities For Young Attorneys

  • Adam was told that he was ‘too young’ to be a lawyer, and no one would to trust him. It turned out this wasn’t a big hurdle.
  • Capital is the number one hurdle in starting a law firm. The reason to have more capital is to take on bigger cases.
  • The Slight Edge is all about doing something every day that helps the development of your law firm and to help you be successful. 
  • When starting out, it is important to be fiscally responsible from a long-term point of view rather than a short term.
  • If cash flow is king, then content is queen.

 

Newsletter Marketing

  • Adam’s firm creates a monthly newsletter that details the success of the practice that month. 
  • The newsletter also features an interview with a person from a local philanthropic or community service event.
  • This interview helps with sharing the newsletter to a larger audience, adding people to the list, and backlinking on other sites.
  • The newsletter is done in-house and takes around two hours to create through MailChimp.
  • The list was started with 600 mail addresses and is now around 2,000.
  • Each newsletter send will result in around four new cases.

 

 

Video

  • Create a video where it can be used on a landing page with a special URL and can be included in the newsletter.
  • This is essentially a ‘capture landing page’ to get people into the funnel.
  • Aim for 3-5 minute videos on a specific topic with a call to action at the end.

 

Repurposing Content

  • Start with a blog post that outlines the content.
  • Create a video.
  • Take the audio from the video and use it as a podcast.
  • Take the podcast and use it on SlideShare.
  • If the podcast is successful, then create a follow up blog post.

 

Creating Content

  • Many say it takes too long to create content, but it is possible to create a week’s worth of content in a two-hour period.
  • Have you tried to create a system to cut down on the time but maximize the output?

 

Speeding Tickets & Growing Your List

  • This idea was born from jealously of workers compensation lawyers who had a lot of volume and defense attorneys who had monthly revenue.
  • A lot of lawyers think of speeding tickets as ‘low society’ or not ‘brilliant’ legal work. However, it is a great way to meet a lot of people quickly.
  • Adam implemented a system in his firm that is a separate website without his name or branding.
  • Essentially, this is a landing page website that uses Google AdWords to get clients to contact him about speeding tickets.
  • The two rules in Adam’s firm relating to the speeding tickets are:

1) If it is simply an email and it can be done for $200, they will do it themselves.

2) If it can’t be done, then the case will be sent to another attorney, and they will co-council and pay Adam’s firm $100.

  • The client goes into the funnel, and someone from the firm personally contacts them at least once a year via phone.
  • This speeding ticket revenue generally pays for the office overhead and all costs but salary.

 

Referral Program

  • Adam created a list of plaintiff attorneys and workers compensation attorneys. He then organized the list into tiers from million dollar cases down to up-and-comers.
  • Each tier has explicit directions such as making contact a certain amount of times per month.
  • Adam worked a sales strategy around the attorneys by taking them to coffee and sending them newsletters, emails, and invitations.

 

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

Adam@Krauseandkinsman.com

816-226-7485

Krause & Kinsman Law

Law Firm Confidential 

The Slight Edge

MailChimp

 

  

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