We all know that legal services are being commoditized more and more. We see the new online Wills and Trusts and “Netflix of Law for Businesses” services popping up every day.
Given these times of turmoil and uncertainty, if you are anything like me, you may be wondering if you are doing all you can to help. You may be wondering if you are using your law degree to fulfill your purpose as a helper, a healer, a counselor, and a guide.
One of the lawyers in our New Law Business Model coaching program recently asked us to help her decide between 4 different potential business models for her law practice. She wanted to know how much money she could make if she were working five days a week under the following scenarios:
You’ve heard me say it here repeatedly, the traditional law practice model is broken. And, if you do not make a change in the way you practice law and serve clients, you are going to get caught behind the 8-ball, and keep struggling and maybe even give up the practice of law altogether.
The silver tsunami is coming. Between now and 2061, an estimated $59 trillion will be transferred from 93.6 million American estates to the future generations. That’s a whole lot of clients who need you.
This really is the elephant in the room, isn’t it? If my law practice was so successful and I was making more than a million dollars a year in revenue, and only working a few days a week… Why in the world did I file bankruptcy?
I discovered the following 13 mistakes after nearly bankrupting my own law practice (and life) by following the traditional law practice-building advice. That was years ago now, and since then I’ve helped thousands of lawyers learn from my mistakes.
