Think Like an Investor. Redefine Risk.
As a law business owner you have so many expenses.
- Paid advertisements
- Direct Mailers
- Office Space
- Website Maintenance
- Hiring support staff
- Continuing education…
- etc. etc. etc.
It can be overwhelming.
Trying to stretch every dollar while also trying to find clients and do what it takes to serve them will leave you overworked, stressed out and exhausted.
That’s why today I want to share with you how to use credit the right way to fund your law practice growth so that you can achieve your business goals now instead of struggling indefinitely or potentially going out of business entirely.
Everything you learned about debt is wrong
As a lawyer you’re trained to be risk averse so the word “debt” probably brings up negative connotations for you. But what if debt used the right way was good?
You may not realize this because they don’t teach it in law school but it’s actually far riskier to try to turn your law practice into a business without getting access to properly managed capital.
Capital is to your business what oxygen is to your body. When you don’t have enough of it you feel like you’re suffocating.
And when your business is suffocating from lack of cash flow your desperation bleeds into every interaction and pushes people away.
This is dangerous when your success depends on you establishing yourself as a trusted leader and advisor. No one wants to turn over their most important financial and legal decisions to a lawyer struggling to keep their head above water.
And in addition to the desperation and sense of suffocation it breeds, lack of oxygen in the form of cash flow can literally kill your business. The top reason most businesses fail is because of lack of capital.
But your law business doesn’t have to be one of them.
When you learn how to fund your business the right way everyday can be filled with:
- The administrative support you need to serve your clients at the highest level
- Fully funded marketing campaigns to attract all the clients you can handle
- Enough free time and energy to spend with your loved ones
- A reliable way to get a quick cash injection anytime you need it
It’s important to realize that contrary to popular belief, accessing funding for your business is not a sign of weakness—it’s thinking like an investor.
Even if you’re not struggling financially, getting a business loan will give you a competitive edge, help you protect what you’ve built and grow your law business faster.
The best case scenario is to secure funding before you actually need it.
Here’s how to use credit the right way to mitigate risk and maximize opportunity in your law business.
- An SBA Loan i.e. Lightning Loan
- Business credit cards
- Lines of credit that get wired directly to your business account
One of our Law Business Mentors, Nicole Newman turned her law practice into a business she loves by using a $150k loan. When she first joined us as a Personal Family Lawyer®, she started out with zero revenue and lots of business expenses.
But by using credit the right way she was able to quickly grow a thriving law business that gives her the freedom to ski and ride horses as much as she wants. And she was also able to purchase her dream property.
Using credit gave Nicole breathing room to be able to build a law business that supports the exact life she wanted on her own terms. And it can do the same for you.
These are the insider secrets we share with our lawyers to help them create a life and law business they love. If you become a Personal Family Lawyer (PFL), you’ll discover how to offer a high value service you love to deliver that can never be replaced by AI. You’ll learn a system for practicing law in a way that is truly fulfilling financially, emotionally, and spiritually and makes you proud of the lawyer you’ve become.
If you don't want to go it alone, and would love to build your law practice into a real business with an 80%+ engagement rate and $4,000-$6,000 per engagement -- whether you are a solo, small/staffed practice or building to a million or more—using Life & Legacy Planning as a Personal Family Lawyer®… you can speak with a Law Business Advisor (LBA) from Ali’s New Law Business Model team.
- Your first step is to apply for a call with an LBA here.
- You’ll be taken to video where Ali will walk you through how her proven model works and what to expect on your call
- Finally, you'll be asked to answer a series of questions to help you get the most value from the call, and then you’ll choose a time to speak with a Law Business Advisor, at a time that works for you.
As you continue to explore if our program is a good fit, you’re also invited to join our free Facebook community. The Lifestyle Lawyers’ Club is our exclusive, lawyers-only Facebook community of like-minded entrepreneurial lawyers. (It’s literally like having access to thousands of helpful senior lawyers who’ve already been where you are.) Join the free Facebook Community here.