Recession-Proof Your Law Practice and Thrive in Any Economy
With record unemployment due to the coronavirus, the writing is on the wall. We’re headed into a great economic upheaval – recession, depression, or a new economy altogether. We can’t predict quite yet, but you might not be able to shake the feeling that bad financial times are ahead for you.
But not so fast. Remember, you have something a lot of other people don’t – a law degree. This is your greatest asset right now. It’s a ticket to providing services that people will always need, no matter what the economic climate.
As a lawyer, you hold the key to building a business that thrives in the face of poor economic conditions. Today we're going to share how NLBM-trained lawyers are building law practices that will weather any storm, and how you can, too.
Recession-Proof Your Law Practice
Recession or no recession, 93 million families will be transferring the wealth they do have over the next 40 years. And what they will be passing on is so much more than their money; their whole family wealth includes their intellectual, spiritual and human assets as well, wealth that most lawyers don’t consider and have not learned to discuss or pass on, frankly.
A huge number of these families need estate planning services. And right now, with the economy in such a volatile place, the people in your community are looking for wisdom, guidance, and certainty, now more than ever before.
Start with a shift in mindset.
Because much of the estate planning process is about discussing intimate matters of mortality and family dynamics, learning to create connection, trust, and safety with clients is paramount and is embodied in what we call Next-Level Estate Planning.
Next-Level Estate Planning is based on a business model that reflects a fundamental shift in mindset, from litigation or transactional practice into what we call “relational” practice, and incorporates the systems, tools, and technology that support you to be a true trusted advisor without killing yourself trying to hold all the practice details together.
Countless New Law Business Model trained lawyers have experienced the significant impact this shift has made to their financial bottom lines and the amount of free time they enjoy. Even as technology changes the face of our industry—one thing it can never replace is human connection—and that’s a huge piece that New Law Business Model not only teaches, but supports lawyers to build into their systems for attracting, engaging, and serving clients.
Differentiate yourself.
If you really want to “recession-proof” your law practice so you can thrive in every economy, it’s time to upgrade the way you are using your law degree. The New Law Business Model method of estate planning paves the way for the kind of success that is independent of the stock market, and immune to economic downturns.
Here’s how becoming a lawyer who practices according to New Law Business Model methods will set you apart—and why it will make your practice nearly indestructible:
- You will give clients what no other estate planning lawyer or online service can.
- On average, our lawyers get hired by just about every person they meet with who needs their services. Why? Because New Law Business Model lawyers are educating and empowering people they meet with right from the very first intake call, so it’s never about pushing solutions, but instead helping people make the right choices for their loved ones.
- Hiring a New Law Business Model trained lawyer is almost always the right choice. And, our lawyers are able to educate their communities on why the old method of estate planning will often result in failed plans that leave their loved ones in court or conflict.
- Clients quickly learn that filling in a will or trust template will often leave a big mess to clean up.
- Lawyers who train with us learn to make connections with these clients by offering true security and value.
- Clients know the Next-Level Estate Planning will work when they most need it to. That’s why they are more than willing to pay what we call “affordable premium” fees.
Don't discount your legal services.
While other attorneys may believe they should slash their prices to increase demand, especially during a recession, New Law Business Model trained lawyers don’t. In fact, they are getting paid more than the rest of the lawyers in town and delivering a valuable service to match.
You'll need to charge fees that are meaningful enough to allow you to have the income you need, while you provide a great service, without sacrificing your life to do it. You can read more about this and on what truly makes a lawyer “affordable” for their clients here.
“After joining NLBM,” said lawyer Heather P., “I’ve finally come to like practicing law. I have more time for family and more money! My average fee has more than doubled. Who would’ve thought I could have clients happy to pay $4,000 – $8,000? I never could’ve imagined it, but it’s happening. It’s amazing. I can say I’m finally happy I went to law school.”
Engage more clients by providing your community with the leadership they crave.
Families and small business owners in your community need you right now, more than ever. They need you to help them to make wise decisions about how to take care of their family, their assets, and their businesses. You can be the kind of trusted advisor with your law degree that the people in your community are turning to for guidance on these matters.
And no matter what community you live in—rural or urban, big or small, affluent, or average-income—there are people who need you and who are willing to pay premium rates for the value you bring. New Law Business Model’s marketing strategies will help you reach and engage them.
“I joined NLBM shortly after leaving a small rural law office where I had practiced for 4 years … because I wanted to connect more closely with my clients and provide a higher level of service than what I had been able to provide to my litigation clients. Before joining NLBM, I was lost. I knew how to practice law, but I didn’t know how to run a business, go out and seek clients, or service my existing clients in the highest possible way. I cannot count the number of clients who have cried and thanked me after completing their estate plan with my office. They walk away with so much gratitude and relief by the time they walk out two months later, knowing (1) they’ve done what they can to protect those they love, and (2) that they’ve got a personal lawyer they can call throughout their life to help them. Since implementing NLBM, I have tripled my average fee. I am building a law practice I truly love, as well as one that is starting to pay the bills.” – Pantea F.
Stop leaving money on the table.
If you’re spending any time or money on networking, marketing, or speaking, you’re losing money each time you meet with a qualified prospect who doesn’t engage your services.
The number one way to recapture lost time and money in your business is to engage 100% of the people you meet with. New Law Business Model’s systemized, scripted, and intentional engagement process positions you not as a salesperson, but as a trusted advisor. That’s why it works so well.
“I recently engaged 7 out of 7 prospects at $4,000 each. The best part is I’m energized and love my business again.” – Robert G.
Without using a proven system for client intake and engagement, you’re likely losing as much as $6,000 – $12,000 per week. For example, losing just two clients per week means you’re leaving an average of $300,000 – $600,000 per year on the table. (Using a low-end average of two clients at a $3,000 fee, it’s $6,000 per week for 50 weeks, and using a high-end average of two clients at a $6,000 fee, it’s $12,000 per week for 50 weeks.) You can read more about our intake method here.
Reclaim your most valuable asset – time.
For many lawyers, time is the number one limiting factor in creating the life and law practice they envision.
We teach you to manage your time in a way that puts you in full control of your schedule. You’ll be able to work just a handful of hours each day and spend the rest of your time taking care of your family or enriching your life outside of work. You get to decide how much or how little you work, based on how much you want to earn, and what else you have going on in your life.
Ready to get started? Book a call with a law business advisor to see how New Law Business Model can fortify your practice by teaching you to serve families and/or business owners as a true trusted advisor.
When it comes to a recession, an NLBM-trained lawyer can rest assured that the time they do put in will yield results. While other attorneys are pounding the pavement looking for clients or putting in long, long hours at discounted rates just to keep the doors open and food on the table, NLBM attorneys are crafting their ideal work-life balance while earning a great living and making a meaningful impact in their client’s lives.
When you learn this next-level method of estate planning, you’re setting yourself up for success in spite of the conditions that surround you. Not only that, but you’ll also be giving your clients lasting value by preserving their legacy and protecting their loved ones.
"I helped a young couple who had just recently gotten married complete their estate plan. I was originally nervous that they wouldn't want to engage, but they instantly saw the value. During the legacy interview, we all shared some special moments and they told me it was a wonderful experience. I love my law firm and my law practice... I feel like I am making a difference, and have better work life balance.
In these uncertain times, I am really grateful to have the NLBM business model and community. I am preparing for the birth of our first child, and I am the primary breadwinner. I feel confident and excited about what the future holds, which wouldn't have been possible without NLBM." – Pam M.