It’s natural to be scared right now, if you are. It’s also natural to see that, as a lawyer, you’ve got a huge opportunity right now.
Today, I want to support you to feel the fear and do it anyway, if you are feeling fear. And, to see the opportunity you have, and take action with as much wisdom and grace as possible.
Sometimes, a lot of opportunity can result in a frenetic/frantic energy, as you try to capture it all. And that’s not necessary.
In fact, the more focused, clear, calm and collected you are now, the better.
I hope you are realizing by now that with your law practice, you are in the perfect position to get into a higher degree of service than you’ve ever been in before, and you have zero reasons to be worrying about money right now.
If you find yourself worrying about money, please stop for a minute, and repeat this 3 times to yourself:
“I am a lawyer. I have an extremely valuable resource, my law degree. If I use my law degree wisely and make the right investments now, I can and will earn all the money I need. My job is to get into service by educating as many people as possible for free, and have a clear system to get paid well by the people who need, want and can afford my private counsel.”
Every time I’ve been scared about money in the past (and I have a lot!), I’ve come back to this “mantra” and have been able to move forward and take the action necessary to educate, service, provide value, and get paid well.
Yes, there are some steps you probably will need to get into place, and that’s okay.
Keep your eye on the vision of what you desire your law practice (and life) to look like 18 months from now, and then walk it back to 90 days from now, and then your next right indicated step.
That’s how it works for all businesses, including your law practice.
Quick note: if you know you want to serve families or small business owners with a super high-value service they are happy to pay for, and you don’t want to reinvent the wheel, book your call with a Law Business Advisor and we’ll walk you through the exact process of seeing your 18-month future, your 90-day goal, and your exact next step to get there.
You may have owned your own law practice for a while now, or you may just be getting started. Either way, you probably didn’t foresee the wheels falling off our economy due to a global pandemic. Most of us didn’t.
You might now be wondering how to take action.
Or if you can even take action at all.
If you feel like you’re stuck in “wait and see” mode, this message is for you.
There’s no area of life that the Coronavirus hasn’t impacted at this point. There is plenty to fear; in fact, if you weren’t the slightest bit worried about what was in store for you, your family, and your business, I’d be surprised.
But being worried isn’t going to get you—or your business—through this crisis. Neither will “wait and see.” According to some experts, we could be waiting for months before we can return to anything resembling the world before COVID-19.
Do you really want to put your life and law business on hold indefinitely? If not, we can absolutely help you. All it takes is your commitment and willingness to move forward, through your fear and uncertainty.
At New Law Business Model, we have seen members thrive through dire economic circumstances. Throughout the 2008 recession, we observed that the lawyers who doubled down on their law practices, and didn’t pull back as the economy began to free fall, were the ones who stood out. After pushing through and applying our teachings, they cultivated million-dollar law practices and lives they love.
It might seem counter-intuitive, but there is no better investment that you can make right now than in yourself and your law practice.
This is your prime opportunity to distinguish yourself in your community, to come out of this crisis in a better position than when we entered it.
Now, maybe you are worried that, if you push forward with your law practice, that you might come across as slimy or opportunistic. But, if you approach this crisis as a time for servant leadership, nothing could be further from the truth. In fact, during this moment of crisis, people are looking for a guide. And that can be you.
We are ready to show you how to fill that role right now. Take a look at our guide, How to Establish Yourself as an Expert and Leader in This Time of Crisis Without Seeming Opportunistic.
Your next question might be, “How the heck do I grow my law business when I can’t even leave the house?”
Don’t worry. All of the technology is there for you to be able to serve just as effectively, and for you to get paid well to do it. Our lawyers are still receiving $3,000 – $5,000 per estate plan and $750 – $3,000 per month for strategic business counsel services, and their clients are so appreciative to be able to work with them virtually. We will show you what tools you need to get online and teach you to educate your community virtually, To help you get started, we’ve created a Quick Action Guide to Take Your Law Practice Virtual, and you can download that here.
I also prepared this video presentation to teach you how to use your online business to shepherd your clients and provide them with peace of mind. It includes expert tech tips and walks you through counseling clients and completing an estate plan—from first to final meeting—online.
This is not the time to wait and see. In fact, there’s never been a better time for you to step up and lead. We know from years of experience teaching that the right move right now is to double down on your best investments: yourself and your law practice.
Okay, so where do you get the money?
There is short-term money and long-term money available to you, now.
Apply for the “Economic Injury Disaster Loans & Emergency Economic Injury Grants”; get $10,000 relatively quickly, if you have an existing business:
- To access the advance, you must first apply for an EIDL and then request the advance. The advance does not need to be repaid under any circumstance, and may be used to keep employees on the payroll, to pay for sick leave, meet increased production costs due to supply chain disruptions or pay business obligations, including debts, rent, and mortgage payments. Here is the direct link to get your $10,000 advance/grant.
Review your options regarding personal and business credit:
- Consider asking for increases on all of your personal credit cards now, so as to protect your personal credit score. And, if your personal credit score is good, consider applying for business credit so you can use more credit, without impacting your personal credit score. I’ve written detailed articles for you on this here regarding personal credit, and here regarding business credit.
1) Your best source of long-term money is having a high-value service that your clients are happy to pay you to provide. This is why we help lawyers provide estate planning services at an average of $3,000 – $5,000 and strategic business counsel services at $750 – $3,000 per month, on average.
When you have a valuable service that people want and need, you really never need to worry about money. Instead, you get to focus on educating your community, teaching them what they can do themselves, and what they need a lawyer to help them with, and then serve your heart out to the people who need your help.
2) Build a business you can count on. If you already have a business, and need a loan for Payroll Assistance and other support, you’ll be able to apply for some of the stimulus benefits here. As of this writing, the application is not yet out for the PPP (Paycheck Protection Program), but here is a sample that we’ve located, so you can start looking at it now.
It’s our understanding that you can apply for the $10,000 EIDL grant AND receive a PPP loan, and you would just receive $10,000 less in the loan if you received the grant.
If you are ready to serve families and/or small business owners with a high-value legal service they want and need right now, virtually, we are here to help you do just that.