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LawBiz® TIPS – Week of Februay 10, 2015

LawBiz(r) newsletter

Bill Gates recently was quoted as opposing increasing the federal minimum wage on the theory that “...If you raise the minimum wage, you are encouraging labor substitution, and you're going to go buy machinery and automate things.” The tension between machinery and labor is an age old issue.

The Bar Association recently entered the fray as well by requiring lawyers, as part of the definition of competency, to be technologically mainstream. How would you rate yourself and you are law practice?

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A Complete 360? Try 90 Instead

Is it wise to completely change your business tactics—to do a complete 360—after you've established yourself? In other words, is it wise for a lawyer to suddenly concentrate on a different segment of people as potential clients after already growing his business?

I have a philosophical approach to the business of law: you shouldn't throw out the baby with the bathwater. In other words, stay with the clientele you have now, but you can expand it and take on the new clientele that you want if it's a different kind of clientele. The strategy here is to make sure that the clientele you currently have is satisfied that their needs are being met, and then you can go out and deal with addressing the needs of the new client base.

I'm currently working with a lawyer in northern California who is interested in expanding his base to include a new type of clientele. I told him that he should hire new lawyers to take on current work so that he can market to new clients. Thus, he's hired three new lawyers to finish all of the work that's on his desk right now that he's having trouble finishing because he's got so much to do. Meanwhile, he is going out and marketing to the new clientele based on his expertise, his wisdom, and his longevity, coupled with the fact that the legal community is addressing those particular issues. He's a great rainmaker because of all of that, and I foresee that he will hire a fourth lawyer and a fifth lawyer and so forth so that he can continue to grow his practice if he does it right.

So, if you want new bathwater, keep the baby you already have. There's always room in the bathtub for one or two more.


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A Complete 360? Try 90 Instead

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"In the short time that Ed has been coaching me, his comments and guidance have been invaluable. Within weeks, he has improved my self-confidence immeasurably, guided me to run my law practice more like a business and most importantly, helped me obtain my goal of increasing my income while decreasing the time I spend working. It is a joy and pleasure working with Ed and I look forward to each coaching session. My only regret is that I did not start with you sooner."

Atlanta, GA

"I was initially reluctant to expend the money for Ed Poll's strategic planning session, but knew that in order to grow in an organized manner, I needed to spend the time in a one-on-one session. By the end of the first hour of our session, Ed helped me formulate a plan which, when implemented, resulted in an amazing return on the investment of the session. Ed then proceeded to analyze my financial statements and helped me to see my business in strictly financial terms—something us attorneys don't normally do. If we had concluded our session then, I would have felt that it was extremely worthwhile and would have felt that I had received my "money's worth." But I have now used Ed as my business coach for the past two years and have been extremely impressed with his practical approach to the practice of law. With Ed's encouragement, I find myself coming up with creative ideas regarding how to grow my business. I now feel that I can engage in the business of law, leaving my team to engage in the practice of law."

London, England


Ed Poll, LawBiz® Management   |   |   |   |


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