5 Things Experts Say I Should Do To Build a Multi-million Dollar Law Firm
When I founded Pierce Law Offices in 2009, now Wallace Pierce Law, I sought to build a law firm that produced revenues in excess of ten (10) million dollars per year. Practically speaking, I knew and understood that creating a business that could sustain revenues of ten million dollars per year would require tens of thousands of dollars just to house this winning team.
To launch, grow, and maintain a ten million dollar per year law firm would require a ten (10) million dollar per year outlook towards the practice of law. Moreover, the personal and professional daily habits that the experts agree amount to the ingredients necessary for this kind of success would have to be present. After all, research and data has identified certain behaviors and actions produce outcomes that are more likely to produce wealth and prosperity.
Take a moment and review these 5 behaviors that I plan on doing daily to grow my small practice into a ten million dollar per year law firm.
Some of the smartest men and women in business are known for their massive literary appetites and the research supports that intelligent people read more. I recently discovered a fantastic website that provides a list of books famous men and women of business have stated publicly that they have read or are currently reading, the website is FavoBooks. Many famous entrepreneurs openly acknowledge spending more than three hours per day reading books, blogs, and academic papers to better understand their business.
Reading both fiction and non-fiction can be intellectually simulating and can open your mind to ways in which you can grow your business. After reading Snow Crash, a futuristic sci-fi novel of biblical proportions, I decided that my practice would be better off focusing exclusively on Personal Injury. Thanks, Uncle Enzo! At the same time, after reading Malcolm Gladwell’s Blink, I decided that all case intake scheduling decisions should be made based on initial phone calls only…
What am I going to change about my reading habits? Well, I consume a significant amount of books through audio books, about two hours each day. However, I do less than 60 minutes of actual reading (non-work related titles) per day. I would love to cut down on the audio books by reducing my commute and increase the amount of actual reading I do to two hours per day at minimum.
Most entrepreneurs work hard on and in their businesses but going from most to successful requires a lawyer to actually live and breathe their law firm’s business plans. Becoming successful in what you do and becoming an industry thought leader requires unbroken focus on the business.
Most entrepreneurs simple tell others about their plans and ideas but becoming a Rockstar requires preaching and advocating for each and every single facet of your practice and career.
Building a practice that becomes a brand requires devoting time to meeting at least one new person per day. These individual don’t even have to be lawyers or even in the legal industry. Take time out of your schedule to meet and identify as many people as you possible can each week and grow your personal and professional network.
Meeting new and exciting people, even professionals in other industries, will provide you insight into how to grow your business, locate and retain a great team and understand others wants and needs. Expanding your professional and personal network will broaden your horizons and even help you approach problems in novel ways.
Growing any business requires a lawyer to constantly question what can be done to improve even their best work. If you work on ensuring that every aspect of your law firm’s policies, practices, and procedures are routinely questioned, you are choosing to aim towards success and that ultimate goal of ten million a year
Choosing to settle for what works well enough ensures that your practice will never raise the bar in any regard. If you question your results or practices you open the door to successful thinking. Aim to improve your practice constantly.
Some of the most success people in the world swear by documenting their daily activities as a method of unwinding and memorializing their business’s journey. Journaling, as a tool, will ensure that you can look back at your business and understand exactly why you made the decision that you made when you did. Sometimes undocumented hindsight has a way of coloring our decisions as either black or white. Journaling is a fantastic way to remind you what where you have come from so that you can remember where you are heading… towards success.
There will never be a better time than today to begin doing these activities daily. But try to remember that success, like traveling, is both the destination and the path taken. I hope you will join me in working towards building a successful law practice and I look forward to telling you in person how my journey to progressing.
Jared Pierce hung his own shingle right out of law school and has spent every minute since then discovering the joys and difficulties of chasing success. Anyone who has ever met Jared will tell you h