Podcast: SL@P 003 - Sabotaging Your Law Practice
Are you pushing yourself and your law practice so hard that you are actually sabotaging your own success? If you are anything like I am, you probably have! Your practice and your bottom line need you to realize, analyze and correct the mistakes you keep making. If you aren’t learning, identifying and correcting your mistakes, you are unlikely to reach the goals you set for yourself and your firm.
One of the biggest mistakes that most lawyers make is believing that your practice requires you to trade your time for money in order to reach your goals. If you are burdened with the belief that the amount of time in the day has any effect on the amount of money you can make in a month, it is time to stop and reassess your law practice.
Consider measuring which clients and practice activities are creating sustainability within your law firm. Are 20 percent of your clients creating 80 percent of your practice’s revenue? If so, what good are the 80 percent who produce 20 percent of the revenue. Are you taking cases simply to meet an internal goal and make you feel like your practice is moving forward? What is the point of practicing law where the goal is to simply sign a set number of clients per month, compared to a practice who only signs cases that meets their firms’ intake criteria.
Maybe less is more. Maybe you should let go of those cases you should never have signed in the first place. Believing that you have to be constantly signing new clients is a decision or practice arising out of fear. Being afraid of your operating accounts balance at the end of a month and signing a potential client simply to make yourself feel better is never the smart move when practicing law. Because tomorrow you have to work that case that you just signed…
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