Ep. 33 - Ten Strategies for Success
Success can be simple. In today’s episode, Marc and Diana offer ten simple strategies that have contributed to Marc’s success for your practice to adopt. From scalability to marketing, these tips will help you plan for your firm’s future instead of getting caught up with in the whirlwind of day-to-day tasks.
For detailed show notes, navigate using the time stamps below:
[1:50] Instead of discussing a book, today’s episode is about the top ten things that have made Marc successful.
[4:23] Marc’s first strategy is learning to “think big.” The primary role of a firm owner is to think – to strategize about the big picture. This is a learned skill, and it is difficult to acquire for many lawyers.
[9:10] A lot of attorneys feel that they do not have time to think because they are too caught up in the whirlwind – the day-to-day needs of your firm. Diana suggests shifting your mindset: you can’t afford to not think.
[12:03] Marc’s second tip is to learn from other successful lawyers. One formal way to do this is a “mastermind,” which is when lawyers get together to share ideas, but you can also do it informally.
[18:34] You can also learn a lot by looking outside of law. One way to do this is by reading books about other industries and taking inspiration from how non-legal businesses are run.
[25:30] The fourth strategy is to reverse-engineer your future. Marc recommends the Atticus tool My Great Life to get started.
[29:50] Become the CEO of your firm, not the technician. This strategy is about developing processes and systems for your firm, and then delegating people to run those processes and systems. This stops you from being a bottleneck at your firm.
[35:09] Getting more specific, the sixth tip is to create a sales department, also called an intake department. While sales is a dirty word in the legal world, it is necessary to grow your firm.
[41:33] The seventh strategy is specialization. Find a well-paying niche and start to market your firm within it.
[49:19] The eighth tip is to finance your case costs. This applies to contingency fee firms, and it helps free up cash.
[55:24] Ninth, create profit centers. This involves taking yourself out of the equation as a revenue source. Instead, you will create self-running service lines within your firm. Too many people think of their employees as costs, but they should be profit centers.
[59.28] The final strategy is to not be afraid of expanding your reach. In many practices, you can operate across the country without many major changes to what you’re doing.
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Visit the Successful Barrister website: https://www.successfulbarrister.com/
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Email Marc Whitehead: marc@marcwhitehead.com
