Is a Flywheel Giving Your Firm Momentum?

Episode Titles: Turning the Flywheel, Are You Turning the Flywheel?, Turning the Flywheel: Help Your Ideal Client Find You

In this episode, Marc and Diana discuss the flywheel, a concept introduced by Jim Collins in Good to Great and expanded upon in his monograph Turning the Flywheel. Learn what the flywheel can do for your firm and how to translate its concepts to a legal setting. Find out if your firm is asking the five essential questions – and if you have the right answers to build momentum.

[0:50] Diana and Marc introduce the concept of the flywheel. Turning the Flywheel is a monograph by Jim Collins that explored the concept of the flywheel, which he introduced in Good to Great.

[2:15] The purpose of the flywheel in real life is to regulate the engine, keeping it running when you hit the break. The flywheel as Jim Collins describes it is a pillar that involves six concepts that compound upon each other to build momentum.

[4:22] Marc Whitehead & Associates did a leadership boot camp around the flywheel in which the team created their own flywheels for the firm.

[5:28] Marc explains an example flywheel that describes Amazon’s model. It involves setting low prices and expansive offerings, increasing customer visits, attracting third-party vendors, and expanding the store and its distribution. This allows Amazon to continue offering low prices.

[8:10] According to Collins, all aspects of the flywheel must be working for the flywheel to work. Marc explains that Marc Whitehead & Associates would not succeed if it had poor customer service, for example.

[10:18] Marc explains the concept of the flywheel in more detail and how it applies to Marc Whitehead & Associates. The first question in the flywheel asks who your clientele is. Marc Whitehead & Associates serves individuals on the consumer side of law, so its services cater to individuals. Specifically, Marc Whitehead & Associates serves disabled individuals.

[13:33] It took Marc a decade to build his practice to a point where he could choose his clients. As he built his revenue, he increased his choices.

[14:15] The second part of the flywheel asks how the ideal client will find you. Marc used to use the Yellow Pages to find business. He now uses a marketing plan.

[16:32] Marc Whitehead & Associates has three components to finding the ideal client. The first is a strong internet presence, the second is a strong referral base, and the third is a strong client base.

[18:23] The next part of the flywheel is determining why your ideal customer would choose you. Customers have choices, and they will consider multiple options at a time. Even though lawyers do not usually like to think of themselves as salespeople, they are.

[19:55] Marc Whitehead & Associates has an intake team to find leads and close deals, thereby removing attorneys from the process. The firm found that giving this task to attorneys and paralegals led to a bottleneck – they were too busy to handle intakes effectively.

[22:20] Marc toured a mass tort call center and took inspiration from its model when designing his intake team.

[24:38] The next question the flywheel asks is what value your business provides. Marc explains the separate wings of Marc Whitehead & Associates, and Diana emphasizes the importance of that separation in helping teams become subject matter experts.

[26:24] The other part of providing value is the amount of technology in the firm. Diana explains the firm’s exploration of AI options, integration of QBO, and use of Salesforce. According to Collins, leveraging the right technology can be a gamechanger for businesses.

[27:44] Marc Whitehead & Associates is a volume practice due to the low profit margins of disability cases. Technology helps the firm manage the large volume of cases and fix bottlenecks.

[29:13] Another system the firm uses is Case Status, which is the avenue the firm uses to communicate with clients. Diana describes it as a Domino's Pizza Tracker for legal cases, allowing clients to easily see where they stand.

[31:05] The final piece of the flywheel asks how you will maintain your client relationships. It does not matter if you did well if the person you served does not remember and forgets that you did well. Firms have to stay in front of their clients so they can refer people to you.

[32:48] Marc Whitehead & Associates stays in contact with clients through virtual town halls, newsletters, and social media.

[34:48] Applying the flywheel to legal services is difficult. Marc learned about the five questions for every law firm at an Atticus session. Those questions are: What market are you serving? How will your clients find you? Why will they choose you? How do you provide value to your clients? And how will you preserve your relationship with your clients? This struck Marc because it helped him understand what a flywheel would look like for a law firm.

[38:26] Email Marc at marc@marcwhitehead.com for the 50-page Marc Whitehead & Associates marketing plan – he will send it to you in full!

Buy Turning the Flywheel by Jim Collins on Amazon: https://www.amazon.com/Turning-Flywheel-Monograph-Accompany-Great/dp/0062933795

Listen to Turning the Flywheel on Audible: https://www.audible.com/pd/Turning-the-Flywheel-Audiobook/0062933817

Visit the Successful Barrister website: https://www.successfulbarrister.com/

Visit the Marc Whitehead & Associates website: https://disabilitydenials.com/