“You practice law. So why not practice making a profit, too?”

It is not a trick question. Why NOT practice making a profit, too?

Are you starting out as a solo lawyer? Or has your firm been operating for a few years? Are you a Solo Practitioners Making Very Little Money? Are you earning more than the average lawyer?

The average compensation for solo practitioners has declined sharply over the last 25 years. According to the American Bar Association the average lawyer wage in the U.S. is $144,000. The highest pay is in San Jose and San Francisco, California, and the lowest is in Arecibo and Aguadilla, Puerto Rico.

See: https://www.americanbar.org/news/abanews/aba-news-archives/2021/07/2021-aba-profile-of-the-legal-profession-highlights-how-the-pand/

There are 1.3 million lawyers in the United States, and one in four are in just two states (New York and California).

According to Payscale Average Attorney, Solo Practitioner Salary is $90,603/ year.

https://www.payscale.com/research/US/Job=Attorney%2C_Solo_Practitioner/Salary

Many solos don’t earn that amount or do not succeed because they don’t want to be entrepreneurs. Regardless of how old your law firm is, think of law firm strategic planning as a form of income optimization and as a recession contingency plan.

By spending the time to get a bird’s eye view on how your law firm has been doing, what the short term will bring for your firm, and what the future looks like, you’ll be better equipped to steer your law firm in the right direction—for the rest of the year and beyond by reviewing this message.

REASONS WHY LAWYERS ARE NOT OPTIMIZING EARNING

NO PERSONAL DEVELOPMENT PLAN: Did you know you can make your dreams and aspirations a reality by focusing on your own individual personal development plan? Your potential is limitless, and investing in personal development is a way to harness your many talents. Establishing goals for what you want to achieve — where you would like to go in the short term or long term — can improve your personal development.
NO BUSINESS PLAN: The had no business plan for their law firm. It never even crossed their mind why they should have a business plan. It was not even clear back then to them that they had started a business the day they hung out their own shingle.
NO MARKETING PLAN: They had no marketing plan. Unless you want to call “hope” and ego aggrandizement a marketing plan (HINT: you do not want to).
NO SALES PLAN: They were terrible at sales. They thought that clients hire lawyers because of how great we are.
NO CLIENT DISCOVERY PROBLEM PLAN: In their typical initial (free) consultation these lawyers would take their clients on a tour of their greatest hits and eventually they would ask the clients to retain their services, which never happened. And if it did not happen, those lawyers would make things super-uncomfortable.
NO CONVERSION RATE RATIO PLAN: If by chance the client took the hint (the lawyer’s conversion rates were horrible) then they begin to list out all the steps they were going to take in excruciating detail.
NO ADMINSTRATION PLAN: A lawyer needs to be an administrator who manages the business and administrative aspects of a law firm. Responsibilities of this role include bookkeeping, office management, human resources, and payroll. They also answer office phone calls and offer clients customer service. They should delegate these duties to a Legal Assistant for greater profitability.
NO BUSINESS OR PERSONAL FINANCIAL PLAN: Financial planning can feel daunting for many lawyers. With increased workloads and a deluge of administrative tasks, it is tricky to find time to prioritize your financial health. We recommend you Take a temperature check. As you roll up your sleeves and set out to create your financial plan, it may be tempting to immediately list out your biggest aspirations. Before you do—pause. The first stage in financial planning for lawyers is to take stock of your current financial situation. Specifically, you will want to have a solid grasp of how much cash is coming into your firm, as well as your expenses, short term, and long-term profits.
NO IMPLEMENTATION PLAN: A plan is only a plan until it gets implemented. Designing a detailed implementation process is essential to having an effective strategic law firm plan. Think about how you will divide responsibilities. Do not forget to consider deadlines and budget for implementing your strategic plan.
NO DOCUMENT RETENTION PLAN: A reason to adopt a policy on handling closed case files is that attorneys must safeguard client materials and to take reasonable steps to return papers that a client is entitled to when the representation ends, under Model Rules of Professional Conduct 1.15 (a) and 1.16 (d).
NO CLIENT RETENTION PLAN: The top ten client retention challenges that law firms are currently facing: [1]: Competition (cited by 43.3% of respondents) [2]: Lack of communication with clients (22.8%) [3]: Pricing models (21.6%) [4]: Need to improve data quality (18.7%) [5]: No long-term firm strategy (15.8%) [6]: No key account management structure in place (15.8%) [7]: Insufficient resources (15.2%)[8]: Obtaining lawyer participation (14.0%) [9]: Technology integration challenges (14.0%) [10]: Systems in place do not support processes effectively/efficiently (13.5%)
10 WAYS TO DEVELOP LAW FIRM PLANNING: We have established why law firm strategic planning is essential to any law firm. Not only does it help you make better, more informed business decisions, but it can also help you grow your business and profits when it needs it most. To create a good strategic plan:

•1. Start with getting key stakeholders committed to the ongoing project.
•2. Dedicate time for strategic planning, you can help key stakeholders prioritize strategic planning.
•3. Gather the tools and resources you need, then.
4. Perform a SWOT analysis based on your strengths, weaknesses, opportunities, and threats.
5. Think about key areas in your business, like your pricing structure, profitability, and marketing and business development efforts.
6. Define your law firm’s goals.
7. Make sure they are simple, measurable, achievable, relevant, and time-bound goals.
8. Stay focused on key areas of your business, even when there are so many areas to consider.
9. Building a system to measure results is critical to the success of your strategic plan—and your law firm.
10. Review your plan regularly to make sure it stays relevant.

RECOMMENDATIONS FOR LAWYERS TO OPTIMIZE EARNINGS

We hope this message has given you a promising idea why lawyers fail to optimize their earning and how to create a law firm strategic plan that is goal-oriented and flexible yet pushes you to achieve your optimization income and profit goals.

The lawyers who did not retain my services learned the hard way that profit optimization and getting new clients does not have to be complicated. And in fact, it SHOULDN’T be this complicated!

Getting new clients is just one part of the Eleven Main Parts of every successful (and also, every UNsuccessful) law firm.

If you would like to discover a plan for profit that is extremely specific, concrete, and practical that can dramatically, observably, EXPONENTIALLY improve your law firm’s financial profits contact me.

We want to make sure you do not have to go through the scary, uncomfortable, terrifying, difficult journey many lawyers go through before they become one of my clients.

Contact me now to become a highly profitable lawyer.

Live Long and Prosperously

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Wishing you prosperity and success. Remember You Were Born To Win!!

Michael Kissinger and Sydney Reitenbach

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