At our first meeting, Jack wanted me to immediately explain to him the specific marketing tactics that I use in my own practice.  I told him that before we did so we first needed to do some work that is more fundamental than that.

I asked him questions about his goals and objectives and about his values.  Why was he starting his own practice?  What EXACTLY did he want it to provide him (a lot of money is not a sufficient answer)?  Initially he questioned why we were discussing those topics when what he was looking for was marketing advice.  But, he quickly understood that it was important to establish the WHY before we got into the WHAT and the HOW.

Over the course of about an hour, Jack got very clear on what he wanted out of his law practice, and how he wanted his practice to serve his life.  We set specific objectives related to revenue and profit, staff and clients.  We discussed how much time he wanted to spend in the office and other quality of life issues.  He commented that he had not really thought about those issues before and that it was empowering to think he could actually choose how much he would work and what type of autonomy he would have.  But, he confided in me that he questioned whether he could actually create a practice that would allow him to meet these objectives.   I promised him that he could and that he and I would do just that.  He had taken a huge step in that direction by just getting clear on these important issues.  Many lawyers never do.

It reminds me of this famous scene in Alice in Wonderland:

“Would you tell me, please, which way I ought to go from here?”
“That depends a good deal on where you want to get to,” said the Cat.
“I don’t much care where –” said Alice.
“Then it doesn’t matter which way you go,” said the Cat.

The same principle applies here.  Without getting this type of clarity, then it really doesn’t matter which direction you go in your marketing efforts.

Jack left our meeting with a one page summary of his one and five year revenue and profit goals along with a clear vision of what his firm would look like in terms of his ideal clients, the makeup of his staff and even the physical environment of his office.  Additionally, he had written statements related to the number of hours he would (and wouldn’t) work and statements related to the contributions he would make through his firm to his family, his clients, his staff, and his community.  It was actually kind of fun to see him get so excited.  Jack wasn’t the type to show much emotion, but clearly this type of reflection had given him further impetus in launching his new firm.

Once we had taken care of that important task we were ready to get into some strategic thinking about his marketing plan.  We needed first to think strategically before we got into specific marketing tactics.

I explained to him that we needed to get clarity about three big issues before we were ready to proceed to specific tactics.  But, they would have to wait until our next meeting.

Coming Next: Lesson 2 – A Strategic Foundation

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So, now that we have decided that the law is a business (a “for profit” enterprise, hence the name of the blog), let’s get to the business of making our business successful. Before we can do that, though, we have to define success. For each person it may be different. And, in order to play the game well, we have to know how the score is kept.

The best part about this game is that as the owner of a solo or small firm practice, you get to decide how you will keep score. Certainly money will be a factor. But, if money was the only factor, you might be working at BigLaw, Inc. instead of on your own. So, what matters most to you? Consultants call this values clarification. And, its important work.

For the purpose of this post, I’m going to keep it simple. I value my relationship with God and my family. I enjoy traveling and competing in triathlons. I want my work to have meaning. I want to contribute. And, I believe life is too short to stress too much about much of anything.

But, let’s simplify it further because there is great power in focus. There are some common threads here. I’ve narrowed it down to the following three things for me: maximum profit, with minimum time, and minimum stress. That is it. That is how I keep score.

Look closely and you see it hits all my values. Time (and the autonomy I have in my practice) allow me to make my interests a priority in my life. For example, I am still able to train for my Ironman races. I take theology classes to deepen my relationship with God. I have time to travel and be with my family. Time is more important than money to me. I can make more money. I can’t make more time.

But, money is important too. And, its obviously included in the goal: maximum profit. But, I don’t narrowly define profit - my definition is broad enough to include the money I make in the practice as well as the contribution I make to my clients’ lives and to society. Others profit as well as me - my employees, their families, my clients, my vendors, etc.

And, finally, I want to minimize stress. All the money and time in the world would matter little if I wasn’t enjoying my life. I couldn’t do the work I do (divorce and family law) if I wasn’t very intentional about reducing the stress in my practice. And, I’d likely be a poorer husband, father, and friend.

So, that is how I keep score in my practice: maximize profit (to me and other stakeholders) while minimizing my time in the practice and the stress in my life. Sounds great, right? But, how do you do that? Well, that’s precisely what we will be discussing in this blog. And, I do hope it is a discussion: e-mail me or comment on the blog with your feedback and tips. I am a huge proponent of the mastermind principle, and I’d love to benefit from your insights as well.

By the way, I am launching my weekly e-zine, “Profitable Practice” within a matter of weeks. It will allow me to discuss these same issues in more depth and will provide effective and ethical tips and strategies for solos and small firms to create a more profitable practice. If you’d like to get on the subscription list to receive it immediately upon its launch, then shoot me an e-mail at michael@shermanjeffries.com. It’s free.

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