what's holding you back avvo-webinar-by- joan- bullock
TRANSCRIPT
What’s Holding You Back?Preparing for the Growth of Your
Practice
Joan R. M. BullockAssociate Dean for Teaching and Faculty DevelopmentProfessor of LawFlorida A&M University College of LawOrlando, FLTHE REFORMED LAW PROFSM [email protected]
Legal Profession in Turmoil
Decline in requests for legal services
Decline in work from current clients
Decline in amount of collections
Result?
Reduced Cash Flow
NO Cash = DEATH to your business
LOW Cash= Slow death
Challenges
The world is divided into lawyers and nonlawyers.
We lawyers control access to legal knowledge and the tools of the trade.
We don’t compete for clients; we obtain them with our pedigree and through word-of-mouth
Our work is time honored and valuable. Any focus on efficiency or price reduction detracts from the value of the services we provide.
Reality
Lawyers DO NOT have a monopoly on the provision of legal services
Legal knowledge no longer only within the domain of the legal professional
Legal tools accessible to the public
Clients are less willing to pay the high fees lawyers charge
Business Mindset
Lawyer as a Business Owner
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Me?
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What is the Business Mindset?
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Work “on” not “in”
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Strategic Business Owner
Ideal Client
People who are forward looking and have a goal in mind;
People who have the financial, mental, and emotional wherewithal to execute their plan, accomplish their goals, and fulfill their vision.
Michelle Donovan, The Referability Expert and co-author of THE 29% SOLUTION: 52 WEEKLY NETWORKING SUCCESS STRATEGIES. http://www.thereferabilityexpert.blogspot.com/
What is Your Ideal Client Looking For?
Client’s Question
Answer
YOU have the solution to their problem
Research Prospective Client
They are looking for _____”X”_______, so that they can have/do/make….
Means can be fungible; solutions are unique
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Finding Your Ideal Client
Where to Find Ideal Client
Places of Worship
Country Clubs
Civic organizations and events
Industry-specific associations
Who Can Help You Find Your Ideal Client?
Financial planners
CPAs
Attorneys – business and transactional
Bankers
Medical doctors
Vendors to businesses
Mindset Recap
TechnicianFocus on what you alone provide
Estate plan
Wills
Tax returns
Tax planning
Focus on pedigree, certification
Business OwnerFocus on client’s wants/needs
Be the go-to person
Put yourself in position to discern opportunities for business development
Planning for Growth
Organization Systems Management
BenchmarksProductivity
Profitability
Cash Flow
Your Network System
Personal network
Referral networkPeople who need your services
People who know of others who need your services
People who can assist you and complement your services
Tactical network
Personal Network
