{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Wealthy Woman Lawyer Podcast, Helping you create a profitable, sustainable law firm you love","title":"Episode 354 | 7 Obstacles Keeping Your Law Firm Stuck Making $500K (or Less) in Annual Revenue","html":"","width":"100%","height":180,"duration":1621,"description":"In the early years, growth comes from effort. You can double or even triple revenue on hard work alone, and mostly that works. Then you cross the half-million mark, and it stops working, and nobody warns you that it's going to.\nSomewhere between about $400,000 and $600,000, most firms stall. You've hired a support person or two, you're still doing all the legal work yourself, and you feel comfortable because you're still in control of every detail. If you have to be away for any real length of time, operations grind to a halt.\nI've said this before, and it bears repeating. The most I have ever seen a true solo make in her own business is $800,000, and it almost killed her.\nIn this episode of the Wealthy Woman Lawyer® podcast, I walk through seven obstacles that keep firms capped at $500,000 or below. I didn't pull these out of the air. I hit most of them myself, and I've watched hundreds of women law firm owners hit them on the way to the half-million threshold. Firms that stay stuck have usually solved one or two while the other five work against them the whole time, and the owner never connects the dots.\nA few of them:\nYour calendar is built for everyone's convenience except yours. If you're the person everything has to flow through, you do not have a time management problem. You have a too-much-for-one-person problem, and those are not fixed the same way.\nYou rely on referrals. I love referrals, and they're often the highest-converting source a firm has. The trouble is in that word rely. What happens when your best referral source retires, or moves to Paducah?\nYour systems live in your head. If someone asks how a new file gets opened at your firm and your honest answer is that it depends on who does it, that's your clue.\nYou can't answer a basic question about your own financials without calling your bookkeeper. I'm not raising that to shame anyone. I'm raising it because you passed the Bar, which means you have the intelligence to understand your own numbers....","thumbnail_url":"https://img.transistorcdn.com/lrmaPGAHCWNx8xc5kHiVuHyaCevgy4VTFAgsROdV_hw/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS9zaG93/LzE0NjEvMTY3NDU5/MjI5MC1hcnR3b3Jr/LmpwZw.webp","thumbnail_width":300,"thumbnail_height":300}