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What if you could hang out with successful women lawyers, ask them about growing their firms, managing resources like time, team and systems, mastering money issues, and more; then take an insight or two to help you build a wealth-generating law firm? That’s what we do each week on the Wealthy Woman Lawyer podcast. Hosted by Davina Frederick, founder and CEO of Wealthy Woman Lawyer –– every episode is an in-depth look at how to think like a CEO, attract clients who you love to serve (and will pay you on time), and create a profitable, sustainable firm you love. The goal is to give you the information you need to scale your law firm business from 6 to 7 figures in gross annual revenue so you can fully fund, and still have time to enjoy, the lifestyle of your dreams.
Welcome to the Wealthy Woman Lawyer podcast. What if you could hang out with successful women lawyers? Ask them about growing their firms, managing resources like time, team, and systems, mastering money issues, and more. Then take an insight or 2 to help you build a wealth generating law firm. Each week, your host, Devina Frederick, takes an in-depth look at how to think like a CEO, attract clients who you love to serve and will pay you on time, and create a profitable, sustainable firm you love.
Intro:Devina is founder and CEO of Wealthy Woman Lawyer, and her goal is to give you the information you need to scale your law firm business from 6 to 7 figures in gross annual revenue so you can fully fund and still have time to enjoy the lifestyle of your dreams. Now here's Devina.
Davina:Hi, everyone, and welcome back to another episode of the wealthy woman lawyer podcast. I'm your host, Devina Frederick, attorney, law firm growth strategist, and business coach for women law firm owners who want to create a wealth generating law firm. They are confident will run smoothly even in their absence. If that's you, keep listening. Since we are publishing this at the end of September 2024, I thought now would be a fantastic time to talk about q 4 and your end of the year goals.
Davina:If you have not yet achieved your financial goals for the year or you are not on track to, then I want you to know that there is still time. And I'm gonna share with you some ideas and resources that I have to help you, achieve those financial goals even if you are not on track right now. But first, story time. I remember 1 year, I was about $15,000 short of the financial goal I had set for myself for the year and I was really kind of bummed about it. The disappointed in myself that I hadn't achieved that goal.
Davina:And my coach at the time encouraged me to just put it out to the universe that I wanted at least 15 k before the end of the year. And would you believe that I made an offer to a client for exactly that amount on December 31st, and she quickly and easily accepted that offer. She was reaching out to me, asking if I could help her, and I put together an offer that she could not refuse, and it was very exciting. So that was not the only time that that worked for me though. I wanna share this with you.
Davina:This was not the only time that worked for me. 2 years ago, I had a call on December 31st. And now, normally, I would never answer my phone unless I recognize the caller ID, and I certainly never would answer the phone while I'm off. But as it happened, I was home alone at the time. My husband had just left to run errands, and I was just hanging out with my dogs.
Davina:And a little voice told me to answer the phone even though I did not recognize the number. And I'm super glad I did because that one one choice led me to, securing a $30,000 deposit in my bank account on December 31st that year. So I really share all this with you in the hopes that you will remember that the year is not over till it's over. Right? So there's still time even if you don't feel like you're close to achieving your goals.
Davina:There's still time, and we don't wanna waste a minute of it. Because if we have big goals and dreams for ourselves and our business, we really want to, put forth that effort to make them come true even during the holidays. Even, you know, when we feel like everybody's skating by and taking time off, there's still opportunities for us to meet our financial goals and have a completely full enjoyable life in the process. So if you're ready to develop a strategy to knock your 2024 financial goals out of the park in the final quarter of the year, then I want you to grab a pen and paper or pull up your favorite note taking app and write this down. Obviously, if you were jogging or driving while you're listening to this episode, don't do that.
Davina:Just listen now and then come back and take notes later. So first, the very first thing I want you to do, and this is super important, is to ask yourself what is the number one problem that if I solved it, it would create a quantum leap forward in my business? For example, maybe your problem is you do not have enough clients. Maybe you don't have enough qualified leads coming in with any consistency. Maybe you don't have enough of the right clients.
Davina:Maybe you're getting the leads, but you are not closing them. So you have a problem closing clients. Or perhaps you have a capacity problem. So there's plenty of work. You don't have any trouble getting leads and signing up clients, but there aren't enough people on your team to get it done.
Davina:Or maybe if you just improved your systems, the people you already have could move the cases through faster and more smoothly. Or maybe you're struggling getting those invoices out on time because you're spending way too much time on billing. And since it's always such a headache and a problem, you fall behind, you put it off, and therefore, you have a cash flow problem. So you get the idea. These are just a few examples.
Davina:The very first thing I recommend you do before you do anything else is sit down and write, get really real with yourself and honest with yourself and say, what is the number one problem? Now you may have a lot of different of these. I may have triggered you on a lot of these problems I was listed. You say, oh, I got this problem and that problem. But I want you to think about the number one problem.
Davina:Ask your gut, What is the number one problem that if I solve it, it would make a huge difference in the financial growth of my firm. And I want you to focus on that problem. Alright. So once we're clear on that, if you want to meet your financial goals in 2024, I want you to consider some of the following ideas. I want you to pick one that aligns most with the answer in your quantum leap question.
Davina:Okay? And, there should be a little something here for everyone. So number 1, if your problem is one of not having enough leads or not having good enough leads, but you do not have a budget for advertising right now, you have more time than money, I recommend you ramp up your public speaking, whether that's online or in a webinar or as a guest podcaster or for local in person events. The more people who know about the types of legal problems you saw, the more leads you'll receive. And think about where your ideal clients hang out, both in person and online, and think of the ways you can get in front of them frequently and consistently.
Davina:Get out from behind your desk and get visible. Talk to anyone and everyone about what you do and why you do it. Whether that is through social media, whether that is in person, whether that is at networking events, whether that is speaking, you whether it's podcasting, you want to get the message out to as many people as possible that can refer business to you or may choose to hire you themselves. Let the right people know you are available to help them solve their legal problems. Because if you don't have enough leads and you need better leads, you're probably not talking enough about what it is that you do to the right people, and you're probably not getting in front of your audience, your right audience.
Davina:So that will be what I suggest you do if that is your problem. If you need more leads or better leads and you have more money than time right now, I reckon so let's say you you're getting a lot of clients, but they aren't clients you love to work with. So you're super busy, but you're not making the kind of money you wanna make. I recommend you hire someone who is experienced and certified in running Google Ads for you and hire them. Do not go trying to learn Google yourself.
Davina:Do not spend the time trying to figure all out. Find Google experts and hire them. Google is still the number one search engine by far, and it is the place most people are looking to hire attorneys turn to. Either they go there first or even after they've been referred, they'll go look you up there. And you'll wanna be sure that you are there so they can easily find you.
Davina:And, yes, even if you are in a competitive practice area, if you wanna discuss it with someone on my team, then click on the link in the show notes to book a call with how we can help you with Google Ads. It is the only done for you service that we still provide for our clients. And then we certainly could talk with you about it and see if we could help you, get Google Ads going. If you have plenty of work number 3, if you have plenty work coming in, but you feel like you are already working 247 and you also feel like if you keep this up, you're gonna burn out soon, and this isn't at all kind of what you picture of life would be like with your successful law firm business, then I want you to consider, think about, and maybe realize that you are overdue in hiring and hiring the right people, not just staffers, but other lawyers. When staffers while staffers make really good, like, good admins can really take a lot off of your plate and free up your time for so you can spend your time on its highest best use.
Davina:And paralegals can be an excellent source of revenue, especially good experience paralegals because they can bill, bill, bill. Lawyers can bill higher than paralegals, and lawyers are the only ones who can completely free you up from lawyerly task. So currently, if you're the only lawyer in your business, if you do not have other lawyers working for you, you are not truly running a law firm business. You are simply creating a job for yourself. And there's nothing wrong with that until and unless you burn out and you could no longer do the job well.
Davina:And I see this over and over again. I see people who stay solos for years years years, and they're just creating a a busy job for themselves. They're not reaching their full, wealth potential because they are not really creating a law firm business, and other lawyers are the key to that. So I really want you to do some soul searching around that if you do not have the capacity. Number 4, if you feel like you and your team could get a whole lot more work done, if you could just improve your systems and your efficiency, then I want you to block out time on your calendar each week just to work on improving your systems with your team.
Davina:You can get a copy of my book, the wealthy woman lawyer's guide to building a systems driven law firm business, if you want help in getting started. That link is also in the show notes. Okay. If you're feeling all of these issues or you're confused and you're not sure where to start or you would just love to be supported as you work on these issues and other issues while you climb and scale that 6 figure revenue ladder on your way to building a 7th in your firm, then I invite you to listen to a brand new free training that I created for you. It is absolutely free resource.
Davina:And in it, I show you the exact framework you need to implement to number 1, create a wealth generating law firm. Number 2, create a law firm that you can leave for extended periods of time. So if you're out, you do not have to worry that everything will fall apart in your absence because your wealth generating law firm can operate smoothly without your day to day presence. This training is called build a wealth generating law firm, 3 strategies for women law firm owners to double your revenue without doubling your workload. The link is in the show notes.
Davina:I want to warn you, caveat, this training will not be around forever. So if you really need and want help, you need to take advantage of this free training ASAP. I I do hope that you take advantage of the training. It's a really good training. It's brand new.
Davina:I put a lot of work and effort into it to help my fellow women lawyers as they're scaling their law firms. It is, in it, I teach a a lot of information that I share with my successful women law firm owner clients. So you're really going to, watch this training if it is something that you feel that you need help with. So I hope you've enjoyed this week's episode of the Wealthy Woman Lawyer podcast. I'll be back next week with another episode created especially to address the concerns and issues of women law firm owners on a journey to building wealth generating law firms.
Davina:I thank you for listening and sharing this with your women lawyer friends if you think they too can benefit from it. I'll see you next week.
Intro:If you're ready to create more of what you truly desire in your business and your life, then you'll want to visit us at wealthy woman lawyer dot com to learn more about how we help our clients create wealth generating law firms with ease.