Lessons You Can Steal for Your Firm from the NYC Mastermind

Watch the YouTube version of this episode HEREAre you a law firm owner who is looking for tips on how to run a good business? In this episode of The Guild Live Show, host Tyson Mutrux shares key takeaways from a New York City mastermind event with attorneys from diverse firms and practice areas. Tyson discusses the “identity crisis” firm owners face when delegating, strategies for handling toxic staff, and innovative ways to package premium legal services.Many law firm owners struggle with identity crises when navigating the legal space, while also being a business owner. This can stem from a range of things. One of the issues is delegation. If a firm owner delegates to many tasks away from themselves, decisions can be made with no input whatsoever, which can make an individual feel like their role at the firm is unimportant. If these feelings persist, it is time to dial things in and take a little more control back. You can also use it as an opportunity to put your focus into other things.Delivering packaged services is a great way to streamline services and provide clients with a great deal. There are a few different ways to do this, such as packaging services that have a flat rate or packaging contingency services. It is important to understand what you provide and what aspects of your firm can be packaged together. Maybe it is best to package together services that are popular for your firm or packaging services for first time clients.Take a listen to learn more!03:24 Law Firm Owner Identity Crisis 06:18 Dealing with Toxic Staff 10:14 Packaging Premium Legal Services 12:13 Team Dynamics with Multiple Firm Members 13:14 Imposter Syndrome and Growth Fears14:20 Transitioning Out and Selling a Law Firm17:03 Managing Family Dynamics in Small Firms 21:13 Hesitancy to Hire and Overcoming BarriersTune in to today’s episode and checkout the full show notes here.