What Makes A Law Firm A Business?

Someone asked me the question, “how can I determine if my law firm is a real business?” You might be thinking, well, of course, if my doors are open and I’m selling legal services, I’m a business. But there really are some very fundamental differences between a law firm that can be very professional, providing services with the expectation of payment in some manner and a real business.  In this episode, I want to talk about what I consider to be the top three business indicators that define a sustainable business. Being able to identify these attributes in your law practice will give you greater insight into whether or not your law practice really constitutes a business.  In this episode, I’ll discuss: The top 3 indicators of having a sustainable law firm business vs. a law practice How the owner mindset determines what actions are being avoided The hesitation to trust and train a new team member The fear of how you may be perceived if you let someone go from your team The resistance to following up with a prospect until you get to close or no The importance of setting the expectations and leading by example What sustainability means for you and your business The chaos due to everyday workload versus lack of systems The lawyers’ inherent struggle to delegate to and empower their team The number one reason lawyers will stall in their growth The benefits of achieving consistency in revenue besides just the money The importance of having a framework for and understanding of how your money is spent Planning for a less than 100% payment/collection rate