Avsnitt
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In this transformative episode of the NewLaw Podcast for Entrepreneurial Lawyers with Ali Katz, we dive into a powerful strategy that can shape your future and your legal practice over the next three years. Ali challenges you to ask, "Who and what are you becoming?" and to envision where you want to be in 3 years. Do you aspire to build a million-dollar practice? Work only three days a week? Send your kids to private school or support your aging parents?
While this call is from 2023, the information shared remains evergreen and highly relevant today.You can literally create anything you want in the next three years—the key is to claim it now. Ali guides you through a process of making decisions from the perspective of your future self, anchoring in the vision of who you are becoming, and staying focused despite the inevitable challenges ahead.
Claim your clarity today and listen to this episode as many times as needed to embed this mindset. The choices you make now will shape the life and practice you’ll have in 3 years. And remember, the secret to achieving your goals is to practice, practice, practice!
Key Takeaways:
Envision Your Future Self: Learn how to make decisions based on who you are becoming and the life you want to create in 3 years. The Power of Clarity: Discover the importance of claiming your vision now to direct your time, energy, attention, and money towards your goals. Three-Year Planning Strategy: Understand how breaking down your big goals into three-year chunks can help you achieve significant milestones in your law practice and personal life. Staying Focused Amidst Distractions: Prepare for the challenges ahead by anchoring in your vision, ensuring you don't get derailed by external factors. Step-by-Step Execution: Ali shares how to reverse-engineer your goals from 2025 back to the present, creating a clear roadmap for your success.This episode is essential for lawyers ready to take control of their future and turn their dreams into reality over the next three years.
02:48 Ali emphasizes making choices from the perspective of who you want to become in 2025, rather than from your current or past self, urging listeners to consider their future selves in decision-making.
05:38 Ali invites listeners to claim their clarity and focus for the next three years, drawing attention to the importance of being intentional about where to direct time, energy, attention, and money.
07:20 Ali shares specific examples of listeners' three-year goals for their law practices, emphasizing the importance of defining clear visions and objectives, such as growing teams and client bases.
08:37 Ali advises on translating broad visions into specific, measurable goals, such as number of clients, team structure, and financial benchmarks, to ensure tangible progress.
09:46 Ali discusses the significance of understanding your "why" behind the goals set for the next three years, translating the higher-level visions into actionable, purpose-driven steps.
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In this inspiring episode of the NewLaw Podcast for Entrepreneurial Lawyers, host Ali Katz welcomes Tom Lenfestey, founder of The Law Practice Exchange LLC and a practicing attorney from North Carolina. Tom has successfully transitioned from running his own law firm to helping lawyers with revenues ranging from $200,000 to $50 million build and sell their practices. Tune in as Ali and Tom dive deep into what it takes to create a sellable law business with lasting value—not just for today, but for life and legacy.
Key Takeaways:
Building Value Beyond Revenue: Understand the difference between generating immediate income and building long-term business value that can be sold or passed on. The Importance of Succession Planning: Why law firm owners need to establish clear succession plans to ensure the firm's longevity and avoid losing talented associates. The Power of Recurring Revenue: How implementing recurring revenue streams can increase a law firm's value, making it more attractive and sellable to future buyers. Exploring Different Exit Strategies: Discover various paths for law firm owners, from gradual transitions with partners to outright sales and strategic mergers. Thinking Outside the Box: How lawyers can creatively shape their careers and practices by not confining themselves to traditional roles or expectations.Tune in to gain actionable insights on how to build, grow, and eventually sell a law firm that not only provides a comfortable income but also leaves a lasting legacy.
01:42 Tom Lenfestey introduces himself and explains his background in law, accounting, and his transition from working in a mid-sized firm to starting the Law Practice Exchange.
05:00 Ali shares her own experience of becoming a tax attorney unexpectedly and later transitioning into estate planning, highlighting a common path in the legal field.
10:47 Ali and Tom discuss the importance of succession planning for law firm owners, particularly when hiring associates with the intent for them to become future partners.
14:00 Tom describes the importance of mentorship and guidance in the legal industry, noting his own regrets about not seeking advice early in his career.
16:07 Ali shares her own experience of selling her practice without proper guidance, leading to financial loss, and stresses the importance of understanding the sale process.
29:06 Tom discusses the significance of law firm valuation, including not just the financial aspects, but also successful transition, compensation, potential buyers, and appropriate payment terms.
32:27 Tom advises lawyers to start planning for a sale at least five years before they intend to leave, so they can build significant value and ensure a smooth transition.
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Saknas det avsnitt?
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In this insightful episode of the NewLaw Podcast for Entrepreneurial Lawyers with Ali Katz, Kai, a lawyer based in a small mountain town, faces the challenge of confidently asking clients to pay the full price for her services. Ali guides Kai through a transformative discussion on overcoming the discomfort of discussing fees and how to build a business that truly serves both the lawyer and the community. This episode delves into the importance of recognizing the value you provide as a lawyer and how to align your pricing with the quality and depth of service you offer.
Realize also, that charging full price is actually in your client’s best interest. You’ve gotta get out of your own way and realize that you’re doing it for them. Listen and re-listen to this episode as many times as you need to anchor in why premium prices are necessary for your clients to have a plan that works. And then go practice. Practice, practice, practice!
Key Takeaways:
Aligning Fees with Service Quality: Understand why charging the full price is essential for delivering high-quality legal services that make a lasting impact on your clients' lives. Overcoming Money Conversations: Gain practical tips on how to confidently discuss fees with clients, reframing the conversation as a service rather than a transaction. The Power of Practice: Learn how regular practice and preparation can help you become more comfortable with fee discussions. Community-Centered Mindset: Shift your focus from your discomfort to the needs of your community, ensuring that your pricing supports the valuable service you provide. Building a Sustainable Legal Practice: Discover the importance of creating a business model that not only supports your clients but also allows you to live a balanced, fulfilling life as a lawyer.This episode is a must-listen for lawyers who want to master the art of pricing their services confidently and build a practice that serves both their clients and themselves.
01:26 Kai joins the conversation, seeking advice on gaining confidence to request full payment from clients, having previously offered discounts and feeling uneasy about discussing money.
02:19 Ali advises Kai to practice asking for full payment and highlights the inevitable discomfort, suggesting that Kai should focus on the clients' benefits to make conversations about money easier.
05:26 Kai explains her motivation for building a sustainable business in her small mountain town, aiming to be a constant community resource and create a lasting legacy.
06:59 Ali encourages Kai to reframe her mindset, focusing on the importance of charging enough to provide valuable client services and maintain a successful law practice.
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In this empowering episode of the NewLaw Podcast for Entrepreneurial Lawyers with Ali Katz, Jessica, a lawyer stepping into the entrepreneurial world, confronts her deep-seated fear of marketing rejection. Guided by Ali, Jessica embarks on a transformative journey of shifting her mindset from self-promotion to community education. Through this coaching session, Jessica discovers how to harness the power of her personal story and use her legal knowledge as a tool for service rather than self-promotion. The episode delves into the importance of authenticity in marketing and how lawyers can reframe their approach to truly connect with their audience.
Key Takeaways:
Shift from Self-Promotion to Service: Learn how to reframe your marketing efforts to focus on educating and serving your community rather than promoting yourself. Overcome the Fear of Rejection: Understand the root of marketing fears and discover strategies to push through discomfort for the greater good of your audience. Authenticity in Marketing: Embrace vulnerability by sharing your personal story in a way that resonates with your audience while maintaining privacy and respect. Mindset Matters: Transform your mindset to prioritize the needs of your clients, which naturally leads to stronger connections and successful client relationships. Practical Steps to Begin Marketing: Start with simple, authentic communication through email newsletters or social media posts to gradually build your public presence.This episode is a must-listen for lawyers who want to turn their law degree into a business asset by leveraging authentic and service-oriented marketing.
01:44 Ali delves into the fear of rejection in marketing, asking Jessica to describe her feelings about putting out her first presentation and social media posts.
02:22 Jessica grapples with the idea proposed by Ali, who clarifies that the focus should be standing for people's important actions rather than self-centered promotion.
05:05 Ali emphasizes the role of education in marketing, suggesting Jessica present herself as an educator rather than a promoter to make meaningful connections with her audience.
06:51 Jessica acknowledges the need to overcome her hesitancy, fearing she might come across as inauthentic if she forces herself to be more public.
08:09 Ali encourages Jessica to share the personal story that drives her passion for educating the community, even if she maintains some privacy around specific details.
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In this enlightening episode of the NewLaw Podcast for Entrepreneurial Lawyers with Ali Katz, we delve into the experiences of Alayna, a dedicated lawyer transitioning to virtual client consultations with diverse needs . Despite her initial challenges, Alayna successfully engaged clients with guidance from Ali, turning obstacles into opportunities for deeper connection and understanding. Together, they refined her approach, emphasizing effective communication strategies and the importance of adapting to clients' needs, even in a virtual setting.
Key Takeaways:
Virtual Engagement Tips: Learn practical techniques for connecting with clients and demonstrating care in virtual meetings. Multilingual Planning: Discover the importance of language skills and cultural sensitivity in client interactions, especially when dealing with diverse communities. Visual Aids for Clarity: Understand the benefits of having clients actively participate by writing down key points during consultations. Follow-up Strategies: Gain insights into scheduling follow-ups immediately to maintain client engagement and decision momentum. Client-Centered Approach: Explore the value of focusing on clients' needs and preferences to ensure their concerns are addressed effectively.Alayna’s journey highlights the potential of virtual meetings and the importance of flexibility and client-centered strategies in building a successful legal practice.
1:04 Alayna shares her experience with her first few virtual family wealth planning sessions, noting the increased difficulty of connecting virtually compared to in-person meetings.
03:05 Ali praises Alayna for her bilingual skills and highlights the challenges of conducting complex, multi-generational, and multi-language sessions.
06:42 Ali advises Alayna on an alternative approach for the next session, suggesting she have clients write down important points to ensure engagement and understanding.
08:21 Alayna regrets not scheduling a follow-up meeting immediately after the initial session, realizing it would have facilitated a quicker decision-making process.
10:04 Ali encourages listeners to use simple, traditional tools like paper and pen during virtual sessions to foster better client engagement, instead of relying on advanced technology.
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In this insightful episode, we explore the entrepreneurial journey of Ashley, a dedicated lawyer transforming her legal expertise into a business asset. Under Ali Katz's mentorship, Ashley tackles the challenges of client engagement and retention, learning to navigate the complexities of securing commitments and fostering trust. Together, they develop strategies that help Ashley turn potential disengagements into successful client relationships, ultimately enhancing her business growth and stability.
Key Takeaways:
Client Commitment Techniques: Discover how to secure client agreements during initial consultations to prevent drop-offs. Navigating Financial Concerns: Learn methods to address and manage client financial hesitations effectively. Building Trust: Gain insights into fostering strong client relationships through transparent communication and follow-ups. Referral Management: Understand the importance of maintaining and nurturing referral partnerships without burning bridges. Proactive Engagement: Develop strategies for proactive client follow-ups and personalized support to ensure engagement and satisfaction.Ashley’s experience highlights the importance of strategic client interaction and the powerful impact of personalized support. By transforming her approach to client management, she showcases how entrepreneurial lawyers can significantly enhance their practice and client loyalty.
01:34 Ashley outlines an issue where clients agree to a plan during the session but back out after receiving the engagement letter and invoice, leading to a discussion on why immediate signing is crucial.
02:18 Ashley discusses a specific case involving a referral partner who, along with her husband, hesitated to proceed due to financial concerns and scheduling conflicts.
04:16 Ali advises Ashley to remain present and empathetic with clients who may face financial strain due to reasons like taxes, vacations, or family responsibilities.
05:05 Ali suggests that Ashley should arrange a phone call to gain clarity on the client's true objections, emphasizing the need for genuine curiosity and understanding.
07:33 Ali emphasizes the importance of asking permission to ask clarifying questions, noting that if a client declines, a "did not engage" letter should be sent.
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In this episode of the NewLaw Podcast for Entrepreneurial Lawyers with Ali Katz, Ali sits down with Kara, a dynamic lawyer with a fascinating journey from Haiti to becoming a successful personal injury attorney in South Florida. Kara shares her story of resilience, driven by a deep-seated desire for justice following personal tragedy and professional challenges. Through sheer determination, she navigated through law school, early career hurdles, and eventually found her calling in personal injury law. Kara’s entrepreneurial spirit shines as she recounts how she funded her law practice and led her to create a thriving, client-centered legal business model.
Key Takeaways:
Turning Adversity into Motivation: Kara’s personal experiences of injustice in Haiti and the loss of her father fueled her passion for law and helping others find justice. The Power of Community: Leveraging her connections within the her community helped Kara build a strong client base and grow her practice from the ground up. Entrepreneurial Mindset: Transitioning from a struggling associate to an entrepreneurial lawyer, Kara embraced unconventional paths to fund her legal practice. Niche Market Success: Kara’s specialization in personal injury and cosmetic injuries highlights the importance of finding and exploiting niche markets. Empowering Women: Kara’s mission to help women achieve financial and emotional independence is a testament to the broader impact lawyers can have beyond their immediate legal workKara’s journey is a powerful example of how personal experiences and challenges can shape a successful and fulfilling legal career. From her roots in Haiti to her entrepreneurial success in South Florida, Kara’s story is one of resilience, community, and innovation. Her insights into leveraging niche markets and the importance of financial independence provide valuable lessons for any lawyer looking to build a meaningful and prosperous career. Whether you are considering a career shift, looking to add a new practice area, or seeking inspiration, Kara’s story offers a wealth of actionable advice and motivation.
01:39 Kara introduces herself, her background, and starts to talk about her transition from immigration and family law to personal injury law, noting her initial hesitations and the role her husband's encouragement played in her decision.
09:47 Kara explains how her son influenced her to become an entrepreneurial lawyer, leading her to pursue a different path after discovering her pregnancy during her early legal career.
12:16 Kara shares how prayer and a chance encounter with a Mary Kay consultant led her to start a side business, which eventually funded the startup of her own law firm and provided her with financial independence.
14:12 Kara talks about her transition from "door law" to focusing more on specific legal services, using creative marketing strategies, like distributing flyers in the Haitian community that led to a steady influx of clients for her diverse legal practice.
25:55 Kara highlights a success story of winning a $2.1 million jury verdict in a slip and fall case, underlining the importance of not being intimidated to go to trial when necessary.
27:16 Kara explains the backend systems of handling pre-suit personal injury cases and outsourcing administrative tasks to keep operations smooth and efficient, and how these elements contribute to financial success.
28:52 Ali describes how her training system prepares lawyers to be lifelong attorneys for their clients, enabling them to handle various legal matters and efficiently manage cases with proper systems in place.
39:43 Kara elaborates on the interaction with insurance companies during settlements and how good lawyers obtain better outcomes for their clients by negotiating rather than going to court.
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In this episode of the NewLaw Podcast for Entrepreneurial Lawyers with Ali Katz, we join a coaching session where Steve, an entrepreneurial lawyer, seeks advice on acquiring his first practice clients in estate planning. Ali offers actionable strategies to shift from educating potential clients to engaging them with curiosity and building meaningful conversations. The episode highlights the importance of setting clear goals, understanding client experiences, and leveraging personal interactions to transition smoothly into a new practice area.
Key Takeaways:
Engage with Curiosity: Shift from educating potential clients to asking curiosity-driven questions about their experiences and needs in estate planning. Set Clear Goals: Establish specific, time-bound goals to stay focused and motivated in your transition to a new practice area. Leverage Personal Interactions: Use everyday interactions and past client relationships to initiate conversations about estate planning. Offer Value Through Planning Sessions: Emphasize the importance of family wealth planning sessions to provide tailored, valuable advice and solutions. Consistent Follow-Up: Maintain regular contact and follow up with potential clients to build trust and move them towards engagement.01:41 Steve mentions his attempts to get practice clients by sending letters, but notes he hasn't had much success, prompting a deeper look into his approach.
02:22 Steve describes his conversations, which focused more on informing clients about the process rather than engaging their personal experiences and needs.
04:06 Ali advises Steve on shifting his approach to client conversations by using curiosity to understand their unique circumstances, rather than just providing information.
06:51 Ali suggests a script for Steve to explain the family wealth planning session process, demonstrating how to provide value and secure client commitment.
09:44 Ali encourages Steve to set specific goals and dates to ensure deliberate progress in his practice, rather than vague timelines, to drive his business forward.
11:03 Ali gives Steve practical advice on using curiosity questions in everyday interactions to gather market research and foster genuine connections, even during routine activities like attending hearings.
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In this episode of the NewLaw Podcast for Entrepreneurial Lawyers with Ali Katz, we explore the transformative journeys of two entrepreneurial lawyers, Deirdre and Will. Both guests share their experiences of transitioning to estate planning and building successful practices through strategic marketing and business development. Ali emphasizes the importance of loving the service you deliver and provides actionable insights on leveraging free marketing strategies to grow a law practice.
Key Takeaways:
Love Your Service: Ensure that you genuinely enjoy delivering your legal services to sustain your motivation and effectiveness in marketing and client engagement. Free Marketing Strategies: Utilize community engagement, social groups, and personal connections to generate referrals and build your client base. Intentional Conversations: Turn everyday interactions into marketing opportunities by naturally discussing your services and how they can benefit potential clients. Building Financial Confidence: Investing in your business, even through personal savings or lines of credit, can provide the necessary resources for growth and stability. Client Follow-Up: Regularly check in with former clients and professional contacts to maintain relationships and keep your services top of mind.01:36 Ali discusses having a lead magnet, follow-up system, and a high-value offer like the family wealth planning session, which can engage clients efficiently without traditional marketing expenses
02:35 Deirdre talks about her previous practice of handling family law, probate, and criminal defense, which she found chaotic and unsustainable.
05:36 Deirdre shares the fears and challenges she faced while transitioning to a specialized practice, emphasizing the role of COVID-related financial resources and a shift in mindset towards investment in her business.
08:07 Deirdre attributes her success to engaging with local community groups and social activities, blending personal interests with professional networking.
11:18 Will introduces himself and discusses how his grandfather’s death, leaving behind a financial mess, led him to realize the importance of proper estate planning and the desire to change the way things are done.
12:21 Will describes proposing changes to his firm for better estate planning services, only to be dismissed, leading him to decide to leave and start his own firm.
13:36 Will shares how he officially launched his firm in January 2021 and was ready to start business immediately thanks to the resources provided by New Law Business Model.
14:55 Will emphasizes the importance of having authentic conversations with acquaintances about estate planning, helping many become clients through genuine interactions in social settings.
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In this episode of the NewLaw Podcast for Entrepreneurial Lawyers, Ali Katz coaches Stephanie, an entrepreneurial lawyer, through her mental blocks on investing money in her business. Stephanie shares her fears of financial instability, despite her recent success in booking new clients. Ali provides Stephanie with practical strategies and mindset shifts to overcome her fears and set up strong financial systems. Through the coaching session, Stephanie gains the confidence to build her business credit and trust her entrepreneurial journey.
Key Takeaways:
Addressing Financial Fears: Understand that financial fears are common and can be managed by setting up proper financial systems and structures. Building Business Credit: Learn the importance of establishing business credit early on and how it can provide a financial safety net. Mindset Shifts: Focus on what you want to achieve rather than what you fear, and envision your success to drive positive outcomes. Regular Financial Reviews: Implement weekly, monthly, and quarterly financial reviews to build self-trust and ensure financial stability. Expansion Strategy: Recognize that at every stage of business growth, investment beyond current revenue is necessary for expansion.Through Ali Katz's coaching, Stephanie gains valuable tools and perspectives to overcome her financial fears and make confident, strategic investments in her business. This episode is essential for entrepreneurial lawyers looking to overcome financial anxieties and achieve sustainable business growth.
01:43 Ali invites Stephanie to discuss her mental blocks on investing and how these fears can hinder business growth as a business owner.
02:14 Stephanie describes how a slow period in business pushed her to the brink of her savings and how that stress influenced her views on investing in new systems.
03:31 Ali discusses her personal journey of facing financial fears by running out of money and realizing that survival skills and self-belief are key to overcoming such fears.
06:24 Ali suggests building financial self-trust systems to keep track of one's financial realities. These systems help in calming fears and making informed decisions.
07:18 Stephanie receives both practical and spiritual encouragement from Ali, realizing the value of her services and finding ways to stabilize her business financially.
10:27 Ali highlights that every business expansion stage requires investing beyond current revenues and that understanding and planning for this discomfort is part of growth.
11:26 Ali brings up Elon Musk's example, who had to borrow money to pay rent despite his ventures, illustrating that even successful entrepreneurs face financial crunches but continue to push forward.
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In this episode of the NewLaw Podcast for Entrepreneurial Lawyers with Ali Katz, we follow entrepreneurial lawyer Susan. Despite her dedication, Susan struggles to allocate her time effectively, feeling overwhelmed with a growing client base and lingering litigation cases. Through Ali Katz's coaching, Susan learns to transition her business model, prioritize time management, and adopt a recurring revenue strategy. Ali introduces tools like The Money Map to help Susan achieve clarity on her financial needs and align her daily decisions with her long-term goal of selling her practice in 10 years.
Key Takeaways:
Time Management: Prioritize and take control of your calendar to reduce overwhelm and focus on high-impact activities. Recurring Revenue Model: Shift from a billable hour model to a recurring revenue model for sustainable growth and better workload management. Financial Planning: Use tools like The Money Map to determine minimum financial needs during business transitions and plan cash flow efficiently. Strategic Decision-Making: Make intentional choices based on long-term goals, even if it means turning down immediate revenue opportunities. Building a Sellable Practice: Invest in systems and staff to create a business that can operate independently and be attractive to potential buyers.Ali’s coaching session with Susan emphasizes the importance of intentional planning and disciplined time management. By implementing these strategies, Susan can move towards her goal of creating a sellable, sustainable law practice.
02:29 Susan describes feeling overwhelmed with increased consultations and clients, despite stopping litigation work for the past six months.
06:44 Ali shares her personal shift from handling private clients to building a saleable business, emphasizing the importance of focusing energy on creating systems and structures.
08:47 Ali highlights the importance of understanding the minimum financial needs during a business transition to ensure future growth and sustainability.
11:30 Ali outlines the importance of restructuring Susan’s calendar to ensure only necessary billable hours are scheduled, which can aid in better time management and future planning.
16:42 Ali talks about her challenges and decisions in letting go of private clients and personal events to focus on building her business, encouraging Susan to make similar tough choices.
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In this riveting episode, seasoned litigation attorney and entrepreneur Karl Seelbach shares his journey from a young, curious kid in Texas to a pioneering force in the legal tech industry. Tune in as Ali delves deep into Karl’s unique career path, the challenges he faced in starting his own firm, and his innovative approach to making legal services more affordable and efficient through his venture, Skribe.ai. Karl’s story is one of resilience, passion, and a relentless pursuit of truth in the legal field.
Key Takeaways:
Embracing Entrepreneurship in Law: Karl’s transition from a large law firm to founding his own practice highlights the importance of understanding the business side of law and seizing entrepreneurial opportunities. The Importance of Finding Your Why: Karl discusses the significance of understanding your core motivations, whether it's providing for family or uncovering the truth, to drive career satisfaction and success. Adapting to Market Needs: Discover how Karl’s ability to identify and respond to market gaps has been crucial in both his legal practice and his tech venture, illustrating the dynamic nature of law and technology. Navigating Financial Uncertainty: Insights on how Karl managed the financial risks and stresses associated with starting a new firm, emphasizing the importance of networking and diversifying case types. Innovating with Skribe.ai: Learn how Karl's legal tech platform, Skribe.ai, is revolutionizing court reporting by making it faster, more affordable, and accessible, ultimately aiming to enhance the pursuit of justice.Karl Seelbach’s journey is a testament to the power of innovation and determination in the legal profession. His story not only inspires lawyers to think beyond traditional paths but also showcases the potential of technology to transform legal services for the better.
6:21 Karl’s early interest in law is explained, influenced by his father’s work in oil and gas and safety expert witness cases, and his childhood experiences with depositions. He also shares how reading depositions about catastrophic injury cases during his childhood played a pivotal role in sparking his interest in law.
12:13 Karl talks about his early venture into legal tech by developing an iPad app for depositions while still working at Winstead.
14:47 Ali reflects on her journey to get her own clients at a large law firm and how that initial step eventually led her to start her own law firm.
16:40 Karl shares the challenging start of his own firm with only one client and one case, leading to financial stress, and the eventual buildup of a successful practice through relentless networking and client acquisition.
23:19 Karl describes the initial confusion in choosing between plaintiffs' and defense work, and how eventually deciding on a focus contributed to their growth and financial backing for Skribe.
26:29 Karl discusses the inspiration and mission behind founding Skribe, targeting the high costs associated with traditional court reporting and aiming to make justice more affordable and efficient.
32:18 Karl breaks down Skribe’s pricing and the inclusive services provided, such as the virtual room, live liaison support, redundant recording, and professionally proofread transcripts, all contributing to its cost-effectiveness.
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In this inspiring episode, Ali Katz talks with lawyer Kim Rockwood to explore the critical distinction between investments and expenses. Together, they delve into how understanding this difference can transform your law practice from struggling to thriving. Ali shares her journey of building a million-dollar practice, the mistakes she made along the way, and the mindset shifts that led to her success. This episode is a must-listen for any lawyer looking to grow their practice and achieve financial stability.
Key Takeaways:
Understanding Investments vs. Expenses: Learn why distinguishing between investments and expenses is crucial for business growth and how to make decisions that drive long-term success. Mindset Shift: Discover the importance of shifting from a scarcity mindset to an abundance mindset to enable strategic investments in your practice. Leveraging Credit Wisely: Understand how to use business credit as a tool for growth and the importance of having a solid financial strategy. Building Confidence: Recognize the role of confidence in making business investments and how to develop it by meeting your fears and insecurities head-on. Partner Support: Gain insights on how to communicate with your partner about business investments and address any concerns or fears they may have.By the end of the episode, listeners will have a clear understanding of how to make strategic investments that lead to sustainable business growth and financial stability.
01:41 Kim talks about her initial confusion about the difference between investments and expenses, emphasizing the need for deeper understanding in running a business.
03:00 Ali elaborates on the importance of buying back time through investments, such as hiring the right people and learning to engage clients effectively to generate results.
05:00 Ali shares a story about selling her law practice to an inexperienced business owner who cut essential expenses, leading to the downfall of the business due to a lack of client acquisition.
12:08 Ali and Kim discuss the blurred lines between expenses and investments, using examples like postage and client experience to illustrate their points.
13:00 Ali shares her personal experience of building out an office on credit, which, despite initial fears, became a valuable investment that enhanced her client experience and business vision.
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Meet Melissa, a lawyer facing the overwhelming challenge of inconsistent client acquisition in a new community. Plagued by fluctuating client numbers and the pressure to generate leads, Melissa is struggling to find her footing. Through focused coaching, Ali provides invaluable insights and actionable strategies to help Melissa navigate her way to a more stable and prosperous practice. Melissa discovers the power of strategic calendaring, effective networking, and education of her community. This episode unveils the step-by-step process Melissa adopts to consistently secure four clients per month, transforming her practice and mindset.
Key Takeaways:
Practical Magic: Limiting calendar availability to create demand and focus energy. Community Engagement: The importance of attending other people's events for better visibility and networking. Referral Conversations: How to educate referral partners effectively and leverage their networks. Presentation Power: Creating valuable presentations to clarify what clients can do themselves versus when they need a lawyer. Imposter Syndrome: Turning self-doubt into a tool for self-improvement and community support.In this episode, you'll learn how Melissa overcomes her challenges and sets her practice on a path to consistent growth. Tune in to discover practical tips and inspirational advice to boost your own client acquisition strategies.
02:31 Melissa shares her struggle with generating a consistent flow of clients, noting her pivot to online marketing and video content due to positive feedback.
06:30 Ali highlights resources available for finding initial practice clients and emphasizes the value of using curiosity questions in Melissa’s referral conversations and networking events.10:09 Melissa admits that imposter syndrome is a recurring issue for her and Ali touches on the idea that focusing on service is a solution to feelings of desperation and imposter syndrome in building a law practice.
11:38 Ali advises Melissa to create a short presentation to delineate what clients can do themselves versus when they need a lawyer, leveraging her on-camera strengths to establish value.
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In this episode, join Ali as she shares a rather eye-opening negative experience with an asset protection lawyer, unearthing critical lessons for lawyers striving to elevate their services, and uses it as a springboard to discuss the powerful upside LIFTed Business Advisors can offer their clients. Ali’s encounter provides a unique window into the shortcomings of a conventional approach and sets the stage for a deeper understanding of what truly sets apart a transformative legal practice.
Through her insightful analysis, Ali reveals how a transactional mindset, even from a skilled lawyer, can fail to resonate with clients seeking comprehensive and personalized guidance. She highlights the pitfalls of a standardized service model and emphasizes the importance of adapting to each client’s unique needs and circumstances.
Key Lessons and Insights for lawyers seeking to implement a holistic service model in their businesses:
The Role of a LIFTed Advisor: Explore how lawyers can evolve into what Ali has termed a “LIFTed Business Advisor”, offering holistic guidance encompassing asset protection, tax strategies, entity management, and intellectual property. Transcending Transactional Limits: Discover how moving beyond transactional legal services to deeply understanding client needs can create lasting relationships and trust. Customization is Key: Learn from Ali’s story about the importance of tailoring services to each client’s unique situation rather than relying on a cookie-cutter approach. Engagement Strategies: Understand where the asset protection lawyer missed opportunities in client engagement and how LIFTed Advisors can capitalize on these moments to deeply connect with clients. Building Comprehensive Solutions: Gain insights into developing comprehensive solutions that address not just the immediate legal needs but the overarching goals and challenges of business owners.This episode is particularly valuable for lawyers looking to redefine their practice and adopt a holistic recurring revenue-based legal service model. Ali Katz’s narrative highlights the significance of this transition, offering practical strategies and insights to develop a practice that goes beyond traditional legal services. It’s a call to embrace a more integrated, client-focused approach, turning legal advisory into a journey of collaboration and mutual growth. Tune in to learn how to become an indispensable asset in your clients’ business and personal growth.
Interested in learning more about becoming a LIFTed Business Advisor? Apply for a call with a Law Business Advisor at newlaw.co/show.
02:15 Ali reflects on her journey from being an associate lawyer to realizing the need for a new kind of business advisor, inspired by her experiences.
04:33 Ali explains that as a lifted business advisor, you’re not selling documents or hours. Instead, you’re selling a comprehensive package of outcomes, support, guidance, and coordination, allowing clients to make informed decisions with the right advisors' help.
09:17 Ali highlights the benefits of staying in touch with clients between booking and appointment, even if the communication could be improved.
13:39 Ali notes the importance of clients feeling confident and not perceiving the service as cookie-cutter, emphasizing the need for personalized engagement.
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In this episode, Ali explores how seasoned lawyers can shift from traditional legal practice models to a range of alternative approaches. This episode provides a roadmap for creating different types of practices, from solo operations to multi-million dollar empires, ensuring success regardless of the chosen model. Through various success stories, she examines how lawyers have navigated these transitions, transforming their vision into reality by implementing effective systems and making strategic decisions.
Key Takeaways:
Roadmap for Change: This episode offers a guide for transitioning from traditional practice models to a range of new approaches, emphasizing flexibility and adaptability.
Solo to Empire: We explore various business models, including solo practices, staffed firms, and empires, highlighting how each can be successful when tailored to individual goals.
Tailored Systems: Effective systems for client engagement, project management, and marketing are key to sustaining any practice, allowing lawyers to focus on their strengths.
Transformative Success Stories: Examples of the way different models can lead to significant financial rewards, including growth from modest beginnings to multi-million dollar practices.
Sustainable Growth: Small, incremental steps can lead to significant achievements, guiding seasoned lawyers through successful transitions and ensuring long-term success.
This episode serves as a roadmap for lawyers seeking to shift from traditional practice models to new, flexible approaches. By tailoring systems, implementing strategic decisions, and aligning business models with their goals, lawyers can create sustainable practices. Whether aiming for a solo operation, a staffed firm, or an empire, this episode provides valuable insights for making those dreams a reality.
01:30 Ali shares a success story of a lawyer who built a million-dollar practice after many years in the field, underscoring the value of persistence and continuous improvement.
04:47 Ali stresses the importance of deciding the type of practice you want to build—solo, staffed, or empire—and how this decision will shape future actions and investments.07:42 Ali discusses the new approach to law practice, focusing on creating a positive experience for clients rather than just selling services or hours.
09:50 Ali talks about the importance of developing systems to manage different roles within the practice, allowing the lawyer to focus on specific areas of interest.
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In this episode of the New Law Podcast, we get to hear the story of Jordan Ostroff, a once struggling lawyer who found himself drowning in debt while trying to balance his family and law practice. He managed to turn it all around by evolving his firm into a successful business that no longer depends solely on him. Co-founder of Driven Law with his wife, Jordan reveals how he emerged from the brink of burnout to becoming a thriving law firm owner and author of "Love Your Law Firm." Host Ali Katz digs into his journey from prosecutor to business-savvy firm leader, uncovering how lawyers can build a business they love by focusing on effective strategies that go beyond the traditional legal practice.
Key Takeaways:
Transition from Lawyer to Entrepreneur: Learn how Jordan transitioned from being a prosecutor to running a successful PI law firm, focusing on the business aspects of law which are often neglected in traditional law education. Building a Firm That Runs Without You: Jordan discusses how creating systems and processes allows the firm to operate efficiently without his constant presence, highlighting the benefits of having a clear division of roles within law firm partnerships. Work-Life Balance: The episode touches on the significance of maintaining a work-life balance and how taking time off for a 13-month road trip with his family was made possible by the firm’s robust operational structure. From Personal Brand to Broadened Business Model: Insight into Jordan’s decision to rebrand from "Jordan Law" to "Driven Law" to create a sustainable business model that is not overly dependent on his personal brand.This episode provides invaluable insights for any lawyer looking to transition from traditional practice to a more entrepreneurial approach, ensuring their law firm is not only a place of work but a business they truly love.
05:02 Jordan shares how he met his wife, Heather, and how they worked on opposite sides of the legal field before starting a business together.
06:48 Jordan talks about their approach to defining roles in the firm to avoid conflicts, leading to business and legal sector separation.
21:34 Jordan explains his extensive experience with marketing strategies, noting the importance of having a solid sales process and the capacity to fulfill services before significant marketing investments.
31:15 Jordan discusses how he was able to go on a 13-month road trip with his family while his firm continued to thrive, hitting their goals and KPIs without his daily involvement
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Welcome to a transformative episode of our podcast, where Ali shares a presentation she gave to a VC fund about the concept of “Regenerative Wealth” - proposing a model where wealth creation and distribution are aligned with life-enhancing principles and sustainable growth. This episode is a must listen for lawyers who are interested in exploring how to maximize life's resources and enhance family relationships through dynamic estate planning.
What You’ll Walk Away With:
Understanding Regenerative Wealth: Grasp the concept of regenerative wealth, which emphasizes using assets in a way that benefits the individual, their family, and the community while they are still alive. Die With Zero: Learn about the innovative idea of living fully by planning to utilize all resources by the end of life, ensuring wealth serves its purpose during one's lifetime. Creating Sustainable Legacies: Discover strategies for creating legacies that contribute to long-term family and community resilience rather than merely passing on assets. The Role of Personal Family Lawyers: Explore how lawyers can become more than just legal advisors by facilitating deeper family conversations and supporting clients in making impactful decisions about their wealth. Investing in Relationships: Understand the importance of investing in personal relationships and community ties as a way of building a support network that can outlive financial wealth.By fostering a deeper understanding of how to manage and discuss wealth, personal family lawyers can guide their clients towards decisions that not only secure their financial future but also enrich their lives and those of their communities. Join us to learn how shifting your perspective on wealth can lead to more meaningful, impactful legacies.
07:33 Ali shares a personal anecdote about choosing to speak at an investor conference focused on humanity's resilience, emphasizing in-person interactions.
09:59 Ali talks about how she met the son of a multi-billionaire, during a talk about generational wealth to regenerative wealth, who turned out to be one of her most important clients.
17:46 Ali proposes a shift to regenerative wealth, suggesting a permaculture approach to investing, starting with oneself, emphasizing the importance of lawyers investing in their personal development and ability to earn as part of this shift.
20:06 Ali advocates for investing in non-extractive ways, understanding the concept of 'enough,' and initiating early and open conversations about incapacity and death to better manage family wealth planning.
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What are the essential things you need to know and do to successfully transition from being a new entrepreneur to a savvy business owner? In this episode, Ali delivers a talk on the essential knowledge and skills required for successful business ownership that most first-time business owners get wrong:
Setting Realistic and Ambitious Goals: Understand the importance of setting high yet achievable targets for your business, drawing inspiration from historical wisdom and modern success stories. Confronting and Overcoming Fear: Explore how fear of disappointment can hinder progress and learn strategies to overcome these emotional barriers, paving the way for growth and success. Client Engagement Mastery: Discover the secrets to turning inquiries into appointments and appointments into loyal clients. Learn the art of effective engagement and why it's critical to your business's success. Building a Solid Business Foundation: Dive into the essentials of setting up your business legally and financially. Gain insights into entity formation, financial systems setup, and the intelligent use of credit for business expansion. Aligning Your Calendar with Business Goals: Ali guides you through the practical steps of aligning your day-to-day activities with your long-term objectives. Understand how effective time management and goal alignment can propel your business forward.Ideal for lawyers transitioning into business ownership that are looking to establish a firm foundation, this episode is packed with actionable advice, practical tips, and motivational guidance. Listen in to start your journey to becoming a successful business owner with confidence and clarity.
02:34 Ali talks about the common fear of setting goals too low to avoid disappointment, and the encouragement to aim higher.
03:53 Ali highlights the importance of writing down goals and projections as a method to solidify and realize them.
10:54 Ali emphasizes keeping your business and personal finances separate and shares the use of business credit wisely as a tool for business growth.
15:32 Ali suggests managing one's calendar effectively by scheduling sufficient planning sessions aligned with the business's conversion rate and further explains focusing on improving these rates to potentially unlock limitless earning capabilities without the complexities of designing pricing or service delivery models.
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Tired of the billable hour grind? It’s possible to run a lucrative practice serving your ideal business clients in just 10 hours a week. Tune in as Ali interviews two powerhouse lawyers - AJ and Denise - who broke free from the “Big Law” burnout by niching down to serve select entrepreneur clients at high monthly retainers.
Key Takeaways:
Strategic Niche Focus: niching down opens the door to become a coordinated advisor guiding all your clients’ legal, financial, insurance, and tax needs and move beyond just documents to provide the kind of holistic planning and protection today’s top business owners crave but are difficult to find. Effective Client Acquisition: Denise shares her approach of attending high-ticket events to connect with potential clients, offering initial free services to demonstrate her value. AJ discusses leveraging personal and professional networks to establish connections with potential clients who require sophisticated estate planning. Innovative Retainer Models: Gosnell utilizes a retainer-based model where she acts almost as an in-house counsel for her clients, offering them quick and effective legal solutions. Olofsky integrates estate planning with business growth strategies, helping clients prepare for future transitions and ensuring their legal needs are met as they evolve. Building Trust through Generosity: Denise's strategy of initially offering free services to potential high-value clients showcased her expertise and built trust, eventually leading to lucrative, ongoing engagements. Both attorneys emphasize the importance of proactive service and being readily available to address urgent client needs, reinforcing client trust and satisfaction.This episode is a treasure trove of insights for any legal professional aspiring to niche specialization or seeking to innovate their practice. Denise Gosnell and AJ Olofsky exemplify how targeted services, combined with a client-centric approach, can lead to a fulfilling and profitable legal career. Whether you are a seasoned attorney or just starting out, their stories provide inspiration and actionable strategies that can be adapted to your own legal practice.
05:35 AJ talks about his background, when his career started, balancing multiple roles and responsibilities that led to exploring a new business opportunity.
11:05 Denise shares her professional struggles before meeting Ali and how Ali changed her life after one conversation.
13:06 AJ explains the importance of specializing in a particular area, which for him is estate planning for business owners with specific revenue ranges, emphasizing how this specialization makes client acquisition and service delivery more efficient.
26:37 Denise shares her initial method for gaining clients by attending events, offering free legal services, and investing significant money for access, which developed trust and led to high-value, long-term client relationships.
33:52 Denise shares insights on maintaining high levels of client service, including the importance of availability through personalized communication methods like texting, to solve client issues promptly and effectively.
- Visa fler
