At LWP, we believe that a firm’s success can be broken down into three levels. The Law Firm Success Model illustrates this principle and is a proven blueprint for tracking your progress from one level of success to the next.
As you can see, in the Success Model level one is defined as technical success—and rightly so. At the very least, your firm must be able to use the law competently to address your clients’ needs and craft legal documents that produce the desired results for your clients.
Where are you with respect to competency and level one? Perhaps you are transitioning from one area of the law, such as family law, into elder law. In that case, you might not be proficient at designing, say, an asset protection trust. This would put you to the left of level one, letter A on the Success Model above. To fully achieve level one success, you must master the strategies and tools of estate planning, elder law, Medicaid planning, and asset protection.
LWP has helped many new members attain technical success through a combination of cutting-edge software, hands-on training, legal/technical support, and one-on-one coaching. Our three-day, intensive Practice With Purpose (PWP) workshops are the best possible way to start. You can learn more about them, or register for an upcoming PWP workshop, here.
Now let’s move on to level two, operational success, which is defined as consistent profitability and growth. Study the bulleted questions in level two. If your answer to most of these questions is no, you are to the left of operational success, the letter B in the Success Model—you’re not quite there yet. Conversely, if your answers to most of the questions are yes, you are well on your way to operational success and consistently achieving your revenue, profitability, and growth goals.
If you have achieved operational success, you are ready to move to the next level in the Success Model, entrepreneurial success. In essence, entrepreneurial success means that your firm can operate successfully and profitability without your day-to-day involvement. For example, if your firm has achieved level three success, you can go on vacation for a few weeks and your firm will not be in a state of utter chaos upon your return. Entrepreneurial success means you have the team—the “Whos”—in place to keep your firm running at peak efficiency whether you are in the office or not.
Look at the Success Model one more time. Whether you are in position A, B, or C, we can help you get to the next level. You will benefit from our next email, which will discuss our proprietary Law Firm Accountability Chart—the cornerstone of building a team that is comprised of the “Whos” you need to move forward.
If you are in position D, congratulations, you are not only an accomplished attorney, you are also a successful entrepreneur. Don’t bother reading our next email. We won’t mind. We celebrate success, and you should, too!