Law firms at this stage of growth must have strong financial controls, and more importantly, a good CFO that will leverage the resources needed to double to a $6 million dollar firm in 18 months. That won’t happen overnight, and it won’t happen with a bookkeeper or accountant who isn’t as hyper focused on growth as you are.
More often than not, solo lawyers in this group have been working with financial strategies that aren’t necessarily focused on growth, but instead are focused on saving money. We’re not saying there’s something wrong with saving money, but if saving money is the strategy you’re using to double your law firm’s revenues – it’s not going to work.
No lawyer in this stage is going to get to the next stage of growth by saving more money. You’re going to get to the next level of growth by dialing up on your marketing, hiring exceptional talent, expanding your law firm, investing in software to streamline processes, etc. All of which cost money!!!
By insourcing your firm’s CFO, you’ll have an A-Team player that will help you plan for growth. You need to have this person on your staff full-time so that they fully understand your business plan and where you are headed for growth.
A fractional CFO (yes, even our service) is no longer the answer at this level, but you might not know how to manage them and communicate efficiently. Even more so, you might be very afraid of handing over all your numbers to someone who will be a complete stranger. That’s why we’re here to help.
Download your free report to learn how to hire and manage a quality CFO that will be driven by growing your law firm by the numbers. Ultimately helping you build a more successful law firm that is growing profitably and even more efficiently.
Before starting at How to Manage, I felt...I think the right word is...shame! Ashamed I wasn’t doing whatever it is I needed to do...wasn’t working hard enough, [but] I was working hard.
I’ve grown my business by 600 percent. We are a team of seven now. Before I was a team of just me working really, really hard. I wish I would have joined sooner. I would have spent less time spinning my wheels, and I would have gotten the advice that I needed. What was holding me back was fear. I wish I would have been braver sooner because it was absolutely worth it.
I'm learning the things that I need to grow my law firm. I've literally made more in the last three months than I made last year. I'm ready to move to the next level, and I know I can't do it on my own. With the help of How to Manage, I know I'll be able to do it, and it's going to take me and my family to better places.
I would say to someone who is on the fence, it's a great community. It's a great place to learn and to grow no matter where you are. And so I would say, “Jump in. The water is fine.”
I started at $225,000 within the first year of being with How to Manage, and then my revenue skyrocketed to a whopping $550,000! In my second year with HTM, I went from $550,000 to $770,000! Now, in 2021, I am on track to achieve a quarter million in a month!
Jennifer Reardon experienced unexpected changes in her life that led her to go from estate planning to now owning a law firm. Even with a plethora of degrees, none of it taught her how to run a law firm properly.
Andrea Shoup and her husband were at their wit's end when it came to having freedom from the law firm. Their planned vacations always whittled down to all work and no play, when it shouldn't be that way. Now Andrea and her husband have more freedom and revenue than ever before thanks to the team at How to Manage. Watch the video to find out about this key aspect every business should have!
At one point in his life, Alan Ray San Miguel was flipping burgers with only enough pocket change to get by until the next paycheck. Now he's investing in a $2 million home for him and his family. Watch Alan's testimonial on how HTM mapped his law firm's plan to achieve his current level of success.
From taking home less than 10% of revenue to an unbalanced lifestyle that risked tearing his family apart, Douglas Rohan was at his wit's end. Watch his testimonial to find out how How to Manage a Small Law Firm steered his life back on course.
For Ellaretha, How to Manage a Small Law Firm was her biggest investment. Beyond being able to spend more time with her kids, Ellaretha was able to go on maternity leave for 14 AND A HALF MONTH—and her law firm was still skyrocketing through revenue goals. Watch the video to learn more about how How to Manage has benefitted Ellaretha's career. If you're ready to put in the work to have the lifestyle YOU wish for, take the next minute to schedule an appointment with us.
“HTM, to me, was sort of like getting an applied MBA in how to run my own business: setting goals, measuring, and coming back. The other thing that I got out of and continue to get out of HTM is a lot of the mindset work that’s done—thinking about what your own blocks are, what your own fears are, and what is standing in the way. In this group, not just in the coaches and the team but with the other lawyers that come here, I gained so many benefits just from showing up, especially these LQMs (Live Quarterly Meetings). That association with just the peers has been transformational in and of itself.”
“That’s the ultimate goal: to have a successful business being good at what you do. You benefit from that but so do hundreds and thousands of other people that you get to help.
There are defining moments in a person’s life, and one of those moments for me is when I chose to join How to Manage a Small Law Firm. It’s a wild, fun ride. I love it. It’s been the best thing I ever could have done for my business.”
“You do a lot of learning about mindset, understanding yourself, and what is holding you back personally. So professionally, financially, and personally, I’ve grown as a human being, and that allows me to add more value to my clients and to basically be better for them. If I’m better for them, then I’m helping lives.”
“When we first joined, I think the biggest myth was ‘We’re different. We practice immigration law. What they’re teaching us really doesn’t apply to us—maybe for other types of law.’ That was the biggest one, and at the end of the day, we found out that, no, what we’re learning is how to create a successful business.”
“My firm had been just growing by dribs and drabs, and I wanted to have more profit from my business so I could do more for my family. When I started, I was $340,000, and now I’m at $665,000, which is close to double what I did two years ago.
When I joined, I thought having a $1,000,000 firm was completely ridiculous. ‘That’s not possible for me to have a $1,000,000 firm.’ And now my goal is to have a $1.2 million firm.”