Watch the YouTube version of this episode HERE
Are you struggling to maintain the success of your law firm? In this episode of the Maximum Lawyer Podcast, Tyson delves into the three things that are killing your law firm.
Tyson shares the three things that can hurt a firm. One of these is inconsistency. This is something a lot of people suffer from and it can really hurt the growth of not only a business, but your own goals. Figure out methods to stay consistent with your goals or tasks. Utilize reminders, alarms or scheduling assistants to get the ball rolling. The second thing is the lack of processes. It is important to have processes in place for things like training to ensure you avoid turnover.
The last thing that is killing your firm is draining all the money out of a firm by not having a system in place to ensure people are getting paid. To avoid sales flow issues, make sure all of your bank accounts are in order and you understand how money is coming in and leaving all accounts. These three key things will help you stay successful!
Listen in to learn more!
00:24 The three main issues affecting law firms
1:12 How inconsistency in daily tasks negatively impacts law firm growth
3:08 The importance of having systems and processes to prevent bad hires
4:00 How mismanaging cash flow drains resources
Tune in to today’s episode and checkout the full show notes here.
[MUSIC PLAYING] - Run your law firm the right way. - The right way. - This is the Maximum Lawyer Podcast. - Maximum Lawyer Podcast. - Your hosts, Jim Hacking, and Tyson Mutrix. Let's partner up and maximize your firm. - Welcome to the show. - Welcome back to another episode of the Saturday Morning Podcast. I'm Tyson Mutrix. And today, I'm going to be talking about the three things that are killing your law firm. Some of them, you already probably know. But you still are not doing anything about it. Why is that? That's a question maybe we need to talk about. And if you have some questions about that, shoot me a text. I would absolutely love to hear from you. Just text me 3145019260. If you are struggling with things, I would love to try to be able to help you out a little bit. Because I get it. These things we're going to talk about, they can be difficult at times. But you need to fix them. Because these are the things that are killing your law firm. You say you want to do all these grand things and these great things. But the reality is, is that you're not doing it because you're doing these things. There's probably some other things you're doing too. But these are the main three things that are killing your law firm. So let's jump right into it. Number one, you know what, I'm going to save number one. Let's go in reverse order. Three. Let's go with number three. Inconsistency. So, you know you need to be shooting that video a day and guess what you're not doing. You're not shooting the video a day. You know that there are, you know, every single day, and I'm trying to think of something that might be applicable without giving out a way of the next one. And that's part of what it is. But okay, so maybe you need to be every single day or a few times a week. Reaching out to a potential referral partner. And you're not doing it. Or you need to, you know that every week you need to have at least one networking lunch. You're not doing it. So you're not generating the business that you should be doing it. And the thing is, is we're really talking about whatever your process goal is, to use a phrase that Jason Selk uses. So those things, that process of working the process and you're not being consistent with that, you have to be consistent. So inconsistency is killing you. So whatever that thing is that you need to be doing, 'cause there's one thing that you know you need to be doing, and I'm not talking about that in the business stuff, there's always that thing that's on your desk that you need to freakin' do, okay? I'm talking about that important thing that you know you need to do to be growing. That's what I'm talking about. And so you need to be doing that thing and stop doing that thing that's sitting on your desk and checking your freakin' email or wasting time doing something else. You know, scrolling on TikTok or YouTube, whatever it is. Do the freakin' thing, get it done, okay? That's so important. All right, number two, and this is why I wanna give this away 'cause I almost said this, but it's, you don't have processes. You don't have any sort of process in place. There's no system, okay? So when you hire people, and this is the bonus, bad hires are killing your law firm too, but that's because you don't have systems and processes. So what you do is you freakin' to have a bad hire or you turn a good hire into a bad hire 'cause they don't have a freakin' do. I've been hired, okay, what do I do? I don't know what you do 'cause I don't have a process for it. Or I don't have time to freakin' train you. Get the processes in place. And so maybe you're a process goal so that one thing you need to be doing that on a consistent basis is creating a process, maybe one a day or maybe, I don't know, one a week. Yeah, guess what? There's Chad GPT to help you with some of this stuff, okay? You can use it to build you a framework to start with and then you can fill in some of the details. So there are these things there, tools that are there for you for free that you can use. Start freakin' using them. There's no excuse this time, okay? There is no longer an excuse, so just freakin' do it, okay? Let's get to number one. And this is the thing, guys. This is the thing that you do on a regular basis that is killing your firm, it's absolutely killing you. You're draining all the money out of the firm. So you're saying, I don't have any money. And what you're really saying is, I'm sucking all the money out of the firm. I don't have any systems in place for how I should get paid. I'm not paying myself a salary. You go do yourself a favor, especially if you're a new lawyer, a young lawyer, read profit first. It'll explain you how to set up all your bank accounts. It'll give you a system that you can use that's really, really effective. You can give yourself quarterly draws, you can pay yourself a salary, a modest salary, and then that way you don't have these massive cash flow issues. And I don't have enough money to pay in place. You have plenty of money to pay employees, usually. I see this all the time, we have these hot seats, we have people in the guild that we're doing these hot seats, and they don't have money, the reality is you have money, you're just wasting the money, or you're sucking all the money out of the firm. So that is a massive issue that if you can fix that, it'll solve a lot of your other problems. But if you can solve the cash flow problem, it will solve a lot of your problems. It's not gonna solve all your problems, it'll solve a lot of your problems. All right, that's all I have for us today. That, this is one of my quicker episodes. I didn't talk as much, but that's probably a good thing. If you stop doing these three things, it's gonna go a really long way to fixing your firm. All right, make sure you text me, 31450-19260, would love to hear from you. It's always a pleasure. Until next week, they'll remember that consistent action is the blueprint that turns your goals into reality. Take care, everybody. - Thanks for listening to the Maximum Lawyer Badger. To stay in contact with your host and to access more content, go to maximumlawyer.com. Have a great week and catch you next time. (upbeat music) (upbeat music)
