Increase Cash Flow and Decrease Cancellations, with Molly McGrath

You could easily have a 1 million dollar practice simply by who you hire (and why). There’s a strategy to it.

Fresh law firms think that to get the money ball rolling the fastest, they need to hire an associate.

But that’s a mistake.

In this episode, you’ll learn:

✅ The power of pause (and how it’ll transform your law firm)
✅ How to get your cash flow UP and your cancellation rate DOWN
✅ Who will make you the most money at your law firm
✅ What your office needs for the quickest ROI
✅ The #1 skill to look for in a new hire (hint: it’s not knowing Microsoft)

Before you hire your next associate, listen to this first.

Learn more about Molly:

https://hiringandempowering.com/

Episode Summary

In the realm of elder law and estate planning, achieving success often involves more than just legal expertise. It requires a strategic approach to team-building, time management, and client relations.

In this episode, our host engages in a compelling conversation with a seasoned expert in legal staffing and practice growth, as they delve into the crucial concept of the “Power of Pause.”

Building a Strong Foundation: The Power of Pause

Similar to the meticulous review of estate planning documents and the scheduling of client consultations and workshops, the power of the pause lies in setting aside dedicated time for reflection, planning, and team collaboration.

This deliberate pause amid the daily grind allows attorneys to step back, evaluate their practice, and chart a path for future success.

From Solo to Growth: The Blueprint

A common misconception among new law firms is the hurried hiring of associate attorneys to expedite growth. However, the guest proposes an alternative strategy. By initially hiring a skilled client services coordinator, law firms can significantly impact their financial bottom line.

This role ensures efficient management of leads, scheduling of appointments, and optimization of the client experience. Remarkably, within just 30 days of hiring a client services coordinator, the average increase in monthly revenue can exceed a substantial amount. This strategic investment lays a solid foundation for growth and profitability.

The Confidence to Have Courageous Conversations

The guest underscores the importance of cultivating the confidence to engage in courageous conversations within the law firm. A client services coordinator armed with this skill becomes a linchpin in upholding accountability.

By actively managing calendars, cash flow, and conversion rates, the client services coordinator serves as a crucial bridge between the front and back of the house, ensuring the entire team remains aligned with strategic objectives.

Navigating Challenges: Turning Adversity into Triumph

The guest shares a real-world success story that highlights the transformative impact of their approach. In a scenario where a long-serving team member was involved in financial malpractice and creating chaos, a swift intervention took place. Through the implementation of rigorous accountability via weekly team meetings and daily huddles, the law firm managed to reverse the situation within a mere two weeks.

This example underscores the potency of fostering a culture of transparency, constant communication, and strategic planning in overcoming even the most dire challenges.

Conclusion

Constructing a thriving practice involves strategic team-building, consistent communication, and the bravery to pause and contemplate. The insights shared serve as a reminder that by investing in the right team members, cultivating a culture of responsibility, and harnessing the power of pause, law firms possess the potential to not only achieve success but also evolve into formidable, high-achieving practices.

For those prepared to elevate their elder law or estate planning practice, incorporating the principles of the power of pause and strategic team-building could be transformative. For more actionable insights and expert guidance, consider exploring resources offered by the guest on their website. With a wealth of knowledge and experience, these resources can aid in your journey towards creating an unwavering, prosperous practice.

To learn more about how we can help with your Elder Law or Estate Planning firm’s marketing, schedule a free 15-minute call with us.

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Marketing Services for your Law Firm

Workshops & Webinars

Fill in-person workshops or online webinars with high-quality attendees ready to hire you.

Social Media & YouTube Marketing

Build recognition, nurture relationships, and create a community using the power of YouTube and social media.

Email Campaigns & Newsletters

Consistent communication is key when it comes to establishing trust and rapport with your audience.

Website Design

Clarify your message and turn more web visitors into paying clients. Capture more leads with an optimized, well-designed website.

SEO

Reach the right people at the precise moment that they are searching for your services, without paying for ads.

Group Training

Ready to take your firm to the next level but need guidance how to get there? We teach you the techniques that will Level Up your practice.

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8 Tips to Host Outstanding Workshops

Workshops Webinars

This free guide includes the best practices you need to know if you are hosting Elder Law or Estate Planning workshops.

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Every month we will provide you the top 4 trending YouTube topics (keywords) related to Elder Law & Estate Planning. These are things that your potential clients are already searching for!

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With our email management service, we create and send a weekly e-newsletter to your contact list. We brand it with your colors and logo, and it looks like it comes straight from your firm.

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With our email management service, we create you both sales and nurture email campaigns that follow up with all new potential clients for 2 months.

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