The Most Effective Strategies for Solo Attorneys to Build Profitable Practices with Lauren Lester
Do you need help in maximizing productivity as a lawyer? In this podcast episode, Jim and Tyson talk to solopreneur Lauren Lester, who runs her own estate and family law firm, Lester Law. She shares her journey into law as a second career.
Lauren shares a few tips attorneys can use to maximize productivity. For new attorneys, it is important to identify where inefficiencies lie in the repetitive tasks. Because you are doing things over and over, it makes sense to see what is not working or how to develop a system to do that thing better so it becomes easier and faster for you. For Lauren, she uses technology as leverage to make these tasks more efficient. For those that are too busy to develop systems, it might be best to focus on the one task that either takes the longest to do or is extremely important and build something around it.
Another tip Lauren shares is how to manage a busy personal life with an equally busy business. It is really important to schedule time for yourself when you have a busy life. One thing to do is protect your time. For example, Lauren shares how a client really wanted to meet with her the following morning at 9am, but she already booked an hour 1 gym session. She responded back saying the earliest time available was 11am. Clients do not need to know your work schedule. Doing this will allow for a more structured day where you can fit in time for personal care.
A lot of attorneys struggle with the billable hour, which is charging clients a fee by the hour. You will always hear people say “They charge by the hour” or “I pay $200 for a client call with my lawyer”. For attorneys, it is important to have value based pricing. In this profession, most have worked in the industry for a long time and have a lot of experience and expertise, but do not bill clients based on that. A shift in mindset towards billing based on the value you bring to a client is needed to succeed.
In this day and age, there has been a shift in having a better work life balance. No one wants to work 80 hour weeks, feel burned out and not enjoy the money they make. Lauren provides advice on how older attorneys can work with the younger generation to learn this. The value of an employee is not the time they spend sitting at a desk, but hitting benchmarks in a time that works for them. For example, an employee may be able to accomplish a task in an hour as opposed to spending their whole work day doing it. That person should not be punished because they did their job quicker. As long as the objective for the business is being met, who cares how fast it took them to complete it.
Take a listen to learn more!
8:17 Tips for solo attorneys or attorneys starting out to maximize productivity
10:49 Tips for managing personal and business life
15:45 Discussion of the challenges attorneys face with the billable hour
18:33 Advice on how law firm owners can work with the younger generation
Jim's Hack: Read or listen to $100M Leads: How to Get Strangers to Want to Buy Your Stuff Alex Hormozi https://amzn.to/4998nkv
Lauren’s Tip: Tech tool called Text Expander, which allows you to create little snippets of things you are constantly writing. Whether it be closing out an email with a signature phrase or acronyms that you need to spell out, the tool allows you to get emails out faster.
Tyson Tip: Use Teleprompter when creating videos, which allows you to copy and paste text into it and then adjust the speed.
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