Episodi
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In this enlightening interview, Ali Katz sits down with Kim Rockwood, a former Personal Family LawyerÂź (or PFL) and senior law business advisor at New Law Business ModelÂź. Together, they tackle the commonly held myth that December is a âdead monthâ for marketing and why believing this might be keeping lawyers from achieving consistent income. Kim shares her journey of transforming her practice, guided by the PFL model strategies, into a full-fledged businessâthanks, in large part, to a pivotal marketing webinar held on December 30th that filled her calendar for six weeks!
This discussion sheds light on the benefits of challenging limiting beliefs and how systematic planning can create unprecedented growth in any month of the year. Ali and Kim underscore the role of mentorship, effective marketing strategies, and tools for consistent income, proving that no month is âdeadâ for those committed to a strategic approach.
Key Takeaways:
Challenge Myths That Limit Your Growth: December and summer are often dismissed as non-viable for marketing, but these months can actually be ripe with opportunity. Shifting this mindset can unlock new revenue streams. Importance of Mentorship in Business Transformation: Kimâs success story emphasizes the impact of guidance from experienced mentors, which helped her push past her reservations and plan strategically. Power of Yearly Marketing Mapping: Setting an annual calendar for events and marketing activities, as Kim did, allows for focused and consistent business development. Planning ahead helps avoid last-minute scheduling stress and ensures a steady flow of leads. Leverage the âBetween Holidaysâ Advantage: People often have more time for reflection and planning during the last week of December. Scheduling events in this period taps into peopleâs New Yearâs mindset, which can yield high engagement rates. Effective Tools and Systems for Consistent Revenue: With resources like New Law Business Modelâs âAdulting 101â presentation and planning session frameworks, Kim could engage and convert clients at an 80%-90% rate. Building these structured processes allows for high engagement and steady revenue.Through this episode, Ali and Kim show us to rethink conventional wisdom, highlighting that year-round marketing and structured support systems can build a sustainable and impactful law business.
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In this episode, Ali Katz dives into a pivotal question faced by lawyers: What do you do when potential clients donât engage your services? Drawing from her own journey from rejection to client engagement mastery, Ali shares actionable strategies on reshaping your approach to client consultations, aligning your sales strategy with authentic service, and structuring follow-up that leads clients back to you. Through a unique mix of personal anecdotes and coaching insights, Ali demonstrates how to guide clients through the process of seeing the value in your services, without needing to resort to persuasion or hard selling.
Key Takeaways:
Embrace Sales as Service: Sales in law is not about convincing; it's about supporting clients in making informed, valuable decisions aligned with their needs. Structured Initial Consultations: Design consultations as working sessions with a clear purpose, name, and value. Guide clients through the cost-benefit analysis of hiring you, showing the impact of not proceeding. Targeted Follow-Up: Use strategic follow-up calls and customized âdid not engageâ (DNE) letters to reconnect with potential clients and address any remaining uncertainties or concerns. Differentiated Service Model: Ensure your unique service offerings are clearly communicated, including any ongoing value (e.g., lifetime client relationships), and frame them in terms of client benefits, not just legal jargon. Ongoing Engagement & Re-engagement Campaigns: Consistent follow-up through newsletters and re-engagement efforts, like a âBack from the Deadâ campaign, can bring clients back even years later.Ali emphasizes that building a successful law practice involves continual improvement in client engagement methods and understanding the "why" behind potential clientsâ hesitations. Her approach transforms rejection into a stepping stone for growth, making every âdid not engageâ a learning opportunity to refine and reinforce the value of the services offered.
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Episodi mancanti?
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In this episode, Ali Katz dives deep into two essential topics for entrepreneurial lawyers: the Corporate Transparency Act and proactive tax time planning. Ali illustrates the importance of thinking ahead when it comes to taxes, a key differentiator between employees and business owners. Drawing on personal experience, Ali explains how proper tax planning in the final months of the year can save business owners from unexpected tax burdens. She also underscores the importance of complying with the Corporate Transparency Act to avoid hefty penalties, offering practical tips and resources for legal professionals to assist their clients with the necessary filings.
Key Takeaways:
Shift your tax planning mindset: As an entrepreneurial lawyer, start tax planning in October, November, and December to reduce your tax liability for the upcoming year. Tax projections are crucial: By reconciling books and providing income and expense projections to your CPA, you can explore strategies to minimize your tax burden before year-end. Plan for entity creation: Setting up business entities and adjusting cash flow strategies, like delaying income or accelerating expenses, are vital tools to optimize taxes. Corporate Transparency Act compliance: Ensure your business entity files the beneficial ownership information with FinCEN, or face fines of up to $10,000. Resources for compliance: Join our group 'Eyes Wide Open: Time, Money, and Taxes' to get more information on how to file CTA/BOI for $25.Ali encourages entrepreneurial lawyers to adopt the mindset of a business owner by planning ahead and setting up structures that support long-term growth and legal compliance. By embracing these practices, lawyers can better serve their clients and build sustainable businesses.
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In this enlightening episode of the NewLaw Podcast for Entrepreneurial Lawyers with Ali Katz, Ali sits down with Randi Siegel, president of DocuBank, who has been working alongside estate planning and elder law professionals since 1997. Together, they explore a critical but often overlooked issue: ensuring that clientsâ healthcare wishes are known and honored when theyâre most vulnerable. Randi and Ali delve into the tools and resources that can support both clients and entrepreneurial lawyers, shedding light on a vital opportunity to enhance your practice by focusing on advanced directives, dementia planning, and elder care.
Key Takeaways:
The Gap in Traditional Estate Planning: Many estate planning documents fail at the most crucial time â when theyâre actually needed. Ali and Randi emphasize the importance of ensuring clients' healthcare documents are accessible in real-time, particularly through services like DocuBank, to truly make plans work. Overcoming Common Lawyer Objections: Lawyers often hesitate to implement services like DocuBank due to misconceptions about client needs or the effort involved. Randi explains how these objections can be overcome with a streamlined process that increases value for clients and reinforces trust in the attorney-client relationship. The Value of Advanced Healthcare Directives: Randi highlights the benefits of preparing advanced directives beyond the standard forms, including dementia directives, which consider the quality of life and wishes of clients as their condition progresses. This nuanced approach is critical for meeting the needs of aging clients in a rapidly evolving healthcare landscape. Marketing Advantage of Comprehensive Planning: By incorporating DocuBank into their services, lawyers can enhance client relationships, provide peace of mind, and differentiate themselves in the market. The integration of advanced directives as a standard offering can build loyalty and create lasting value beyond simple document preparation. Counsel as a Distinguishing Factor: Ali discusses the need for estate planning lawyers to move beyond basic documents and provide deep, meaningful counsel about healthcare decisions, elder care, and incapacity planning. Proper planning can help clients and their families navigate complex, emotionally charged situations with confidence.To learn more about how DocuBank can help ensure your clients' healthcare wishes are accessible when it matters most, visit DocuBank's website. If you are part of the Personal Family LawyerÂź network, make sure to mention this affiliation for exclusive pricing and special support options.
If youâre ready to provide real value to your clients by integrating accessible advanced directives into your practice, consider adding DocuBank as a standard part of your estate planning services. Not only will you enhance your clients' peace of mind, but youâll also stand out as an attorney who truly cares about making their plans work when they need it most.
And for all entrepreneurial lawyers, start thinking beyond the documents. Reach out to DocuBank to learn how their services can be integrated seamlessly into your practice to provide the best possible outcomes for your clients and their families.
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In this episode of the NewLaw Podcast for Entrepreneurial Lawyers with Ali Katz, Ali coaches on the importance of building a client pipeline through consistent, proactive efforts. With a focus on establishing the fundamental steps to building and nurturing an effective email list, Ali along with Glenn guide listeners in how to develop a sustainable flow of clients and share strategies for engaging email newsletters, local events, and leveraging branding to make an impact. Through candid discussions and real-life examples, this episode offers transformative advice for lawyers looking to grow their practices in a more personalized and client-focused way.
Key Takeaways:
Client Pipeline Consistency: Consistently fill your client pipeline by building your email list through networking, social media offers, and hosting local events. Make this part of your regular practice to keep potential clients engaged. Email Newsletters Are Crucial: Your email list is your most valuable asset. Sending out a weekly email newsletter is fundamental for maintaining client engagement. The key is consistencyâsend it out on the same day every week without fail. Avoid "Boring Lawyer Newsletters": Personalize your newsletter by including interesting stories, such as your activities over the weekend, and share anecdotes from your family or client experiences. This approach makes your content relatable and engaging. Leverage Branding and Photography: Invest in a unique branding strategy that represents your firm and consider working with a branding photographer to create a warm, relatable image library for use in social media and marketing materials. Host Educational Events to Engage Your Community: Hosting local or virtual events is a powerful way to engage with your community. Use these events to connect with potential clients and showcase your expertise.This episode underscores the value of consistency in outreach, building personal connections through storytelling, and using branded, targeted content to establish a powerful and memorable presence. By focusing on these foundational steps, entrepreneurial lawyers can create lasting relationships with clients and build a thriving practice.
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In this episode, Ali Katz addresses the complexities of funding a law firm, offering insights into the pros and cons of using services like Fund & Grow compared to traditional bank loans and credit lines. The discussion emphasizes the importance of securing a line of credit early, utilizing 0% business credit cards, and managing debt wisely to foster growth. A crucial mindset shift is highlighted, encouraging lawyers to view credit as a tool for investment rather than a financial burden, enabling you to turn your law practice into a business without succumbing to fear-based thinking around debt.
Key Takeaways:
Get a Line of Credit Early: Establish a line of credit with your bank that you can access when needed, without accruing interest until funds are drawn. This acts as a safety net for your business. Business Credit Cards are Essential: Utilize 0% interest business credit cards for short-term purchases, allowing you to extend cash flow while earning rewards like points or miles. Credit as a Business Tool: Ali encourages lawyers to shift their mindset around debtâseeing it as a resource to invest in their business rather than something to fear, as long as itâs used wisely. The Value of Outsourcing Credit Applications: Services like Fund & Grow can streamline the process of applying for credit, increasing approval chances and maximizing available credit lines. Use this link to receive a $500 discount on Fund & Grow services. Use Credit Strategically: When using credit, ensure that investments directly grow your business, such as acquiring clients or expanding capacity, so you can easily pay off any debt without stress.This episode is crucial for lawyers focused on growth and those looking to invest wisely. Properly managing credit is essential for entrepreneurial success; borrowing should be viewed as an opportunity to invest in your future rather than a risk to avoid. Letâs embrace these opportunities and make informed decisions!
To learn everything you need to fund your law practice, enroll in our Funding Mastercourse to learn actionable strategies for growing your practice with the right financial tools. -
In this episode, Ali Katz lays out exactly what to do when you think you should take whatever comes in the door instead of focusing your law practice on a specific area, and then niching down to serve very specific clients within that practice area.
Key Takeaways:
Specialization Leads to Expertise: By focusing on a specific practice area, lawyers can develop deep expertise, which enhances their perceived value and allows them to command higher fees. This specialization not only helps attract ideal clients but also streamlines marketing efforts. Setting Clear Financial Goals: Establishing defined financial targets and metrics is essential for effective practice management. This clarity enables lawyers to create strategic marketing plans and operational procedures that align with their niche, ultimately driving growth and success. Overcoming the Fear of Niching Down: Despite the initial fear and resistance to niching down, focusing on a targeted audience can lead to significant success. Ali's experience illustrates that embracing a specific focus can transform your practice and yield positive results, despite the initial hesitation.This episode is vital for lawyers looking to redefine their practice, gain clarity, and achieve meaningful success by embracing specialization and strategic planning.
00:37 Ali introduces the episode and sets the stage by explaining how taking random clients delayed Chris's success in building his law practice, leading to a significant time debt.
01:18 Ali outlines the benefits of niche marketing, highlighting that focusing on a specific practice area allows lawyers to become experts, thus increasing the perceived value of their services and reducing costs.
02:45 Ali explains how focusing on a particular practice area allows lawyers to set clear financial goals and metrics, enabling effective marketing and operational strategies.
06:25 Ali reflects on the difficulty and fear she faced when niching down her own practice to focus on families with young children, despite common advice against it, and highlights the success that followed.
11:15 Chris shares his experience of wanting to help friends and clients, which led to taking on cases that spread his focus too thin, ultimately hindering his development as an expert.
13:33 Chris acknowledges that avoiding debt led him to take on less profitable work, which drained his resources and focus over time.
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In this transformative episode of the NewLaw Podcast for Entrepreneurial Lawyers with Ali Katz, we dive into a powerful strategy that can shape your future and your legal practice over the next three years. Ali challenges you to ask, "Who and what are you becoming?" and to envision where you want to be in 3 years. Do you aspire to build a million-dollar practice? Work only three days a week? Send your kids to private school or support your aging parents?
While this call is from 2023, the information shared remains evergreen and highly relevant today.You can literally create anything you want in the next three yearsâthe key is to claim it now. Ali guides you through a process of making decisions from the perspective of your future self, anchoring in the vision of who you are becoming, and staying focused despite the inevitable challenges ahead.
Claim your clarity today and listen to this episode as many times as needed to embed this mindset. The choices you make now will shape the life and practice youâll have in 3 years. And remember, the secret to achieving your goals is to practice, practice, practice!
Key Takeaways:
Envision Your Future Self: Learn how to make decisions based on who you are becoming and the life you want to create in 3 years. The Power of Clarity: Discover the importance of claiming your vision now to direct your time, energy, attention, and money towards your goals. Three-Year Planning Strategy: Understand how breaking down your big goals into three-year chunks can help you achieve significant milestones in your law practice and personal life. Staying Focused Amidst Distractions: Prepare for the challenges ahead by anchoring in your vision, ensuring you don't get derailed by external factors. Step-by-Step Execution: Ali shares how to reverse-engineer your goals from 2025 back to the present, creating a clear roadmap for your success.This episode is essential for lawyers ready to take control of their future and turn their dreams into reality over the next three years.
02:48 Ali emphasizes making choices from the perspective of who you want to become in 2025, rather than from your current or past self, urging listeners to consider their future selves in decision-making.
05:38 Ali invites listeners to claim their clarity and focus for the next three years, drawing attention to the importance of being intentional about where to direct time, energy, attention, and money.
07:20 Ali shares specific examples of listeners' three-year goals for their law practices, emphasizing the importance of defining clear visions and objectives, such as growing teams and client bases.
08:37 Ali advises on translating broad visions into specific, measurable goals, such as number of clients, team structure, and financial benchmarks, to ensure tangible progress.
09:46 Ali discusses the significance of understanding your "why" behind the goals set for the next three years, translating the higher-level visions into actionable, purpose-driven steps.
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In this inspiring episode of the NewLaw Podcast for Entrepreneurial Lawyers, host Ali Katz welcomes Tom Lenfestey, founder of The Law Practice Exchange LLC and a practicing attorney from North Carolina. Tom has successfully transitioned from running his own law firm to helping lawyers with revenues ranging from $200,000 to $50 million build and sell their practices. Tune in as Ali and Tom dive deep into what it takes to create a sellable law business with lasting valueânot just for today, but for life and legacy.
Key Takeaways:
Building Value Beyond Revenue: Understand the difference between generating immediate income and building long-term business value that can be sold or passed on. The Importance of Succession Planning: Why law firm owners need to establish clear succession plans to ensure the firm's longevity and avoid losing talented associates. The Power of Recurring Revenue: How implementing recurring revenue streams can increase a law firm's value, making it more attractive and sellable to future buyers. Exploring Different Exit Strategies: Discover various paths for law firm owners, from gradual transitions with partners to outright sales and strategic mergers. Thinking Outside the Box: How lawyers can creatively shape their careers and practices by not confining themselves to traditional roles or expectations.Tune in to gain actionable insights on how to build, grow, and eventually sell a law firm that not only provides a comfortable income but also leaves a lasting legacy.
01:42 Tom Lenfestey introduces himself and explains his background in law, accounting, and his transition from working in a mid-sized firm to starting the Law Practice Exchange.
05:00 Ali shares her own experience of becoming a tax attorney unexpectedly and later transitioning into estate planning, highlighting a common path in the legal field.
10:47 Ali and Tom discuss the importance of succession planning for law firm owners, particularly when hiring associates with the intent for them to become future partners.
14:00 Tom describes the importance of mentorship and guidance in the legal industry, noting his own regrets about not seeking advice early in his career.
16:07 Ali shares her own experience of selling her practice without proper guidance, leading to financial loss, and stresses the importance of understanding the sale process.
29:06 Tom discusses the significance of law firm valuation, including not just the financial aspects, but also successful transition, compensation, potential buyers, and appropriate payment terms.
32:27 Tom advises lawyers to start planning for a sale at least five years before they intend to leave, so they can build significant value and ensure a smooth transition.
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In this insightful episode of the NewLaw Podcast for Entrepreneurial Lawyers with Ali Katz, Kai, a lawyer based in a small mountain town, faces the challenge of confidently asking clients to pay the full price for her services. Ali guides Kai through a transformative discussion on overcoming the discomfort of discussing fees and how to build a business that truly serves both the lawyer and the community. This episode delves into the importance of recognizing the value you provide as a lawyer and how to align your pricing with the quality and depth of service you offer.
Realize also, that charging full price is actually in your clientâs best interest. Youâve gotta get out of your own way and realize that youâre doing it for them. Listen and re-listen to this episode as many times as you need to anchor in why premium prices are necessary for your clients to have a plan that works. And then go practice. Practice, practice, practice!
Key Takeaways:
Aligning Fees with Service Quality: Understand why charging the full price is essential for delivering high-quality legal services that make a lasting impact on your clients' lives. Overcoming Money Conversations: Gain practical tips on how to confidently discuss fees with clients, reframing the conversation as a service rather than a transaction. The Power of Practice: Learn how regular practice and preparation can help you become more comfortable with fee discussions. Community-Centered Mindset: Shift your focus from your discomfort to the needs of your community, ensuring that your pricing supports the valuable service you provide. Building a Sustainable Legal Practice: Discover the importance of creating a business model that not only supports your clients but also allows you to live a balanced, fulfilling life as a lawyer.This episode is a must-listen for lawyers who want to master the art of pricing their services confidently and build a practice that serves both their clients and themselves.
01:26 Kai joins the conversation, seeking advice on gaining confidence to request full payment from clients, having previously offered discounts and feeling uneasy about discussing money.
02:19 Ali advises Kai to practice asking for full payment and highlights the inevitable discomfort, suggesting that Kai should focus on the clients' benefits to make conversations about money easier.
05:26 Kai explains her motivation for building a sustainable business in her small mountain town, aiming to be a constant community resource and create a lasting legacy.
06:59 Ali encourages Kai to reframe her mindset, focusing on the importance of charging enough to provide valuable client services and maintain a successful law practice.
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In this empowering episode of the NewLaw Podcast for Entrepreneurial Lawyers with Ali Katz, Jessica, a lawyer stepping into the entrepreneurial world, confronts her deep-seated fear of marketing rejection. Guided by Ali, Jessica embarks on a transformative journey of shifting her mindset from self-promotion to community education. Through this coaching session, Jessica discovers how to harness the power of her personal story and use her legal knowledge as a tool for service rather than self-promotion. The episode delves into the importance of authenticity in marketing and how lawyers can reframe their approach to truly connect with their audience.
Key Takeaways:
Shift from Self-Promotion to Service: Learn how to reframe your marketing efforts to focus on educating and serving your community rather than promoting yourself. Overcome the Fear of Rejection: Understand the root of marketing fears and discover strategies to push through discomfort for the greater good of your audience. Authenticity in Marketing: Embrace vulnerability by sharing your personal story in a way that resonates with your audience while maintaining privacy and respect. Mindset Matters: Transform your mindset to prioritize the needs of your clients, which naturally leads to stronger connections and successful client relationships. Practical Steps to Begin Marketing: Start with simple, authentic communication through email newsletters or social media posts to gradually build your public presence.This episode is a must-listen for lawyers who want to turn their law degree into a business asset by leveraging authentic and service-oriented marketing.
01:44 Ali delves into the fear of rejection in marketing, asking Jessica to describe her feelings about putting out her first presentation and social media posts.
02:22 Jessica grapples with the idea proposed by Ali, who clarifies that the focus should be standing for people's important actions rather than self-centered promotion.
05:05 Ali emphasizes the role of education in marketing, suggesting Jessica present herself as an educator rather than a promoter to make meaningful connections with her audience.
06:51 Jessica acknowledges the need to overcome her hesitancy, fearing she might come across as inauthentic if she forces herself to be more public.
08:09 Ali encourages Jessica to share the personal story that drives her passion for educating the community, even if she maintains some privacy around specific details.
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In this enlightening episode of the NewLaw Podcast for Entrepreneurial Lawyers with Ali Katz, we delve into the experiences of Alayna, a dedicated lawyer transitioning to virtual client consultations with diverse needs . Despite her initial challenges, Alayna successfully engaged clients with guidance from Ali, turning obstacles into opportunities for deeper connection and understanding. Together, they refined her approach, emphasizing effective communication strategies and the importance of adapting to clients' needs, even in a virtual setting.
Key Takeaways:
Virtual Engagement Tips: Learn practical techniques for connecting with clients and demonstrating care in virtual meetings. Multilingual Planning: Discover the importance of language skills and cultural sensitivity in client interactions, especially when dealing with diverse communities. Visual Aids for Clarity: Understand the benefits of having clients actively participate by writing down key points during consultations. Follow-up Strategies: Gain insights into scheduling follow-ups immediately to maintain client engagement and decision momentum. Client-Centered Approach: Explore the value of focusing on clients' needs and preferences to ensure their concerns are addressed effectively.Alaynaâs journey highlights the potential of virtual meetings and the importance of flexibility and client-centered strategies in building a successful legal practice.
1:04 Alayna shares her experience with her first few virtual family wealth planning sessions, noting the increased difficulty of connecting virtually compared to in-person meetings.
03:05 Ali praises Alayna for her bilingual skills and highlights the challenges of conducting complex, multi-generational, and multi-language sessions.
06:42 Ali advises Alayna on an alternative approach for the next session, suggesting she have clients write down important points to ensure engagement and understanding.
08:21 Alayna regrets not scheduling a follow-up meeting immediately after the initial session, realizing it would have facilitated a quicker decision-making process.
10:04 Ali encourages listeners to use simple, traditional tools like paper and pen during virtual sessions to foster better client engagement, instead of relying on advanced technology.
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In this insightful episode, we explore the entrepreneurial journey of Ashley, a dedicated lawyer transforming her legal expertise into a business asset. Under Ali Katz's mentorship, Ashley tackles the challenges of client engagement and retention, learning to navigate the complexities of securing commitments and fostering trust. Together, they develop strategies that help Ashley turn potential disengagements into successful client relationships, ultimately enhancing her business growth and stability.
Key Takeaways:
Client Commitment Techniques: Discover how to secure client agreements during initial consultations to prevent drop-offs. Navigating Financial Concerns: Learn methods to address and manage client financial hesitations effectively. Building Trust: Gain insights into fostering strong client relationships through transparent communication and follow-ups. Referral Management: Understand the importance of maintaining and nurturing referral partnerships without burning bridges. Proactive Engagement: Develop strategies for proactive client follow-ups and personalized support to ensure engagement and satisfaction.Ashleyâs experience highlights the importance of strategic client interaction and the powerful impact of personalized support. By transforming her approach to client management, she showcases how entrepreneurial lawyers can significantly enhance their practice and client loyalty.
01:34 Ashley outlines an issue where clients agree to a plan during the session but back out after receiving the engagement letter and invoice, leading to a discussion on why immediate signing is crucial.
02:18 Ashley discusses a specific case involving a referral partner who, along with her husband, hesitated to proceed due to financial concerns and scheduling conflicts.
04:16 Ali advises Ashley to remain present and empathetic with clients who may face financial strain due to reasons like taxes, vacations, or family responsibilities.
05:05 Ali suggests that Ashley should arrange a phone call to gain clarity on the client's true objections, emphasizing the need for genuine curiosity and understanding.
07:33 Ali emphasizes the importance of asking permission to ask clarifying questions, noting that if a client declines, a "did not engage" letter should be sent.
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In this episode of the NewLaw Podcast for Entrepreneurial Lawyers with Ali Katz, Ali sits down with Kara, a dynamic lawyer with a fascinating journey from Haiti to becoming a successful personal injury attorney in South Florida. Kara shares her story of resilience, driven by a deep-seated desire for justice following personal tragedy and professional challenges. Through sheer determination, she navigated through law school, early career hurdles, and eventually found her calling in personal injury law. Karaâs entrepreneurial spirit shines as she recounts how she funded her law practice and led her to create a thriving, client-centered legal business model.
Key Takeaways:
Turning Adversity into Motivation: Karaâs personal experiences of injustice in Haiti and the loss of her father fueled her passion for law and helping others find justice. The Power of Community: Leveraging her connections within the her community helped Kara build a strong client base and grow her practice from the ground up. Entrepreneurial Mindset: Transitioning from a struggling associate to an entrepreneurial lawyer, Kara embraced unconventional paths to fund her legal practice. Niche Market Success: Karaâs specialization in personal injury and cosmetic injuries highlights the importance of finding and exploiting niche markets. Empowering Women: Karaâs mission to help women achieve financial and emotional independence is a testament to the broader impact lawyers can have beyond their immediate legal workKaraâs journey is a powerful example of how personal experiences and challenges can shape a successful and fulfilling legal career. From her roots in Haiti to her entrepreneurial success in South Florida, Karaâs story is one of resilience, community, and innovation. Her insights into leveraging niche markets and the importance of financial independence provide valuable lessons for any lawyer looking to build a meaningful and prosperous career. Whether you are considering a career shift, looking to add a new practice area, or seeking inspiration, Karaâs story offers a wealth of actionable advice and motivation.
01:39 Kara introduces herself, her background, and starts to talk about her transition from immigration and family law to personal injury law, noting her initial hesitations and the role her husband's encouragement played in her decision.
09:47 Kara explains how her son influenced her to become an entrepreneurial lawyer, leading her to pursue a different path after discovering her pregnancy during her early legal career.
12:16 Kara shares how prayer and a chance encounter with a Mary Kay consultant led her to start a side business, which eventually funded the startup of her own law firm and provided her with financial independence.
14:12 Kara talks about her transition from "door law" to focusing more on specific legal services, using creative marketing strategies, like distributing flyers in the Haitian community that led to a steady influx of clients for her diverse legal practice.
25:55 Kara highlights a success story of winning a $2.1 million jury verdict in a slip and fall case, underlining the importance of not being intimidated to go to trial when necessary.
27:16 Kara explains the backend systems of handling pre-suit personal injury cases and outsourcing administrative tasks to keep operations smooth and efficient, and how these elements contribute to financial success.
28:52 Ali describes how her training system prepares lawyers to be lifelong attorneys for their clients, enabling them to handle various legal matters and efficiently manage cases with proper systems in place.
39:43 Kara elaborates on the interaction with insurance companies during settlements and how good lawyers obtain better outcomes for their clients by negotiating rather than going to court.
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In this episode of the NewLaw Podcast for Entrepreneurial Lawyers with Ali Katz, we join a coaching session where Steve, an entrepreneurial lawyer, seeks advice on acquiring his first practice clients in estate planning. Ali offers actionable strategies to shift from educating potential clients to engaging them with curiosity and building meaningful conversations. The episode highlights the importance of setting clear goals, understanding client experiences, and leveraging personal interactions to transition smoothly into a new practice area.
Key Takeaways:
Engage with Curiosity: Shift from educating potential clients to asking curiosity-driven questions about their experiences and needs in estate planning. Set Clear Goals: Establish specific, time-bound goals to stay focused and motivated in your transition to a new practice area. Leverage Personal Interactions: Use everyday interactions and past client relationships to initiate conversations about estate planning. Offer Value Through Planning Sessions: Emphasize the importance of family wealth planning sessions to provide tailored, valuable advice and solutions. Consistent Follow-Up: Maintain regular contact and follow up with potential clients to build trust and move them towards engagement.01:41 Steve mentions his attempts to get practice clients by sending letters, but notes he hasn't had much success, prompting a deeper look into his approach.
02:22 Steve describes his conversations, which focused more on informing clients about the process rather than engaging their personal experiences and needs.
04:06 Ali advises Steve on shifting his approach to client conversations by using curiosity to understand their unique circumstances, rather than just providing information.
06:51 Ali suggests a script for Steve to explain the family wealth planning session process, demonstrating how to provide value and secure client commitment.
09:44 Ali encourages Steve to set specific goals and dates to ensure deliberate progress in his practice, rather than vague timelines, to drive his business forward.
11:03 Ali gives Steve practical advice on using curiosity questions in everyday interactions to gather market research and foster genuine connections, even during routine activities like attending hearings.
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In this episode of the NewLaw Podcast for Entrepreneurial Lawyers with Ali Katz, we explore the transformative journeys of two entrepreneurial lawyers, Deirdre and Will. Both guests share their experiences of transitioning to estate planning and building successful practices through strategic marketing and business development. Ali emphasizes the importance of loving the service you deliver and provides actionable insights on leveraging free marketing strategies to grow a law practice.
Key Takeaways:
Love Your Service: Ensure that you genuinely enjoy delivering your legal services to sustain your motivation and effectiveness in marketing and client engagement. Free Marketing Strategies: Utilize community engagement, social groups, and personal connections to generate referrals and build your client base. Intentional Conversations: Turn everyday interactions into marketing opportunities by naturally discussing your services and how they can benefit potential clients. Building Financial Confidence: Investing in your business, even through personal savings or lines of credit, can provide the necessary resources for growth and stability. Client Follow-Up: Regularly check in with former clients and professional contacts to maintain relationships and keep your services top of mind.01:36 Ali discusses having a lead magnet, follow-up system, and a high-value offer like the family wealth planning session, which can engage clients efficiently without traditional marketing expenses
02:35 Deirdre talks about her previous practice of handling family law, probate, and criminal defense, which she found chaotic and unsustainable.
05:36 Deirdre shares the fears and challenges she faced while transitioning to a specialized practice, emphasizing the role of COVID-related financial resources and a shift in mindset towards investment in her business.
08:07 Deirdre attributes her success to engaging with local community groups and social activities, blending personal interests with professional networking.
11:18 Will introduces himself and discusses how his grandfatherâs death, leaving behind a financial mess, led him to realize the importance of proper estate planning and the desire to change the way things are done.
12:21 Will describes proposing changes to his firm for better estate planning services, only to be dismissed, leading him to decide to leave and start his own firm.
13:36 Will shares how he officially launched his firm in January 2021 and was ready to start business immediately thanks to the resources provided by New Law Business Model.
14:55 Will emphasizes the importance of having authentic conversations with acquaintances about estate planning, helping many become clients through genuine interactions in social settings.
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In this episode of the NewLaw Podcast for Entrepreneurial Lawyers, Ali Katz coaches Stephanie, an entrepreneurial lawyer, through her mental blocks on investing money in her business. Stephanie shares her fears of financial instability, despite her recent success in booking new clients. Ali provides Stephanie with practical strategies and mindset shifts to overcome her fears and set up strong financial systems. Through the coaching session, Stephanie gains the confidence to build her business credit and trust her entrepreneurial journey.
Key Takeaways:
Addressing Financial Fears: Understand that financial fears are common and can be managed by setting up proper financial systems and structures. Building Business Credit: Learn the importance of establishing business credit early on and how it can provide a financial safety net. Mindset Shifts: Focus on what you want to achieve rather than what you fear, and envision your success to drive positive outcomes. Regular Financial Reviews: Implement weekly, monthly, and quarterly financial reviews to build self-trust and ensure financial stability. Expansion Strategy: Recognize that at every stage of business growth, investment beyond current revenue is necessary for expansion.Through Ali Katz's coaching, Stephanie gains valuable tools and perspectives to overcome her financial fears and make confident, strategic investments in her business. This episode is essential for entrepreneurial lawyers looking to overcome financial anxieties and achieve sustainable business growth.
01:43 Ali invites Stephanie to discuss her mental blocks on investing and how these fears can hinder business growth as a business owner.
02:14 Stephanie describes how a slow period in business pushed her to the brink of her savings and how that stress influenced her views on investing in new systems.
03:31 Ali discusses her personal journey of facing financial fears by running out of money and realizing that survival skills and self-belief are key to overcoming such fears.
06:24 Ali suggests building financial self-trust systems to keep track of one's financial realities. These systems help in calming fears and making informed decisions.
07:18 Stephanie receives both practical and spiritual encouragement from Ali, realizing the value of her services and finding ways to stabilize her business financially.
10:27 Ali highlights that every business expansion stage requires investing beyond current revenues and that understanding and planning for this discomfort is part of growth.
11:26 Ali brings up Elon Musk's example, who had to borrow money to pay rent despite his ventures, illustrating that even successful entrepreneurs face financial crunches but continue to push forward.
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In this episode of the NewLaw Podcast for Entrepreneurial Lawyers with Ali Katz, we follow entrepreneurial lawyer Susan. Despite her dedication, Susan struggles to allocate her time effectively, feeling overwhelmed with a growing client base and lingering litigation cases. Through Ali Katz's coaching, Susan learns to transition her business model, prioritize time management, and adopt a recurring revenue strategy. Ali introduces tools like The Money Map to help Susan achieve clarity on her financial needs and align her daily decisions with her long-term goal of selling her practice in 10 years.
Key Takeaways:
Time Management: Prioritize and take control of your calendar to reduce overwhelm and focus on high-impact activities. Recurring Revenue Model: Shift from a billable hour model to a recurring revenue model for sustainable growth and better workload management. Financial Planning: Use tools like The Money Map to determine minimum financial needs during business transitions and plan cash flow efficiently. Strategic Decision-Making: Make intentional choices based on long-term goals, even if it means turning down immediate revenue opportunities. Building a Sellable Practice: Invest in systems and staff to create a business that can operate independently and be attractive to potential buyers.Aliâs coaching session with Susan emphasizes the importance of intentional planning and disciplined time management. By implementing these strategies, Susan can move towards her goal of creating a sellable, sustainable law practice.
02:29 Susan describes feeling overwhelmed with increased consultations and clients, despite stopping litigation work for the past six months.
06:44 Ali shares her personal shift from handling private clients to building a saleable business, emphasizing the importance of focusing energy on creating systems and structures.
08:47 Ali highlights the importance of understanding the minimum financial needs during a business transition to ensure future growth and sustainability.
11:30 Ali outlines the importance of restructuring Susanâs calendar to ensure only necessary billable hours are scheduled, which can aid in better time management and future planning.
16:42 Ali talks about her challenges and decisions in letting go of private clients and personal events to focus on building her business, encouraging Susan to make similar tough choices.
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In this riveting episode, seasoned litigation attorney and entrepreneur Karl Seelbach shares his journey from a young, curious kid in Texas to a pioneering force in the legal tech industry. Tune in as Ali delves deep into Karlâs unique career path, the challenges he faced in starting his own firm, and his innovative approach to making legal services more affordable and efficient through his venture, Skribe.ai. Karlâs story is one of resilience, passion, and a relentless pursuit of truth in the legal field.
Key Takeaways:
Embracing Entrepreneurship in Law: Karlâs transition from a large law firm to founding his own practice highlights the importance of understanding the business side of law and seizing entrepreneurial opportunities. The Importance of Finding Your Why: Karl discusses the significance of understanding your core motivations, whether it's providing for family or uncovering the truth, to drive career satisfaction and success. Adapting to Market Needs: Discover how Karlâs ability to identify and respond to market gaps has been crucial in both his legal practice and his tech venture, illustrating the dynamic nature of law and technology. Navigating Financial Uncertainty: Insights on how Karl managed the financial risks and stresses associated with starting a new firm, emphasizing the importance of networking and diversifying case types. Innovating with Skribe.ai: Learn how Karl's legal tech platform, Skribe.ai, is revolutionizing court reporting by making it faster, more affordable, and accessible, ultimately aiming to enhance the pursuit of justice.Karl Seelbachâs journey is a testament to the power of innovation and determination in the legal profession. His story not only inspires lawyers to think beyond traditional paths but also showcases the potential of technology to transform legal services for the better.
6:21 Karlâs early interest in law is explained, influenced by his fatherâs work in oil and gas and safety expert witness cases, and his childhood experiences with depositions. He also shares how reading depositions about catastrophic injury cases during his childhood played a pivotal role in sparking his interest in law.
12:13 Karl talks about his early venture into legal tech by developing an iPad app for depositions while still working at Winstead.
14:47 Ali reflects on her journey to get her own clients at a large law firm and how that initial step eventually led her to start her own law firm.
16:40 Karl shares the challenging start of his own firm with only one client and one case, leading to financial stress, and the eventual buildup of a successful practice through relentless networking and client acquisition.
23:19 Karl describes the initial confusion in choosing between plaintiffs' and defense work, and how eventually deciding on a focus contributed to their growth and financial backing for Skribe.
26:29 Karl discusses the inspiration and mission behind founding Skribe, targeting the high costs associated with traditional court reporting and aiming to make justice more affordable and efficient.
32:18 Karl breaks down Skribeâs pricing and the inclusive services provided, such as the virtual room, live liaison support, redundant recording, and professionally proofread transcripts, all contributing to its cost-effectiveness.
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In this inspiring episode, Ali Katz talks with lawyer Kim Rockwood to explore the critical distinction between investments and expenses. Together, they delve into how understanding this difference can transform your law practice from struggling to thriving. Ali shares her journey of building a million-dollar practice, the mistakes she made along the way, and the mindset shifts that led to her success. This episode is a must-listen for any lawyer looking to grow their practice and achieve financial stability.
Key Takeaways:
Understanding Investments vs. Expenses: Learn why distinguishing between investments and expenses is crucial for business growth and how to make decisions that drive long-term success. Mindset Shift: Discover the importance of shifting from a scarcity mindset to an abundance mindset to enable strategic investments in your practice. Leveraging Credit Wisely: Understand how to use business credit as a tool for growth and the importance of having a solid financial strategy. Building Confidence: Recognize the role of confidence in making business investments and how to develop it by meeting your fears and insecurities head-on. Partner Support: Gain insights on how to communicate with your partner about business investments and address any concerns or fears they may have.By the end of the episode, listeners will have a clear understanding of how to make strategic investments that lead to sustainable business growth and financial stability.
01:41 Kim talks about her initial confusion about the difference between investments and expenses, emphasizing the need for deeper understanding in running a business.
03:00 Ali elaborates on the importance of buying back time through investments, such as hiring the right people and learning to engage clients effectively to generate results.
05:00 Ali shares a story about selling her law practice to an inexperienced business owner who cut essential expenses, leading to the downfall of the business due to a lack of client acquisition.
12:08 Ali and Kim discuss the blurred lines between expenses and investments, using examples like postage and client experience to illustrate their points.
13:00 Ali shares her personal experience of building out an office on credit, which, despite initial fears, became a valuable investment that enhanced her client experience and business vision.
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