If you want your practice to be successful, you need to invest in it. But many attorneys think that this means an investment of time and energy. In other words, if you put in the hard work, you will be successful. Although this may be part of it, and I’m not saying you shouldn’t put in the hard work, you have to be strategic and thoughtful when it comes to those investments.

With that in mind, I recommend these three important investments in your practice so I help you to save time and money and have you grow bigger, sooner, than you thought you would.

Coaching

The first investment you need to make is in coaching. Yes, full disclosure, I am marketing my coaching and consulting services to solo and small firm attorneys. However, in the 24 years that I’ve been a solo attorney, I have made some costly mistakes that have slowed my progress and growth.

Essentially, because it took me over 10 years to seek out coaching for my practice, there was a lot of trial and error in what I did to grow my firm and make more money. This slowed me down. There’s a famous saying: if you have to walk through a minefield, walk behind someone. You should learn from attorneys who have been there and done that to avoid making their mistakes and thus make progress sooner.

Coaches have learned already what works and what doesn’t, and although there is no guarantee that you will be successful in your implementation, the risk of failure and economic loss is much lower. In the course of building my practice I have read in numerable business books, gone to many seminars, regularly listened to podcasts, belonged to two mastermind groups, and have my own coach. Yes, even coaches have coaches!

So instead of trying to figure out what books you should read what you seminars and workshops you should go to, you should reach out to a coach and join a mastermind group. This will allow you to leapfrog over all of the mistakes you could’ve made along the way, and get to growth and success faster.

Execution of the Coaching

Then, once you get the tools and strategies from the coaching, you need to put them to work in order to see gains and growth. A critical part of your monthly revenue should be money set aside for marketing and building your practice. Once you have worked with your coach to identify some marketing and business strategies, you need to have the money to implement them.

No amount of coaching, strategy, or intentionality is going to matter if you don’t invest the funds to make things happen. You also need to set revenue goals to make sure that the funds needed are available.

The Knowledge Needed for Success in Your Practice Area

The first two investments were in your business. This investment is in your practice. There is something to be said for doing high-quality work in order to attract new clients. Doing so will get you more five star reviews, more referrals, and a stronger reputation in the legal community and legal market.

That is why your third investment needs to be in your lawyering skills. Choose continuing legal education classes and take more than the minimum that your state requires to maintain your license. Establish relationships with other attorneys more experienced than you are in a particular practice area. Pick their brains. You will gain knowledge and wisdom in that area of the law and cultivate referral sources.

In addition to knowledge, invest in the development of systems for the efficient and consistent delivery of high-quality legal services.

Decided to Get a Coach?

If this has you thinking that you might benefit from some coaching to move your practice further, faster, then click in this link to schedule a call with me to get things started. We can discuss a program fitted specifically to your needs.

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