Episode 301 3 Mistakes to AVOID if You Want a Wealth-Generating Law Firm That Can Operate in Your Absence
Welcome to the wealthy woman lawyer podcast. What if you could hang out with successful women lawyers, ask them about growing their firms, managing resources like time, team, and systems, mastering money issues, and more? Then take an insight or two to help you build a wealth generating law firm. Each week, your host, Devina Frederick, takes an in-depth look at how to think like a CEO, attract clients who you love to serve and will pay you on time, and create a profitable, sustainable firm you love. Devina is founder and CEO of Wealthy Woman Lawyer, and her goal is to give you the information you need to scale your law firm business from 6 to 7 figures in gross annual revenue so you can fully fund and still have time to enjoy the lifestyle of your dreams.
Intro:Now here's Devina.
Davina:Hello, and welcome to the Wealthy Woman Lawyer podcast. I'm your host, Devina Frederick, and I'm dedicated to helping women law firm owners build wealth generating businesses that provide both financial freedom and lifestyle flexibility. Today's episode tackles a dream many of you share, creating a law firm that continues to generate wealth even when you're not physically present. Whether you're looking to take extended vacations, spend more time with family, or simply have the option to step away without watching your revenue plummet, this is the road map you've been seeking. I'll be sharing the three most devastating mistakes I consistently see women law firm owners make that prevent them from building a practice that can thrive in their absence.
Davina:These insights come directly from my twelve years of coaching successful women attorneys who have transformed their practices from owner dependent businesses to wealth generating assets. Let's dive in. Mistake number one, not hiring other lawyers. The first critical mistake is refusing to hire other attorneys to support your practice. I understand the hesitation.
Davina:Many of you started your firms to escape environments where you felt undervalued or restricted. You've built your reputation on your personal expertise and client relationships. The thought of bringing in another attorney feels risky. Will they represent your firm well? Will clients accept them?
Davina:Can you afford them? But here's the uncomfortable truth: without other attorneys, your firm's capacity is permanently capped at what you personally can handle. More importantly, if you're the only lawyer, the firm essentially ceases to function when you're not working. Wealth generating law firms have leverage. They multiply the firm owner's vision and standards through carefully selected attorneys who extend the firm's capacity to serve clients and generate revenue.
Davina:One of my clients, a successful attorney, resisted hiring associates for years because she was convinced clients came specifically for her. When a family emergency forced her to take an unexpected three week absence, she had no choice but to bring in a contract attorney to handle her caseload. To her surprise, not only did her clients adapt, but many expressed appreciation for the additional support. This unexpected experiment led her to hire two full time associates and within eighteen months her revenue had doubled while her personal workload decreased by 30%. When you're the only attorney, you've built a job, not a business.
Davina:A wealth generating law firm requires a team of legal professionals who can continue serving clients and generating revenue, whether you're in a meeting, on vacation, or dealing with a personal matter. Mistake number two: Delegating work and then taking it back. The second devastating mistake is the delegation dance assigning tasks to team members but then taking them back at the first sign of difficulty. This pattern is particularly common among high achieving women. You delegate a task, but when your team member encounters challenges or approaches it differently than you would, you jump in and reclaim the work, often with a resigned sigh and the thought is just faster if I do it myself.
Davina:What you may not realize is that this pattern creates what I call learned helplessness within your team. They begin to expect your intervention, never developing the confidence or skills to truly own their responsibilities. Worse, it trains them to bring problems to you rather than developing solutions. A wealth generating firm that operates in your absence requires team members who can function autonomously and solve problems independently. This only happens when you commit to proper training, clear expectations, and then allowing people to work through challenges with your support but not your takeover.
Davina:One of my clients, an estate planning attorney, recognized she was sabotaging her team's development by constantly reclaiming delegated work. We implemented a new approach when team members encountered obstacles rather than taking the work back. She would ask, What do you think we should do here? Or Where would you go to look for the answer if I were not here? Or Where did you look for the answer before you came to me?
Davina:She coached them through developing their own solutions. Within six months, her intervention in day to day matters decreased by 70% and her firm successfully handled a two week period when she was completely disconnected while on an international vacation, something previously unimaginable. Remember, every time you take back delegated work, you're reinforcing your indispensability, the exact opposite of building a firm that can operate in your absence. Mistake number three, thinking you personally are the only solution for your law firm's clients' problems. The third and perhaps most insidious mistake is believing that you personally are the only solution to your clients' problems.
Davina:This belief often starts innocently enough. You've worked hard to develop expertise. You've delivered excellent results. Clients praise your work and refer others. It feels validating to be the go to expert, the indispensable problem solver.
Davina:But this mindset creates a psychological and practical barrier to building a wealth generating firm that can operate without you. When you believe only you can properly serve clients, you create systems and client expectations that reinforce your centrality to every matter. Wealth generating law firm owners recognize a profound truth. Clients don't need you specifically. They need their legal problems solved effectively.
Davina:Your expertise, approach, and standards can be systematized, taught, and replicated by a well trained team operating under your guidance. One of my most successful clients had a breakthrough when she realized clients weren't hiring her for her personal brilliance. They were hiring her law firm to solve their legal problem. Once she embraced this distinction, she documented her approach to cases, trained her team in her methodology, and established quality control systems that ensured consistent outcomes regardless of which attorney handled the matter. The result?
Davina:Her firm now handles triple the caseload it did when she was personally involved in every matter. She takes multiple extended vacations yearly with minimal check ins and her net profit has increased by 150%. This shift isn't just operational. It's psychological. It requires separating your identity from your firm's services and recognizing that your most significant value isn't in personally handling every matter but in creating the vision, systems, and team that consistently deliver excellent results to clients.
Davina:So there you have the three devastating mistakes that prevent women law firm owners from building wealth generating practices that can operate in their absence, not hiring other lawyers, delegating work, and then taking it back, thinking you personally are the only solution for your clients' problems. Avoiding these mistakes isn't just about creating a more convenient work arrangement, it's about fundamentally transforming your relationship with your business. It's about building a genuine asset that generates wealth whether you're physically present or not. If you're ready to make this transformation, I have an exciting opportunity for you. For a limited time, I'm offering a replay of my most popular training, The Wealth Generating Law Firm Business five Secrets to Create the Profits, Impact, and Flexibility.
Davina:This comprehensive masterclass expands on the concepts we ve discussed today and provides a practical roadmap for transforming your practice into a wealth generating asset that serves both your clients and your lifestyle goals. To access this limited time replay, click the link in the show notes. This replay will only be available for the next few days, so I encourage you to register today. Remember, building a law firm that generates wealth in your absence isn't just a luxury. It's essential for creating true financial freedom and ensuring the sustainability of the business you've worked so hard to build.
Davina:Until next time, this is Devina Frederick reminding you that you deserve a law firm that works for you, not the other way around. Thank you for listening to the Wealthy Woman Lawyer podcast. If you found value in today's episode, please subscribe, leave a review, and share with a friend who could benefit. And don't forget to register for the limited time masterclass replay. Together, we're changing how women attorneys build wealth and legacy through their law firms.
Intro:If you're ready to create more of what you truly desire in your business and your life, then you'll want to visit us at wealthywomanlawyer.com to learn more about how we help our clients create wealth generating law firms with ease.
