Episode 303 You Might Need a Strategic Business Coach for Your Law Firm If…
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 Davina.
Davina:Welcome back to the Wealthy Woman Lawyer podcast, the number one podcast for women in law who are ready to create wealth generating law firm businesses that result in the profits, impact, and flexibility they've always desired. I'm your host, Davina Frederick, and I'm thrilled you're here with me today. You know, over the past twelve years of coaching hundreds of women law firm owners, I've identified some very specific patterns, warning signs, if you will, that indicate when a successful woman lawyer has reached the point where she absolutely needs strategic business coaching to break through to her next level of growth and freedom. Today's episode is titled You Might Need a Strategic Business Coach for Your Law Firm If, and I'm going to share five key indicators that suggest it's time to invest in the guidance and support for your law firm's business from an experienced advisor. But before we dive in, let me ask you this.
Davina:Are you currently making good money in your practice but feeling like you're running on a hamster wheel? Are you successful by most people's standards, but deep down, you know you're capable of so much more? If so, you're definitely in the right place today. Let's get right to it. As I share these indicators, I want you to be truly honest with yourself about where you are in your law firm journey right now.
Davina:Indicator number one, your revenue has plateaued and you can't seem to break through to the next level. The first sign you might need a strategic business coach is when your revenue has flatlined. Perhaps you've been maintaining the same annual revenue for two, three, or even five years. You might be making $200,000 5 hundred thousand dollars or even $800,000 annually, but you just can't seem to break through to that next milestone. Here's what I see happening.
Davina:You're working incredibly hard, probably harder than ever, but your revenue isn't reflecting that effort. You might even be telling yourself, Well, at least I'm consistent. But consistency without growth is stagnation in disguise. The truth is, revenue plateaus happen when you're using the same strategies that got you to your current level, but you haven't developed the new skills, systems, or mindset required for the next level. I promise you this what got you here will never get you there.
Davina:Something more than hard work is needed. Here's an example of what I mean. One of my clients was stuck at around $650,000 in annual revenue for three years. She was working sixty hour weeks, handling most of the client work herself, and constantly stressed about cash flow. She thought the answer was just working harder or taking on more cases.
Davina:However, the real issue was that she had reached the limit of what one person can accomplish alone. She needed to learn how to leverage resources strategically, which is exactly what we worked on together. Within less than twelve months, she broke through the 7 figure mark. If your revenue has been stuck in the same range for more than a year, that's your first indicator that you may need strategic guidance to break through to your next level. Indicator number two, you're doing everything yourself and can't figure out how to successfully delegate.
Davina:The second indicator is when you find yourself saying things like, It's just easier if I do it myself, or By the time I explain it to someone else, I could have already finished it. Sound familiar? This is the classic trap of the high achieving woman lawyer. You're incredibly competent. You wouldn't have gotten where you are if you weren't.
Davina:But that competence has become your prison. You've become the bottleneck in your own business. Here's what's really happening. You don't trust your systems because you don't have robust systems. You don't trust your team because you haven't invested in hiring the right people and training them properly or in developing your own leadership skills.
Davina:And you don't trust the process because you've never learned how to create processes that actually work. The result, you're working in your business instead of on your business. You're the highest paid administrative assistant, paralegal, and marketing coordinator in your firm. And while you might be making decent money, you're trading your time for dollars in a way that has a very clear ceiling. I remember working with a brilliant estate planning attorney who had built a successful practice, but was personally handling everything from client intake calls to scheduling to document review.
Davina:She was making good money, but she was exhausted and couldn't take a real vacation without her phone constantly ringing. The breakthrough came when she realized that delegation isn't about finding people to do precisely what she was doing. It was about creating systems and training that allowed others to handle tasks to her standards. Once she learned how to prioritize her time properly, document her processes, and delegate to top talent, she not only got her life back, she also increased her revenue by 40% in the first year because she was finally focusing on the activities that only she could do. If you're still wearing all the hats in your firm and can't seem to get tasks off your plate successfully, That's indicator number two.
Davina:Indicator number three, you don't have a clear systematic approach to attracting your ideal clients. The third indicator you need a strategic business coach is when your client acquisition is inconsistent or you're attracting clients who aren't the right fit for your firm. Maybe you're getting clients, but they're the ones who haggle over your fees, question your expertise, or demand your attention at all hours. Or perhaps your marketing efforts feel scattered. You're posting on social media sporadically attending networking events without a clear strategy or relying solely on referrals without a systematic way to generate new business.
Davina:And here's the thing, hoping and praying for good clients to find you is not a marketing strategy. Neither is being on every social media platform just because you think you should be. What you need is what I call a strengths based marketing approach, a systematic way to assess your unique advantages, monetize your message so it speaks directly to your ideal clients, and activate your audience so they choose you over your competitors. I worked with a family law attorney who was frustrated because she was attracting clients who couldn't afford her services or who were extremely demanding and challenging to work with. She was spending hours on social media with little to show for it and felt like she was constantly competing on price.
Davina:Everything changed when we developed her strengths based marketing approach. We identified what made her uniquely valuable, crafted messaging that attracted her ideal clients, and created a systematic approach for reaching them. Within six months, she had a waiting list of ideal clients who were happy to pay her premium fees and respected her expertise. If you don't have a clear, systematic approach to consistently attracting clients who value your expertise and pay you well, that's your third indicator. Indicator number four, you have no idea what your key performance indicators are or how to use financial data to make strategic decisions.
Davina:The fourth indicator is probably the one I see most often among successful women lawyers. You're making good money, but you have no idea how to read and interpret your financial reports or track the metrics that actually matter for growing your business. Maybe when someone asks about your financials, you make a joke like, That's why I became a lawyer instead of an accountant. But deep down, you feel embarrassed that you don't understand the numbers in your own business. Or perhaps you know your gross revenue, but you have no idea what your profit margins are, what your average client value is, or how much it costs you to acquire a new client.
Davina:You might not even know if you had a good month or a bad month until your accountant tells you. Here's the truth, if you made it through law school and passed the bar exam, you can absolutely understand business math. However, you need to understand which metrics truly matter and what they mean for your business decisions. I've identified 62 key performance indicators that matter to law firm businesses, but you don't need to track all of them. There are 10 must track KPIs regardless of your firm's size and three that I consider critical.
Davina:When you don't understand your numbers, you're essentially flying blind. You can't make strategic decisions about hiring, marketing, or pricing because you don't have the data to support those decisions. You're running your business on gut instinct instead of solid financial intelligence. I had a client who was generating over $900,000 annually, but had no idea she was actually losing money on certain types of cases. She was working incredibly hard, but not profitably.
Davina:Once we implemented proper KPI tracking and financial analysis, she was able to eliminate the unprofitable work and focus on the clients in cases that were actually generating wealth. Her take home income increased by 60% while working fewer hours. If you can't confidently discuss your firm's financial performance, or you don't know which metrics to track for strategic growth, that's indicator number four. Indicator number five, you don't have a proven framework or roadmap for scaling to multiple seven figures. The fifth and final indicator is when you know you want to grow your firm to seven figures or beyond, but you have no clear roadmap for how to get there.
Davina:Maybe you've read business books, attended a few conferences, or even tried implementing some strategies you found online, but nothing seems to stick. You feel like you're taking random actions without a cohesive plan. Or perhaps you look at other successful law firm owners and wonder, How did they do it? What's their secret? You might even feel like everyone else has figured out something you haven't.
Davina:The reality is that scaling a law firm to multiple 7 figures isn't about luck or working harder. It requires a proven framework, a systematic approach that addresses every aspect of building a wealth generating business. Most women lawyers try to piece together their growth strategy from multiple sources a marketing tip here, a hiring strategy there, a financial tip from someone else. But without a comprehensive framework that integrates all these elements, you end up with a patchwork approach that doesn't create sustainable, scalable growth. What you need is a complete system that helps you cultivate the right mindset for wealth creation, attract better clients consistently, leverage your resources strategically, and master the financial side of your business.
Davina:These elements need to work together seamlessly. I've seen too many brilliant women lawyers struggle for years because they were trying to figure it out on their own, using trial and error instead of following a proven path that others have successfully walked before them. If you don't have a clear, proven framework for scaling your firm to the level you desire, that's your fifth indicator that you need strategic business coaching. Now, if you're listening to this and you recognize yourself in one or more of these indicators, I want you to know that you're not alone. And more importantly, it's not your fault.
Davina:The skills they taught you in law school, thinking like a lawyer, legal research, brief writing, those are essential skills, but they don't teach you how to build and scale a business. You aren't supposed to know this stuff intuitively. But here's what I know about you. You're ambitious, you're capable, and you're ready for more. You didn't build a successful law practice just to stay where you are forever.
Davina:You have bigger goals, bigger dreams, and a bigger impact you want to make. The question is, are you going to keep trying to figure it out on your own? Or are you ready to follow a proven roadmap that has already helped hundreds of women law firm owners create the wealth, impact, and freedom they desired. Speaking of proven roadmaps, I want to invite you to join me for a very special live training that I'm presenting on June 12 at 11AM, Mountain Daylight Time. It's called the Wealth Generating Law Firm Business five Secrets to Create the Profits, Impact, and Flexibility You Desire.
Davina:In this live masterclass, I'm going to share the five biggest mistakes that keep women law firm owners from creating a wealth generating business, and more importantly, the secrets to fixing them. We'll dive deep into the exact framework that has helped my clients scale from 6 figures to multiple 7 figures, create the flexibility to take extended vacations without worrying about their firm falling apart, and build the kind of wealth that creates generational impact not only for your own family, but for others in your community. I'll also be sharing real case studies from my clients who have achieved these results so you can see exactly how this framework works in practice. This is not generic business advice that may or may not apply to law firms. This is specifically designed for women law firm owners who are serious about growth and ready to take action.
Davina:And because this is a live training, you'll have the opportunity to ask questions and get personalized guidance on your specific situation. Now, I do want to mention that this training is not for everyone. It's specifically designed for women who are licensed attorneys, own their own firms, or plan to open one soon, and are committed to exceeding their current level of income, impact, and freedom. If that describes you, then this Masterclass will be incredibly valuable. To secure your spot, simply go to https:wwwealthywomanlawyer.convertri.comjuneoptin and register for the June 12 live training.
Davina:You can also find this link in the show notes. Registration is completely free, but spots are limited to ensure that everyone who attends receives the attention and value they deserve. Before we wrap up today, I want to leave you with this thought. Every day you delay investing in the right guidance, systems, strategies for your law firm is another day you're missing out on the compounded benefits of growth. It's not just about this year's revenue or next year's profits.
Davina:It's about every year going forward. It's about the vacations you're not taking, the time with family you're missing, the wealth you're not building for your future. The women law firm owners who achieve the kind of success and freedom you desire, They all have one thing in common. They invested in themselves and their businesses before they felt ready. They took action when they recognized they needed guidance, not after they spent decades trying to figure out everything out on their own.
Davina:You have everything you need to create the law firm business of your dreams. You have the intelligence, the skills, and the determination. What you need now is the right roadmap and the right support. I hope to see you on June 12 for the Wealth Generating Law Firm Business Masterclass. Until then, keep building your legacy and thank you for being a part of the Wealthy Woman Lawyer community.
Davina:We appreciate you.
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.
