Episode 322: 5 Simple Steps to Transform from Solo to CEO of a Wealth-Generating Law Firm Starting Today
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 to the Wealthy Woman Lawyer podcast where we help women law firm owners cultivate the mindset, strategies, and systems to scale their firms to and through $1,000,000 in gross annual revenue. I'm your host, attorney Devina Frederick and founder of Wealthy Woman Lawyer. And today, we're talking about something that I know plagues so many of you listening right now. You opened your law firm because you wanted freedom, flexibility, and the ability to build something of your own. But instead, you find yourself buried in client work, drowning in emails, constantly putting out fires, and never and I mean never finding time to actually work on growing your business.
Davina:You're working in your firm all day every day, and you know you should be working on your firm, building systems, developing your team, creating marketing strategies, planning for growth, But there's just no time. There's always another client email, another court deadline, another crisis that needs your immediate attention. And here's what happens. Months go by, then years go by, and your firm looks exactly the same. Same revenue, same problems, same exhaustion.
Davina:You're stuck in a cycle that blunts your growth. Sound familiar? Well, today I want to share something with you that I've been working on, something that addresses exactly this challenge. And I'm really excited about it because it represents everything I've learned over more than twelve years of working with women law firm owners who have successfully scaled their practices to 7 figures and beyond. But before I tell you about this opportunity, I want you to understand where you might be right now on your law firm growth journey, because knowing where you are is the first step to getting where you want to go, the wealth generating law firm growth journey.
Davina:Let me walk you through what I call the wealth generating law firm growth journey. This is a roadmap that shows the distinct stages every law firm goes through on the path to building real wealth. Stage one, getting clients, hanging your shingle. This is where you're just working to get things moving. You're building your practice from the ground up, and every new client feels like a victory.
Davina:Stage two, feast or famine, busy and overwhelmed. You've got clients now, but there's lots of chaos. You don't have systems or support in place yet. Some months are great. Others are terrifying.
Davina:You're constantly worried about where the next client is coming from. Stage three, solo and plateaued momentum. You're getting better clients now and you might have some support staff, but you've hit a ceiling. You're working as hard as you possibly can, and your revenue has plateaued because there's only one of you. Stage four: Leadership and Management Leveraged This is where you have premium clients, a robust team including other lawyers, and systems in place.
Davina:You're no longer doing everything yourself you're leading and managing a real business. Stage five Ultimate Freedom and Wealth Mastery This is the pinnacle. You have assets, flexibility, and true freedom. Your law firm is a wealth generating machine that doesn't require you to be present for every single decision and task. Now I want you to think about where you are on this journey right now, and more importantly, where do you want to go next?
Davina:Because here's what I've discovered after working with hundreds of women law firm owners. The gap between where you are and where you want to be isn't about working harder. You're already working hard enough. The gap is about having the right mindset, the right systems, and the right support to make the transformation. The two critical issues holding you back.
Davina:And in my experience, there are two critical issues that prevent most women law firm owners from reaching that next level. And if you don't address these two issues, all the knowledge in the world won't help you scale your firm. Critical issue number one, mindset. You're clinging to beliefs about money, wealth, and growth that no longer serve you. Let me tell you a story about a woman law firm owner that I think you'll find familiar.
Davina:Let's call her Juliet. Juliet is a solo practitioner and a really good lawyer. Her clients love her. She's been in practice for several years now, and her business has grown steadily, largely because of Juliet's good reputation in the community and referrals from her past clients and attorney colleagues. It's been going so well that Juliet was able to hire a paralegal and administrative assistant within her first year of practice, and that person has become her right hand.
Davina:But Juliet has a problem. Well, several, actually. Juliet is working nonstop. She gets up and prepares her children for school before heading to the office or court. Most days she works until it's time to pick the kids up from school, often staying at her desk through lunch.
Davina:When she gets home at night, she makes dinner, helps the children with their homework, cleans up after dinner, and then spends about an hour with them before it's time for bed. After they are in bed, Juliet opens up her laptop to get a little more work done and throws in a load of laundry too until she can't keep her eyes open anymore. Then she showers and goes to bed, hoping not to disturb her husband, who is already asleep. Every weekday is a repeat of this, and many Sunday afternoons are spent in the office as well, often to handle the firm's admin tasks like billing. More often than not, billing gets put off at least a month, if not more, because Juliet is not the best at tracking her time.
Davina:When she sits down to do her invoicing, she often has to look back at her calendar and her to do list and recreate her time. She's sure she's leaving money on the table, but she hates hourly billing. She's considered flat fees, but when she's tried that, she's often been burned by doing way more work than she anticipated and billed for. Additionally, Juliet is realizing that her revenue has plateaued Since she is the only attorney and really the biggest biller in her firm, because her paralegal spends a lot of time doing admin work, her revenue is limited. After all, she is already working as long and hard as she possibly can.
Davina:Juliet knows she needs to hire more people if she wants to get to the next level in her business, but she has all these fears and worries. She's not sure how she'll pay them. She fears she'll lose control of all the details of her clients' cases if her team gets too large. She's worried about people coming in from the outside, other lawyers especially, and seeing her mess. She has systems, but they are all in her head, and she doesn't feel like she has the time to document them, much less train others on them.
Davina:She's concerned she won't have enough work for everyone if she hires other people. She's heard nightmare stories about the hiring market right now and managing employees who don't want to work, and she doesn't feel like she has the bandwidth for that. While she's making enough money to help her family live comfortably, she's wondering how much longer she can keep this up. She feels stressed most of the time, doesn't sleep nearly enough, and feels a ton of pressure to do everything perfectly so she doesn't disappoint her family, her clients, or anyone else. Can you relate?
Davina:Because all these worries feel so overwhelming, Juliet does what she has always done. She tries to work harder. After all, working hard is what got her to where she is today. That's how she made straight A's in high school. It's how she graduated from undergrad and law school with honors.
Davina:It's how she landed and excelled in her first job out of law school. And it's how she built the law practice she has today. What Juliet does not realize yet is that what got her here, hard work alone, is not enough to get her law firm business to the next level. Something more is needed. And the very first thing that is needed is a shift in how Juliet thinks about her law firm business.
Davina:Here's the truth. While the concept of shifting our mindset is simple, it often is not easy. It can feel hard to let go of old thoughts, patterns, and behaviors even when we know what to do. These challenges show up as negative money stories we don't even realize we have, ingrained habits like just doing everything yourself because that way you know it gets done right, or being unwilling to ask for or accept help. Perfectionism and feeling like we help.
Davina:The high achieving women curse, we have to do it all if we want to have it all, impostor syndrome and not feeling like we deserve to have what we want, no advisors we can trust because they either can't understand our experience, have an agenda, or what worked for them won't work for me. Relationships that disappoint us, like unhappy clients or employees that don't work out the first time. This can show up in our thoughts like, If I work harder, I will succeed. I just need another degree or certification. Good help is hard to find.
Davina:If I want it done right, I'll just have to do it myself. Hiring and managing other lawyers will be hard. I can't afford to hire A grade help. I need to wait until I'm ready, until everything is perfect. It was easy for them because they had something I don't.
Davina:Making money is hard. All wealthy people have done something bad to get there. Money is the root of all evil. But here's what I want you to understand. What we believe is what we receive, and beliefs are just thoughts on repeat.
Davina:They are thoughts that have become so ingrained that they feel like facts. For example, you may be hesitant to take action on a decision because you are afraid of making the wrong decision, decisions like hiring a lawyer or upgrading to expensive software or investing in a new marketing initiative. The belief you have is that there is a right or wrong answer. You know this because all your life, in every test you ever took, there was a right and a wrong answer. But just because you believe there is a right or wrong answer does not make it a fact.
Davina:In business, we are often called on to make decisions in which we will not know the outcome until after we have made the decision and some time has passed. Realizing that there is no right or wrong decision, there is only your decision, with no higher authority telling you what to do, can feel very uncomfortable, especially for high achieving women who are used to following the rules. Remember this: What we believe frames how we see the world. If we want something different than what we have, we first need to decide we are going to think new thoughts and adopt new beliefs, habits, and behaviors. Let me share three big belief shifts that successful law firm owners make.
Davina:Old belief: I'm smart. I should be able to work it out by myself. New belief: doing it together creates exceptional momentum. Old belief, I have a knowledge gap problem. New belief, I have an implementation and priorities problem.
Davina:Old belief, I'm not ready to hire other lawyers. New belief, lawyers not only pay for themselves, they provide wealth, leverage, and freedom. Critical issue number two, time. The second critical issue is trying to manage your time or seeming lack of it, instead of reprioritizing it. Without reprioritizing your time and focusing on its highest and best use, you'll never be able to effectively delegate everything else.
Davina:This shows up in behaviors like: handling tasks others who don't bill your high hourly rate can and should do instead, taking work back from team members, trying to keep track of all the details of every case because they are your clients, Always thinking about work even when you're with your family, like constantly checking your emails. Failure to train, teach, and mentor. Failure to create systems that can be repeated by others. Accepting every appointment, even if it does not work for you and your priorities. Checking your emails throughout the day and responding reactively.
Davina:Not devoting ample time in your schedule each week to working on your business. Reactive scheduling instead of proactive scheduling. The opportunities in tackling these challenges are enormous. Get more clarity on your top priorities. Create a schedule that reflects your top priorities.
Davina:Close and shore up porous boundaries. Feel empowered and excited about the business and the impact you're creating. Better serve clients. Spend more time doing what you love instead of what you don't. Create a more respectful, enjoyable, and productive environment for your team.
Davina:Repel all time suckers that do not support your business and personal goals. Allow more time for replenishment, relaxation, and revitalization. Allow more time for creativity and strategic thinking. The three key requirements for a 7 figure law firm. Now, once you've addressed these two critical issues, mindset and time, there are three key system frameworks every 7 figure law firm must have in place to operate successfully, especially if you want to be able to leave your business without worry that everything will fall through the cracks in your absence.
Davina:If you do not have all three of these system frameworks in place, you and your law firm will continue to struggle to create the financial success and time freedom you desire. Requirement number one, delegate to top talent. The top three reasons to hire a team are expand your impact, the number of clients your law firm can serve, build a self operating law firm so you can free up more of your time and reduce worry when you are not there. Make more money to take home in your designer handbag. I know there are challenges around hiring.
Davina:You might be worried that others will damage your hard won reputation. Maybe you've had bad experiences with hiring in the past. You might worry that you don't have all your systems in place yet, and others, particularly other lawyers, will judge your mess. Maybe you've never hired anyone before or never led other attorneys before, and you fear they won't respect you. You're worried about how you will pay for the added expense.
Davina:But here's what I want you to understand. When you hire the right people and build the right team, you can expand your impact, serve more clients at a higher level, earn significantly more money, feel more supported, and create the life you've always desired. More time, more freedom, more wealth, more opportunities for generosity. Let me share a success story. Carrie is a law firm owner in Houston.
Davina:Her firm provides estate planning, probate, real estate, and business law services. She was functioning as a solo with an assistant, which worked great for years because her primary focus was on being there for her growing children. However, when they flew the nest, she was ready to do something more with her law practice. She strongly desired a new challenge. Carrie hired wealthy woman lawyer and began to shift her law practice to becoming a wealth generating law firm business, she hired a team, including three additional lawyers and two more support staff.
Davina:She implemented a marketing system and developed new policies and procedures. As a result of our work together, Carrie now owns and operates a law firm that generates 7 figures in annual revenue. Recently, she returned from a family vacation in London and Switzerland, while her law firm ran smoothly in her absence. Requirement number two, document your processes. The top three reasons to document processes are: Provides clear expectations for your team Allows you to be a more effective leader, manager, and delegator by providing clarity for all parties.
Davina:Frees up your time because your employees now know how to continue operating your law firm in your absence. I know the challenges here, too. Getting your systems out of your head and easily transferable to others when you already feel so busy. Capturing all of your systems at once. Worry that others will not follow your systems and procedures after they're created.
Davina:Worry that there's a better way than the way you are doing it. But here's the opportunity. When you document your processes, you free up your time so you have more time for working on growth strategy and implementation. You can leave your law firm for extended periods, confident that it is self managing while you are gone. You get everyone in your law firm on the same page and create consistency.
Davina:You create a smooth experience for your clients. You can serve more clients at a higher level. You allow for expansion beyond you and your personal capabilities. You create a more enjoyable work environment for everyone involved. Every 7 figure law firm requires seven essential systems: four) External, client facing systems Marketing system Intake System Client Intake and Onboarding Fulfillment System Service and Fulfillment Offboarding System Client Feedback and Offboarding Internal Operations Systems Five, people management, hiring policies, training, reviews, rewards, performance improvement.
Davina:Six, technology management, selecting and managing your tech stack team training. Seven, financial management, understanding financials, designating your financial team, oversight and routine reporting. Let me share another success story. Johnny is a family law firm owner in Texas. Her firm provides family law services for single moms.
Davina:She had created a very successful online brand as that single mom attorney and prospective clients were flocking to her law firm for help. There was just one problem. Johnny was a solo with an assistant and a part time contract attorney. Her firm did not have the full capacity to serve all these new clients. Johnny hired a wealthy woman lawyer and began to shift her law practice to become a wealth generating law firm business.
Davina:Not only did she rapidly begin to expand her team of attorneys and support staff, but she also documented all her processes, automating as many as she could. As a result of the changes she implemented, Johnny quickly scaled from a low 6 figure law firm owner to a multiple million dollar generating law firm business, dollars 1,000,000 in year one and $2,000,000 plus in year two, and expanded her law firm with offices in Dallas, Houston, and San Antonio. Requirement number three, master your money. The top three reasons to master your money are increased feeling of financial control, security, and freedom, and reduced money worries. Helps you predict and formulate growth and succession plans, create and sell an asset, and reward employees.
Davina:Illuminate changes you may need to make to take home more in your pocket, Owner compensation and profits. I know there are challenges here too. Self limiting beliefs about money and the ability to understand finances, feeling insecure about your math skills, not sure you can do it, being too comfortable to grow, Being accustomed to gold stars, but not the gold. Praise and prestige instead of monetary reward. Fear of envy of others or not belonging.
Davina:But the opportunities in tackling these challenges are enormous. Confidence in operating a financially sound business Potentially creating a valuable, sellable asset Protecting and preparing for your financial future Opportunity to hire better, more skilled team members better resources for your law firm growth, better owner compensation, more profits, more financial freedom. I've identified 62 key performance indicators that matter to your law firm business. You may not need to track all 62 at this stage in your business. However, there are 10 must track KPs regardless of the size of your business.
Davina:Let me give you the top three to track. It's the first information I want to know about a business before I invest in it. Number one, revenue. Gross revenue equals the amount of income into your operating account before expenses. This tells us how much capital we have available to invest in our business growth.
Davina:Number two, owners compensation. Owners compensation equals how much you, as the owner, take home in your pocket. This can and should include a W-two wage, a reasonable salary, and profits, dividends, or bonuses. Average value per matter. Average value per matter equals what you collect per matter, the cash value to the firm, not what you say you charge.
Davina:This reveals which matters are making you money and which are not, where you may need to raise your fees and identify time tracking and collections issues. Let me share one more success story. Sarah is a criminal defense and personal injury attorney located in Lakeland, Florida. She had one attorney and one assistant working for her when we started our work together, but Sarah was not paying herself. She was also charging mostly flat fees.
Davina:When she hired wealthy woman lawyer, Sarah began to take a deep dive into her financials, which led her to track everyone's time and other metrics so she could see how long it was taking her team to get cases processed and determine whether they were charging enough. This exercise led her to discover her firm was way undercharging, so she raised her fees, which allowed her to pay herself, expand her team, and invest in better systems and processes. When her husband wanted to pursue his dream, she was able to transition to the household breadwinner while also fulfilling her lifelong dream of being a mother. Now, I've been reflecting on the journey of Wealthy Woman Lawyer and the transformation that we've helped hundreds of women law firm owners achieve so far, and I've been really feeling a calling to help you reach the next level. That's why I want to share with you the next step for those of you who are beyond ready to scale your law firm business and create more for yourself, whether that's more wealth, more time, more calm confidence as a leader, more satisfaction, more impact, or something else.
Davina:But first, you should know this opportunity is not for everyone. And I really mean that. If you are not fully committed to moving forward, growing, shifting your mindset, and reprioritizing your time to no longer settling for less than you deserve, then this may not be for you. If you are waiting for someone else to give you permission to prioritize yourself and your business, know that you have the power to give it to yourself. But if you are over all the reasons for continuing to put yourself and your business on the back burner, if you have reached your I'm done moment and share my conviction that you are ready for your next level, then I would love to share with you the next step, introducing the Wealthy Woman Lawyer Mastery Program.
Davina:This is a brand new program. I heard you when you told me you wanted something more, more support, more guidance, and more resources to support you in the implementation of your law firm growth journey. Wealthy Woman Lawyer Mastery is the step by step implementation program for women lawyers who want to scale their law firm beyond 7 figures with proven strategies, streamlined systems, and the confidence to lead like a CEO without burning out or sacrificing their personal life. It's so much more than a course. It's a complete coaching, implementation, and support ecosystem designed to help you achieve better results immediately.
Davina:My promise to you. In this program, I not only share my proven formula developed through my own experiences as a woman law firm owner and through more than thirteen years as a law firm growth strategist for other women law firm owners to scale your law firm from six to multiple seven figures. But also, my team of experts and I will guide you through every step of the implementation process through powerful masterminds, group laser coaching, custom trainings, and ongoing support so you can finally implement everything and begin enjoying the full fruits of your years of labor and investment. What's different about this program? What's different about this mastery program is that I've designed it to provide not only all the trainings and materials you need to scale your law firm business from 6 to 7 figures, but I've also included coaching, support, masterminds, and guidance from not just myself, but from a highly qualified team of professionals, including CFOs, CMOs, mindset coaches, and more.
Davina:No more going it alone and trying to figure out when you'll have time to implement all you are learning. We have a plan and a process for that. What this really is, and let me be clear about what this program is, this is not an information program, it's an implementation program. This is not about putting things on your calendar and never accomplishing them. It's about quickly removing what is slowing you down and gaining more leverage.
Davina:This is not more work. It's holding you accountable to finally create all that you have been wanting and waiting for, but not fully achieving. It's about learning to work smarter because really, how much harder can you actually work? When you join the Wealthy Woman Lawyer Mastery Program, here's what you get: Access to a one year membership. This includes access to all the training materials, bonuses, cheat sheets, guides, and templates I've created for you as long as you remain a member of the Mastery Program, including my proprietary trainings of my signature 1,000,000 plus law firm growth framework, the law firm system solution program, the complete A Player hiring system, leadership for women law firm owners workshop, Personalized Coaching and Guidance.
Davina:You'll receive two monthly laser coaching sessions with me or my coaching team. This is perfect for you if you need and desire real time, live laser coaching about your specific law firm growth issues, community support, you'll have access to one monthly Peer Momentum Mastermind, plus access to our online community 20 fourseven. One of the top benefits of the Mastery Program is that you'll be a part of a VIP powerhouse community of other women law firm owners on a similar journey. It's like plugging into a master brain to help solve your most challenging law firm growth issues. Implementation Events This next piece is huge.
Davina:You'll get three virtual implementation events per year. These are three virtual interactive and uninterrupted hours to work on your business, not in your business, virtually with your peers to finally accomplish your most challenging goals. Topics include hiring talent and team growth intensive, market your law firm business intensive, document your processes intensive advanced education workshops. You'll receive one to two expert led mastery workshops per quarter on topics like prioritizing your time to free up ten hours a week, building and leading a high performing team, money and metrics, How to use your data to scale Implementing the seven essential systems with ease Attracting ideal clients Wealthy Woman Lawyer Board of Advisors, this is incredibly valuable. Essentially, you will have access to a board of advisors who work exclusively with law firm owners on a mission to scale.
Davina:This includes chief financial officer, digital marketing expert, money mindset, coach. The value of this alone is over $150,000. In addition to all of this, I've included a special bonus if you enroll before the January 2026. If you join as a Foundation member before the January 2026, that means before this enrollment opportunity closes, you will receive an exclusive invitation to our two session kickoff event where we will work together to create a custom profit plan for your best year yet. This kickoff event is exclusive to Foundation members and will help you hit the ground running with a clear customized plan for your law firm's growth, why this matters now, I want you to think about where you'll be a year from now if nothing changes.
Davina:Will you still be working those same exhausting hours? Will you still be stressed about where the next client is coming from? Will you still be doing everything yourself because you don't have the systems or team in place to delegate? Or will you be leading a thriving 7 figure law firm with a team that supports you, systems that work, and the freedom to actually enjoy your life? The difference between those two futures is the decision you make right now.
Davina:Because here's what I know after working with hundreds of women law firm owners, The ones who achieve that transformation aren't smarter than you. They're not more talented. They didn't have some special advantage. They just made the decision to stop doing it alone. They invested in the support, the systems, and the strategies they needed.
Davina:They committed to the implementation process. That's it. That's the difference. This opportunity is not for everyone. Now, I want to be really clear about something.
Davina:This program is not for everyone. It's not for you if you're looking for a quick fix or a magic bullet. Building a 7 figure law firm takes work. It takes commitment. It takes a willingness to change how you think and how you operate.
Davina:It's not for you if you're not ready to invest in yourself and your business, If you're waiting for the perfect time or for everything to be just right, you'll be waiting forever. But this program is for you if you're tired of the feast or famine cycle and ready for predictable revenue. You're ready to stop being the bottleneck in your own business. You're committed to building a team and implementing systems. You're willing to shift your mindset and let go of beliefs that no longer serve you.
Davina:You're ready to prioritize your business growth, not just your client work. You want expert guidance and support every step of the way. You're serious about building a 7 figure law firm that gives you wealth, freedom, and impact. If that's you, then I invite you to take the next step. Your next step, book a call.
Davina:Here's what I want you to do right now. Go to http:wealthywomanlawyer.com/bookacall and book a practice growth assessment call with a member of my team or me. I'll put the link in the show notes for your convenience as well. On this call, we'll talk about where you are right now in your law firm growth journey, where you want to go, and whether the mastery program is the right fit for you. We'll answer all your questions about the program, the investment, the timeline, and what you can expect.
Davina:There's no pressure, no hard sell, just a real conversation about your goals and how we can help you achieve them. But I wanna be transparent with you. Spots in the mastery program are limited. I only accept a certain number of members at a time because I wanna make sure every person gets the attention, support, and guidance they deserve. And these spots fill up quickly, especially at the beginning of the month when law firm owners are most motivated to make changes.
Davina:So if you're serious about this, if you're ready to finally build the law firm you've been dreaming about, don't wait. Book your call today. Again, that's wealthywomanlawyer.com/bookacall. I'll also put the link in the show notes. Final thoughts.
Davina:Before we wrap up, I want to leave you with this thought. You didn't go to law school and pass the bar and build a law practice just to be stressed, overwhelmed, and stuck at the same revenue level year after year. You did it because you wanted to build something meaningful, something that would give you freedom, flexibility, and financial security, something that would allow you to make a real impact in your clients' lives. And you can have all of that, but not by doing what you've been doing, not by working harder, not by trying to figure it all out on your own. You need a proven system.
Davina:You need expert guidance. You need a community of women who understand exactly what you're going through because they've been there too. That's what the Wealthy Woman Lawyer Mastery program provides. So I'm inviting you right now today to make the decision to invest in yourself and your business, to stop settling for less than you deserve, to finally build the 7 figure law firm that will transform your life. Book your call at wealthywomanlawyer.com slash book a call.
Davina:Let's talk about your goals and how we can help you achieve them. I'm cheering for you. I believe in you, and I can't wait to see what you build. Until next time, here's to your success, your growth, and your transformation from overworked lawyer to confident, wealthy CEO. I'll see you next week.
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.
