The Maximum Lawyer Podcast Maximum Lawyer

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Are you looking for some financial strategies to make your firm more successful? In this episode of the Maximum Lawyer podcast, Becca Eberhart chats with Brooke Lively about key financial strategies for business growth.
Brooke provides some advice on how to value a firm to ensure it remains successful. Valuing a firm is knowing how much you as an owner are making a year multiplied by 4. It is important to think about valuing your firm to set yourself up for retirement in the future. As a law firm owner, you can increase the value of a firm by purchasing other firms or investing in the newest technology. This should happen when you are established and consistently bringing in more money each year. It will ultimately help when you are ready to sell in the future. 
It is so important for law firm owners to create a plan to value a firm, which is something Brooke provides as a service to attorneys. Part of the plan includes strategic improvement, which involves thinking about things to invest in prior to selling a firm. For example, if you really want to sell to a certain buyer, all you care about is timing because you have a short time frame to sell. If you know you need to invest in updating the technology of a firm first, that will be a priority before you consider putting the firm on the market.
Take a listen to learn more!

13:14 Insights into valuing a law firm 
18:34 The significance of focusing on making a law firm sell-ready
26:23 Importance of strategic improvement in increasing the value of law firms
Tune in to today’s episode and checkout the full show notes here.
Connect with Brooke:
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Are you a firm owner who is looking for a way to calculate the success of your firm? In this insightful episode, host Tyson Mutrux delves into the crucial metric of revenue per employee within law firms.
Revenue per employee can be measured in a few different ways. Some include dividing the revenue of a business by the profit generating employees. It can also be calculated by dividing revenue by all employees. Either way you decide to do it will determine if your firm is understaffed or overstaffed. Tyson shares the importance of having a balanced revenue because if not, it means the success of your firm relies on a select few great employees.
As firm owners, it is crucial to consider factors that can increase or decrease revenue. For example, if you spend a lot of money on marketing for the firm, you may see an increase in revenue because of that prioritization. This will eventually decrease after a few months, so be prepared to see a fluctuation of revenue.
Take a listen to learn more!
00:23 The importance of revenue per employee for law firms01:07 Different ways to calculate revenue per employee 04:10 How various factors, such as marketing campaigns and other projects, can affect revenue per employee

Tune in to today’s episode and checkout the full show notes here. 

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Are you an attorney who is thinking about owning their own firm? In this podcast episode, Jim and Tyson delve into Jim's personal and professional growth as the head of Hacking Immigration Law. 
Jim provides some insight on how he grew his firm to where it is now. In order to have a successful law firm, it is important to invest in yourself and that of the firm. Jim emphasizes the importance of searching for people who have expertise and bring a different type of value to the firm so it can become the best of the best. Investing in yourself involves learning and coming to terms with things you are not good at. For Jim, that was getting comfortable with being confrontational when it is appropriate.
Jim and Tyson dive into the challenges of running an immigration firm. Many immigration lawyers struggle because of the nature of the business. Immigration law involves helping people with their status, which can affect their families and their futures. Jim shares how many colleagues in the field are wrapped up in just completing cases and don't think about why they are doing the work. It is important to understand the work you are doing as an immigration lawyer and why it matters because people’s lives are on the line.
Listen in to learn more!
Jim’s Hack: Read the book Objections: The Ultimate Guide for Mastering The Art and Science of Getting Past No by Jeb Blount for handling objections during client intake.
Tyson’s Tip: Recommended Rode Mini Mic and case for remote recording. 
5:28 - Transition to immigration law08:46 - The financial challenges faced in the early days of the firm and the turning point in building a successful practice12:41 - The value of investing in personal development versus investing in the growth of the law firm14:18 - Overcoming blind spots 17:21 - The potential for Hacking Immigration Law to become a $20 million company Tune in to today’s episode and checkout the full show notes here.

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Are you a business owner looking for some insightful interview questions when hiring? In this insightful podcast episode, Tyson Mutrux unveils his top interview questions crucial for hiring at his law firm. 
Having a good hiring process is such an important aspect of a successful business. It is important to draft the right questions to ask candidates to ensure you are getting everything you need from them to make your decision. Tyson shares some of the questions he asks when hiring. One is related to how a client prioritizes their physical and mental health. In the legal field, attorneys are dealing with a lot of tough issues. It is not fair to hire an individual who is not taking care of themselves both physically and mentally. This will lead to a lot of problems for colleagues and clients alike.
Another question Tyson asks is around missing deadlines. This will give candidates the opportunity to admit their mistakes and how they dealt with them. For law firms to be successful, employees need to be able to deliver and admit when they are at fault. If not, firms are at risk of being sued and spending thousands of dollars fixing the mistake of an attorney. This helps build the trust of a potential employee.
Take a listen!
03:01 The significance of having a structured hiring process and the risks of not having one
06:32 The significance of candidates admitting to and explaining how they handled a situation where they missed a set deadline
09:04 Tyson explains the unique approach of asking candidates what their best friend would say they could improve on

Tune in to today’s episode and checkout the full show notes here. 

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Are you a law firm owner who is new to being a business owner? In this episode of the Maximum Lawyer podcast, Jim and Tyson are joined by Shannon Pawley, who shares her transition from a national law firm to owning her own estate and asset protection firm. 
Shannon provides some insight into owning a firm and what prospective law firm owners need to do to achieve success. Patience is key to achieving any form of success. As firm owners, success is not going to come right away, especially if you are doing something new for the first time. Shannon shares her patience with marketing. Marketing to a consumer is not easy and takes time to get right and garner results. But, taking the time to learn and master something like marketing will only make you a better business owner.
It is important to be proactive when it comes to preparing for when business is not doing well. There will be slow months as a business owner. It is important to not accept those months as slow and become active in addressing how to supplement your income during that time. Make sure to think ahead and plan to ensure things are always moving along.
Take a listen to learn more from Shannon
Tune in to today’s episode and checkout the full show notes here.
Jim's Hack: Talk to someone if you are struggling and don't suffer in silence.
Shannon’s Tip: Read The Gap and the Gain, which talks about having a positive mindset as a business owner.
Tyson's Tip: Use Instacart for meal planning. You are able to plan meals using recipes, where all the ingredients get added to your grocery cart and can be delivered to your home.

01:36 Shannon's experience in purchasing and taking over the law firm, including adjustments and team management
05:42 Challenges and triumphs of owning the firm 
10:50 Shannon's goals for the firm, including expanding into other states 
12:27 Dealing with potential clients who wait until the last minute and proactive marketing strategies
13:59 Changes in client interaction to enhance the client experience
16:28 Proactively preparing for slow months and implementing a maintenance program

Connect with Shannon:
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When starting your law firm, there are so many details to set up and get running. The most common mistake that Jim and Tyson see is new law firm owner getting stuck on branding details like the name of the law firm. In this episode Tyson deep dives into the ins and outs of what you should and should not focus on to get yourself started. Listen in. 
02:15 The process of designing the best law firm and the importance of niche selection
03:16 The significance of choosing a specific and industry-relevant name for a law firm
05:17 The importance of prioritizing the operational and financial aspects of the law firm over its name and branding

Tune in to today’s episode and checkout the full show notes here.