NewLaw Podcast for Entrepreneurial Lawyers with Ali Katz New Law Business Model

Tired of the billable hour grind? It’s possible to run a lucrative practice serving your ideal business clients in just 10 hours a week. Tune in as Ali interviews two powerhouse lawyers - AJ and Denise - who broke free from the “Big Law” burnout by niching down to serve select entrepreneur clients at high monthly retainers. 
Key Takeaways:
Strategic Niche Focus: niching down opens the door to become a coordinated advisor guiding all your clients’ legal, financial, insurance, and tax needs and move beyond just documents to provide the kind of holistic planning and protection today’s top business owners crave but are difficult to find. Effective Client Acquisition: Denise shares her approach of attending high-ticket events to connect with potential clients, offering initial free services to demonstrate her value. AJ discusses leveraging personal and professional networks to establish connections with potential clients who require sophisticated estate planning. Innovative Retainer Models: Gosnell utilizes a retainer-based model where she acts almost as an in-house counsel for her clients, offering them quick and effective legal solutions. Olofsky integrates estate planning with business growth strategies, helping clients prepare for future transitions and ensuring their legal needs are met as they evolve. Building Trust through Generosity: Denise's strategy of initially offering free services to potential high-value clients showcased her expertise and built trust, eventually leading to lucrative, ongoing engagements. Both attorneys emphasize the importance of proactive service and being readily available to address urgent client needs, reinforcing client trust and satisfaction.  
This episode is a treasure trove of insights for any legal professional aspiring to niche specialization or seeking to innovate their practice. Denise Gosnell and AJ Olofsky exemplify how targeted services, combined with a client-centric approach, can lead to a fulfilling and profitable legal career. Whether you are a seasoned attorney or just starting out, their stories provide inspiration and actionable strategies that can be adapted to your own legal practice.
 
05:35 AJ talks about his background, when his career started, balancing multiple roles and responsibilities that led to exploring a new business opportunity.
 
11:05 Denise shares her professional struggles before meeting Ali and how Ali changed her life after one conversation.
 
13:06 AJ explains the importance of specializing in a particular area, which for him is estate planning for business owners with specific revenue ranges, emphasizing how this specialization makes client acquisition and service delivery more efficient.
 
26:37 Denise shares her initial method for gaining clients by attending events, offering free legal services, and investing significant money for access, which developed trust and led to high-value, long-term client relationships.
 
33:52 Denise shares insights on maintaining high levels of client service, including the importance of availability through personalized communication methods like texting, to solve client issues promptly and effectively.

When starting a new estate planning law practice, it’s crucial to establish strong financial systems right from the beginning. Join Ali as she coaches Brooke on the best practices for managing finances, bookkeeping, and securing client payments for budding a practice.
 
You’ll learn:
Why partnering with a bookkeeper early on is a worthwhile investment How proper income categorization and expense tracking provide invaluable visibility Why consistent monthly profit and loss reviews ensure accuracy How to plan your fee structure and payment options to get paid promptly Tips for seamlessly collecting payments at the end of client meetings The power of framing financial conversations logically, not emotionally  
If you’re an estate planning lawyer ready to build a prosperous practice, this episode is for you. Walk away with actionable strategies to foster financial health, and implement the critical foundations that position your new firm for sustainability, scalability, and success.
 
00:58  Ali emphasizes the necessity of hiring a bookkeeper from the outset instead of attempting to handle it oneself, outlining the critical role of regular financial reviews with a bookkeeper.
 
02:23 Ali discusses the importance of categorizing incomes by type to better understand and manage the law practice's financial standing.
 
06:19 Ali illustrates how investing in a good bookkeeping service is crucial, even at the early stages of law practice, to ensure proper payroll and expense management to minimize taxes.
 
08:39 Ali shares how to handle client payments efficiently, discussing various payment options, and ensuring that the practice covers its costs upfront.
 
12:23 Ali and Brooke discuss the technical aspects of setting up systems to accept payments and ensuring clients are invoiced and receipts are issued promptly.

In this episode, Ali hosts special guest Jim Carlisle of the Dinsmore firm. Jim brings over three decades of legal expertise, and shares his secrets to building his book of business inside BigLaw and becoming a partner by using networking that works for all entrepreneurial lawyers, building their own firm or working inside another firm. 
 
Key Discussions:
Proactive Networking and Marketing Techniques: Discover Jim’s strategy for effective networking and marketing, including how to choose the right events, engage in purposeful conversations, and conduct impactful follow-ups. Blending Big Law Experience with an Entrepreneurial Spirit: Learn how Jim transitioned from the structure of a big law firm to embracing the entrepreneurial spirit of a solo practitioner, providing valuable lessons for lawyers in various settings. Balancing Expertise with Approachability: Jim reveals how he has mastered being both approachable and exceptionally knowledgeable, making him a sought-after lawyer for clients and colleagues alike. Lifelong Learning as a Catalyst for Growth: Jim emphasizes the importance of continuous learning and staying informed, demonstrating how this not only enhances legal practice but also keeps you intellectually stimulated and adaptable. The Art of Building Client Trust: Explore how focusing on clients' core needs can elevate you to a trusted advisor role, offering comprehensive legal support and fostering lasting client relationships.  
This episode is an essential listen for any lawyer aiming to innovate their practice and remain relevant in a rapidly evolving legal landscape. Tune in for a treasure trove of actionable advice, inspiring stories, and insightful strategies to rejuvenate your legal career and create a law practice that is both rewarding and impactful.
 
02:24 Jim’s law practice - focusing on growth and building long-term client relationships right from the start. 
 
12:29 - Jim’s approach to networking events. 
 
14:52 - The importance of ongoing marketing and continuous learning to keep growing and staying relevant.
 
19:06 - Building trust through meaningful conversations, and the importance of serving clients' most crucial needs.
 

Growth and expansion are critical milestones in a law firm's journey, yet they often come with the daunting task of securing additional funding. Episode 4 tackles a pivotal and often misunderstood aspect of this journey: the strategic use of debt. Far from being a taboo topic, understanding and utilizing debt can be a game-changer for law firms poised for growth.
Key Takeaways:
Debt as a Catalyst for Growth: Uncover the potential of debt as a powerful tool for expanding your practice. Ali debunks common misconceptions, illustrating how debt, when managed smartly, can propel your firm to new heights. Stigma vs. Strategy: Dive into the societal stigmas surrounding debt and learn how to shift your mindset to view debt as an asset rather than a liability. Cost-Effective Financing: Explore why debt can be a more affordable and effective funding option compared to other methods like selling equity. Understand the nuances of leveraging debt to your advantage. Ali's Personal Insights: Gain valuable insights from Ali’s own experiences with using debt to scale her company. Learn how to align debt with your growth objectives and timelines, ensuring you don't overstretch your financial capacity. Debt as a Tool, Not a Burden: Discover the critical difference between using debt as a strategic tool versus falling into the trap of burdensome debt. Learn tactics for employing debt in a way that fuels sustainable and responsible business expansion.  
This episode is vital for any lawyer contemplating staff hiring and firm expansion. Join Ali as she coaches a Personal Family Lawyer firm leader to demystify the role of debt in business growth, offering a fresh perspective and practical strategies for making informed, intelligent decisions about financing your firm's future.
 
00:26 The need for funding support for business growth and expansion.
 
02:26 The challenge of taking on additional debt and the desire for alternative funding options.
 
03:03 The importance of mapping out financials and investment for growth. 
 
04:41 The entrepreneurial mindset of constantly seeking the next level of growth and the need for funding to achieve it.
 
06:49 Shift in perspective from consumer debt to business investment using credit.
 

In a world rattled by constant upheaval – be it wars, economic shifts, or political turbulence – lawyers have an incredible opportunity to provide steadfast and reliable leadership in their communities. This episode zeroes in on the power of service and the importance of honing in on a specific niche to make a lasting impact with your business.
 
What You'll Discover:
The Essence of Niche Marketing: Explore why broad, generalized marketing efforts fall short and how adopting a laser-focused approach on a well-defined niche is pivotal for effective leadership and service.  
Psychographics in Legal Practice: Delve into the importance of psychographics – understanding the values, attitudes, interests, and lifestyle of your target demographic. Learn how this knowledge is key in refining your messaging and choosing the right channels to reach your audience.  
Educational Outreach Strategies: Grasp the significance of educating your community on critical legal matters and how this positions you as the go-to expert.  
Avoid Common Niche Pitfalls: Gain insights from Ali’s live coaching with lawyers, offering a mirror to your own practice’s clarity or lack thereof. Understand common pitfalls in identifying a niche, and how being too vague or too specific can hinder your outreach efforts.  
This episode is a must-listen for any legal professional striving to carve out their space in the community as the trusted, go-to lawyer. 
 
Join Ali as she guides one of her Personal Family Lawyer firm leaders  through the process of identifying, understanding, and effectively reaching out to your ideal niche, ultimately transforming your practice into a beacon of reliability and service.
 
01:24 The education clients need on incapacity and death, and deciding when to plan with or without a lawyer.
 
04:57 The type of clients the lawyers are meant to serve and what makes planning with a lawyer different
 
13:29 Audience targeting and how to narrow down client demographics, alongside specific examples from participants.
 
20:01 Single professional women managing careers and family responsibilities.
 

Starting a new law firm is no small feat, but with the right strategies and guidance, you can transform your first year from a challenge to a triumph. 
 
In this eye-opening episode, Ali Katz, your trusted guide in legal entrepreneurship, coaches one of her Personal Family Lawyer firm leaders and lays  out a step-by-step roadmap for early-stage success.
 
Here’s what we cover:
Maximizing Tax Benefits: Discover how aggressive leveraging of tax savings through business expense deductions and S-Corp taxation can drastically reduce your self-employment taxes. Smart Funding Strategies: Learn how to harness the power of business credit to fuel growth in your firm, allowing you to focus on key priorities without financial strain. Marketing Mastery: Uncover the secrets to diversifying your marketing efforts for a steady flow of leads. Investing boldly in marketing isn’t just expenditure; it’s the cornerstone of sustainable revenue. Navigating Overwhelm: As a new entrepreneur, it's easy to get overwhelmed. Ali discusses how to stay centered on your mission to serve more clients, ensuring your vision remains the north star of your practice. Systemizing for Success: We break down how to optimize systems and workflows in your practice for efficient operation and a smooth path to growth.  
Whether you're in the initial stages of setting up your law firm or looking to fine-tune your existing strategies, this episode is packed with actionable insights. Tune in to learn how to lay down a solid foundation for your law practice, enabling you to soar towards your entrepreneurial dreams with confidence and clarity.
 
04:23 Maximize business expenses before year-end for tax benefits.
07:39 Limit business expenses, lower tax with S-Corp.
10:39 Get support to grow your law practice.
15:35 Block time for signings, presentations, and education.
19:35 Entrepreneur secures $150,000 loan from local banks.