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

In this episode of the New Law Podcast, we get to hear  the story of Jordan Ostroff, a once struggling lawyer who found himself drowning in debt while trying to balance his family and law practice. He managed to turn it all around by evolving his firm into a successful business that no longer depends solely on him. Co-founder of Driven Law with his wife, Jordan reveals how he emerged from the brink of burnout to becoming a thriving law firm owner and author of "Love Your Law Firm." Host Ali Katz digs into his journey from prosecutor to business-savvy firm leader, uncovering how lawyers can build a business they love by focusing on effective strategies that go beyond the traditional legal practice.
 
Key Takeaways:
Transition from Lawyer to Entrepreneur: Learn how Jordan transitioned from being a prosecutor to running a successful PI law firm, focusing on the business aspects of law which are often neglected in traditional law education. Building a Firm That Runs Without You: Jordan discusses how creating systems and processes allows the firm to operate efficiently without his constant presence, highlighting the benefits of having a clear division of roles within law firm partnerships. Work-Life Balance: The episode touches on the significance of maintaining a work-life balance and how taking time off for a 13-month road trip with his family was made possible by the firm’s robust operational structure. From Personal Brand to Broadened Business Model: Insight into Jordan’s decision to rebrand from "Jordan Law" to "Driven Law" to create a sustainable business model that is not overly dependent on his personal brand.  
This episode provides invaluable insights for any lawyer looking to transition from traditional practice to a more entrepreneurial approach, ensuring their law firm is not only a place of work but a business they truly love.
 
05:02 Jordan shares how he met his wife, Heather, and how they worked on opposite sides of the legal field before starting a business together.
 
06:48 Jordan talks about their approach to defining roles in the firm to avoid conflicts, leading to business and legal sector separation.
 
21:34 Jordan explains his extensive experience with marketing strategies, noting the importance of having a solid sales process and the capacity to fulfill services before significant marketing investments. 
 
31:15 Jordan discusses how he was able to go on a 13-month road trip with his family while his firm continued to thrive, hitting their goals and KPIs without his daily involvement 

Welcome to a transformative episode of our podcast, where Ali shares a presentation she gave to a VC fund about the concept of “Regenerative Wealth” - proposing a model where wealth creation and distribution are aligned with life-enhancing principles and sustainable growth. This episode is a must listen for lawyers who are interested in exploring how to maximize life's resources and enhance family relationships through dynamic estate planning.
 
What You’ll Walk Away With:
Understanding Regenerative Wealth: Grasp the concept of regenerative wealth, which emphasizes using assets in a way that benefits the individual, their family, and the community while they are still alive. Die With Zero: Learn about the innovative idea of living fully by planning to utilize all resources by the end of life, ensuring wealth serves its purpose during one's lifetime. Creating Sustainable Legacies: Discover strategies for creating legacies that contribute to long-term family and community resilience rather than merely passing on assets. The Role of Personal Family Lawyers: Explore how lawyers can become more than just legal advisors by facilitating deeper family conversations and supporting clients in making impactful decisions about their wealth. Investing in Relationships: Understand the importance of investing in personal relationships and community ties as a way of building a support network that can outlive financial wealth.  
By fostering a deeper understanding of how to manage and discuss wealth, personal family lawyers can guide their clients towards decisions that not only secure their financial future but also enrich their lives and those of their communities. Join us to learn how shifting your perspective on wealth can lead to more meaningful, impactful legacies.
 
07:33 Ali shares a personal anecdote about choosing to speak at an investor conference focused on humanity's resilience, emphasizing in-person interactions.
 
09:59 Ali talks about how she met the son of a multi-billionaire, during a talk about generational wealth to regenerative wealth, who turned out to be one of her most important clients.
 
17:46 Ali proposes a shift to regenerative wealth, suggesting a permaculture approach to investing, starting with oneself, emphasizing the importance of lawyers investing in their personal development and ability to earn as part of this shift.  
 
20:06 Ali advocates for investing in non-extractive ways, understanding the concept of 'enough,' and initiating early and open conversations about incapacity and death to better manage family wealth planning.

What are the essential things you need to know and do to successfully transition from being a new entrepreneur to a savvy business owner? In this episode, Ali delivers a talk on the essential knowledge and skills required for successful business ownership that most first-time business owners get wrong:
Setting Realistic and Ambitious Goals: Understand the importance of setting high yet achievable targets for your business, drawing inspiration from historical wisdom and modern success stories. Confronting and Overcoming Fear: Explore how fear of disappointment can hinder progress and learn strategies to overcome these emotional barriers, paving the way for growth and success. Client Engagement Mastery: Discover the secrets to turning inquiries into appointments and appointments into loyal clients. Learn the art of effective engagement and why it's critical to your business's success. Building a Solid Business Foundation: Dive into the essentials of setting up your business legally and financially. Gain insights into entity formation, financial systems setup, and the intelligent use of credit for business expansion. Aligning Your Calendar with Business Goals: Ali guides you through the practical steps of aligning your day-to-day activities with your long-term objectives. Understand how effective time management and goal alignment can propel your business forward. Ideal for lawyers transitioning into business ownership that are looking to establish a firm foundation, this episode is packed with actionable advice, practical tips, and motivational guidance. Listen in to start your journey to becoming a successful business owner with confidence and clarity.
 
02:34 Ali talks about the common fear of setting goals too low to avoid disappointment, and the encouragement to aim higher. 
 
03:53 Ali highlights the importance of writing down goals and projections as a method to solidify and realize them.
 
10:54 Ali emphasizes keeping your business and personal finances separate and shares the use of business credit wisely as a tool for business growth.
 
15:32 Ali suggests managing one's calendar effectively by scheduling sufficient planning sessions aligned with the business's conversion rate and further explains focusing on improving these rates to potentially unlock limitless earning capabilities without the complexities of designing pricing or service delivery models.

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.