Lawyer Business Advantage Alay Yajnik

In this episode, Alay and Jim discuss: 



Why attorneys need their own books of business.

Business development ideas

Balancing different types of business development, both virtual and in person. 



 

Key Takeaways: 



While related, marketing and business development are different.

Attorneys are great referral sources for other attorneys. 

Put together a group of your peers (who are also rising stars), meet monthly, and you will find ways to refer to one another and support one another. 

The best way to get in front of the people who are buying your product or service is to create your own event and invite your clients and prospects to come to the event. 





Tweetable Moments:



* “Marketing sets the table, and business development invites the guest.” —  Jim Ries

* “You find time to work out, you find time to spend with family, you find time to sleep, you find time to do your hobbies. Marketing and doing business development should be one of those activities that you make time for.” —  Jim Ries

* “Business development is a long-term type of deal. It’s not something where you can just snap your fingers and have clients pouring in the door the next day.” —  Alay Yajnik

* “You can’t sell legal services, you just have to be top of mind when people need your services.” —  Jim Ries



  

 

About Jim Ries:

Offit Kurman is one of the fastest-growing full-service law firms in the United States. With offices in nine states and the District of Columbia, Offit Kurman is well-positioned to meet the legal needs of dynamic businesses and the individuals who own and operate them. For nearly 35 years, we have represented privately held companies and families of wealth throughout their business life cycles.

As Director of Business Development, Jim Ries drives revenue growth for Offit Kurman by helping business leaders and families of wealth address some of their most difficult challenges. Jim has access to a deep network of over 270 attorneys, and he is able to connect his clients to the right attorney who can resolve their legal disputes and protect their assets. Jim is a master networker, and his high-level connections call him for solutions when they don’t know who to call. Let Jim be your Legal Concierge.

 

Episode Reference: 



LinkedIn For Lawyers: https://linkedinforlawyers.net/ 



 

 

Connect with Jim Ries: 

Website: https://offitkurman.com/ 

Email: jries@offitkurman.com 

LinkedIn: https://www.linkedin.com/in/jries/ 

 

Connect with Alay Yajnik: 

Podcast: http://lawyerbusinessadvantage.com/ 

One Page Strategic Plan: LawFirmSuccessGroup.com

Email: Alay@YajnikGroup.com

LinkedIn: linkedin.com/in/alayyajnik

In this episode, Alay and Laura discuss: 



The #1 thing lawyers need to know when exploring virtual services. 

Energy management and time management. 

When a virtual assistant is a good fit, and when it isn’t. 

Levels of delegation to find freedom for yourself. 



 

Key Takeaways: 



You need to know what gives you strength and what gives you energy, and that will help guide you to what you should be delegating first. 

If you’re not ready to hire at your solo firm but need additional help, consider a virtual assistant. They are able to do more than you think. 

Signing a client should not be delegated to a virtual assistant – nobody knows your business better than you. 

Using a virtual assistant is a great way to get used to working with someone else without the expense and responsibility of hiring a full-time assistant. 





Tweetable Moments:



* “I call it energy management instead of time management. It might only take 30 seconds, but if it totally drains you, or makes you put off doing anything else, then it’s taking longer than that because it’s costing you energy.” —  Laura Renner

* “Having the virtual assistant collaborate with you to take the heavy lifting off of your shoulders, to build your process for you, and document it for you is a huge value add.” —  Alay Yajnik

* “Be really clear about expectations and how you want to work with your virtual assistant. Remember, delegation is not abdication.” —  Alay Yajnik

* “Virtual assistants can be fractional for time, but you can also fractionalize expertise rather than trying to find one person who can do it all.” —  Laura Renner



  

 

About Laura Renner:

Laura Renner, a member of the U.S. Air Force Reserve, founded Freedom Maker Virtual Services out of a passion to help small business owners and military families. As a small business owner herself, she understands the stress and challenges that come with being a business owner and also the difficulties that military spouses have in building a career when they may be transferred at a moment’s notice. By founding Freedom Makers, Laura is able to create freedom for business owners AND military spouses.

Laura graduated from the U.S. Air Force Academy with a Bachelor of Science in English and a minor in Chinese-Mandarin. She served as a Public Affairs Officer before leaving the Air Force to earn an International MBA from the University of Chicago Booth School of Business. In the Air Force Reserve, she serves as a Force Support Officer, which manages personnel programs.

Laura has worked for nearly twenty years dealing directly with people in foreign and public relations, education, and human resources. Throughout her career, she has studied people — what drives us, what inspires us and knows how to help people reach their potential. When Laura is not working to grow Freedom Makers, she very much enjoys traveling, outdoor activities, and having story-worthy adventures.

 

 

Connect with Laura Renner: 

Website: https://www.freedom-makers.com/ 

Email: laura@freedom-makers.com 

LinkedIn: https://www.linkedin.com/in/laurarenner/

LinkedIn: https://www.linkedin.com/company/freedommakers-virtual-assistant-services/ 

YouTube: https://www.youtube.com/channel/UC_YfzZUxZhUWGyA2h4rJStA 

 

In this episode, Alay and James discuss: 



Lessons learned while growing your firm.

Growing into your entrepreneurial mindset. 

Changing your mindset from lawyer to business owner.

How business coaching can help change the mindset and grow the firm.



 

Key Takeaways: 



Working excessive hours is worn as a badge of honor for many in the legal profession. You should not be doing that – don’t start a business to become a slave the business. 

Law school teaches you how to think like a lawyer, but that doesn’t translate to running a business. 

In order to scale and grow you must learn to delegate. You do not need to be the best in every aspect of your firm. 

As a law firm, most things can be fixed (except missing the statute of limitations). 



 

 

Tweetable Moments:



* “The job of the entrepreneur is to be a visionary.” —  James Grant

* “There are different challenges with each stage and, as the owner, you almost feel like you’re reinventing yourself as you go through these different stages.” —  Alay Yajnik

* “The way that you run a $250,000 a year business is not the way you run a $3 million business” —  James Grant

* “If you want to grow your firm to any kind of significant size, you’re going to have to learn to delegate. No one can be good at everything, and no one has the time to be good at everything.” —  Alay Yajnik



  

About James Grant:

“Attorney James Grant is a premier personal injury lawyer representing injured victims throughout the southeast, predominantly Georgia. He and his law firm, Georgia Trial Attorneys, are well-respected by their clients and peers, yet feared by the greedy insurance companies.

As the co-founding partner of the firm, Mr. Grant and his team have helped thousands of

families across the southeast recover physically and financially – to the tune of millions upon millions of dollars each year.

Mr. Grant also works with other law firms to handle injury cases that need litigation when the insurance company refuses to offer a fair settlement. As an attorneys’ attorney, he and his team are called upon as leaders in the personal injury field.

In addition to helping his clients get back on their feet to a healthy life, James also counsels

other law firm owners across the county to build better businesses, all while holding the

insurance companies accountable.”

 

Connect with Alay Yajnik: 

Website: https://www.gtakg.com/ 

Phone: 833-4thewin 

LinkedIn: https://www.linkedin.com/in/james-grant-ba0b5328/ 

Connect with Alay Yajnik: 

Podcast: http://lawyerbusinessadvantage.com/ 

One Page Strategic Plan: LawFirmSuccessGroup.com

Email: Alay@YajnikGroup.com

LinkedIn: linkedin.com/in/alayyajnik

In this episode, Alay and Ilya discuss: 



Building relationships in your community to strengthen relationships and make a greater difference in the lives of others. 

Authentic, ethical marketing to build your law firm. 

How a trial firm is different from a settlement firm or a volume practice. 

Handling cash flow in a contingency model firm. 



Key Takeaways: 



When you have a reputation of being a firm that is willing to go the distance on a case, it often results in larger recoveries.

Keep the values and quality of work the same as you grow. That is how you will continue to grow and best serve your clients. 

The contingency model allows average, ordinary people to go up against big corporations with all the resources in the world. 

Create the boundary and staple in your family that allows you to spend time doing the things you want, even amidst the craziness of being a trial lawyer. 



Tweetable Moments:



* “It all really goes back to preparation, time, perseverance, and effort. That’s what differentiates a trial firm, from a volume practice, or a solo practitioner who does a bunch of different areas of the law and doesn’t specialize.” —   Ilya Frangos

* “As long as there are cases coming through the door and clients that continue to trust us, that allows us to grow and to bring in talented people who can just fortify and advance our goal of doing the best job possible for our clients.” —   Ilya Frangos

* “I want to encourage all of you to go back to that first, blurted-out goal, the unrealistic one, because that is what you really want.” —  Alay Yajnik

* “By setting a seemingly unrealistic goal, it forces a person to dramatically change their thinking. It may take time, but it will also improve your law firm as a business.” —  Alay Yajnik



 

About Ilya Frangos:

Mr. Ilya Frangos is a Partner with Galine, Frye, Fitting & Frangos and has served as lead trial counsel litigating cases in both state and federal court in the State of California.  Mr. Frangos regularly represents clients whose lives have been forever changed because they have suffered serious, life-changing, and catastrophic injuries as a result of another person’s or entities’ negligence in cases involving automobile collisions, industrial incidents from failures to follow proper safety guidelines and procedures, and premises liability cases.  Mr. Frangos has successfully tried cases to verdict, obtained multiple six to seven-figure settlements, judgments, and arbitration awards, and has argued before the First District Court of Appeal.

Mr. Frangos’ work ethic and reputation have also been recognized by his peers in the legal community. He previously served as the President of the San Mateo County Trial Lawyers’ Association (2016-2017 Term) and remains an active member of their Board of Directors, is a member of the At Large Board of Governors for the Consumer Attorneys of California, serves as co-founder/Treasurer for the Veteran Lawyers of San Mateo County, and is a past member of the Hellenic Law Society.  Mr. Frangos is frequently asked to speak at seminars for his colleagues on relevant legal issues.  From 2010-2015, Mr. Frangos also served as a JAG Captain in the California State Military Reserve. His duties involved serving as legal counsel to National Guard soldiers regarding domestic legal matters prior to and following their deployment, and other matters related to military law.

Mr. Frangos received his Juris Doctorate Degree from UC Hastings College of the Law with an emphasis in Criminal Law and received his Bachelor’s Degree from UC Berkeley in Rhetoric. Prior to joining the Law Office of Galine, Frye, Fitting & Frangos as an attorney, Mr. Frangos worked with the District Attorneys’ office in San Mateo and San Francisco app...

In this episode, Alay and Ken discuss: 



Making the decision to grow and hire. 

Strategic hiring and strategic opportunities. 

Reasons lawyers tend to leave their firms. 

Building a great firm. 



 

Key Takeaways: 



One avenue to growth could be merging with like-minded attorneys to whom you all refer business.

Having complementary practice areas under the same roof can help better provide services to your clients. 

When merging and growing your law firm, the culture, and values of those you bring into the firm need to be aligned, and everyone should be working toward the same, ultimate, goal.

Bringing in new partners can help to relieve stress in your firm as you are looking to better serve your current clients and new possible clients. 





Tweetable Moments:



* “We’re much more proactive about the hiring – we are looking for strategic opportunities to expand.” —  Ken Falcon

* “Take the risk, seize the bull by the horns, and give it a shot. Bet on yourself, first and foremost, and in general, you’ll land on your feet.” —  Ken Falcon



  

About Ken Falcon:

Kenneth J. Falcon is the managing partner of FRB. He is also the chair of the real estate practice group. His practice has largely revolved around his real estate clients, for whom he has overseen hundreds of real estate transactions ranging from due diligence, financing and acquisition through development, management and leasing. He has also served as lead counsel in complex litigated matters, including matters related to estates, intellectual property, commercial transactions, and real estate.

Ken launched his career as a judicial intern in the District Court for the Eastern District of New York. Shortly after graduation, he began working with one of Long Island’s most esteemed solo practitioners, Myron G. Jacobson. Tapping into decades of experience in real estate acquisition, financing and development, Ken has helped forge partnerships that have invested tens of millions of dollars in real estate development throughout the five boroughs of New York City and throughout the country. Ken has earned the trust of some of America’s most prestigious law firms, serving as counsel to their clients in the event of conflicts of interest.

Ken has served as an adjunct instructor of legal studies at Molloy College. He resides in Long Island with his wife and three children.

 

 

Connect with Ken Falcon: 

Website: https://frblaw.com/ 

Email: kfalcon@frblaw.com 

Phone: 516-599-0888 

LinkedIn: https://www.linkedin.com/in/kenneth-falcon-04714310/ 

 

Connect with Alay Yajnik: 

Podcast: http://lawyerbusinessadvantage.com/ 

One Page Strategic Plan: LawFirmSuccessGroup.com

Email: Alay@YajnikGroup.com

LinkedIn: linkedin.com/in/alayyajnik

In this episode, Alay discusses: 



Growing your firm while still living your life and taking time off. 

Collecting fees that you’re owed.

Why this is the best time in years to raise your rates.

Push through mental resistance to bill more hours.

Various options for adding a team member to your firm.



 

Key Takeaways: 



Small incremental improvements in a few areas are easier and can have a powerful impact on growth. 

Collect your accounts receivable – it is money that is owed to you and can help grow your firm. 

If you’re light on hours, focus on billing just one more hour per week. You’ll find that you are able to bill more than you think and it will add up. 

This is the best time in years to raise your rates. Raising your rates allows you to earn more while working the same hours.

Consider bringing on at least one new person this year whose hours can be billed to the client. This will increase the capacity of your firm to generate revenue.



 

Tweetable Moments:



* “You can make small incremental improvements in each of those areas, and the combined impact of all of those improvements builds upon themselves to create an exponential growth in your law firm.” —  Alay Yajnik

* “The last thing your client wants is to owe their lawyer money.” —  Alay Yajnik

* “If you’re an attorney practicing law, you should be able to increase your fees by 10% right now and people should not be batting an eye.” —  Alay Yajnik

* “Make a few calls to bring in some overdue bills, send out rate increases, hire one person for your firm, and then bill a few more hours. Do that and you should be able to grow your firm’s revenue significantly.” —  Alay Yajnik



 

 

Connect with Alay Yajnik: 

Website: http://lawyerbusinessadvantage.com/ 

One Page Strategic Plan: LawFirmSuccessGroup.com

Email: Alay@YajnikGroup.com

LinkedIn: linkedin.com/in/alayyajnik