Lawyer Business Advantage

Alay Yajnik
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Lawyer Business Advantage

This podcast is dedicated to helping attorneys earn more money, get better clients and spend more time with family. Your host, Alay Yajnik, is a law firm growth expert, author, and the founder of Law Firm Success Group. Get inspired, learn best practices, and get ready to grow your law firm faster and easier with this informative and inspiring podcast. Listen, learn, and remember: You CAN seize freedom. You CAN embrace happiness. You CAN build your Perfect Practice!

  1. 6 DAYS AGO

    Buying and Selling Law Firms with Jeremy Poock

    In this episode, Alay and Jeremy discuss:  How to structure, value, and sell a law practice with a book of business. Transferring trust and transferring referral sources. Vetting potential law firms that want to grow by acquisition. Ensuring successful mergers through listening, adapting, and then growing.   Key Takeaways:  Trust can build via video calls over a short period of time. It does not need to happen in person or over a long period.  The best purchasing firm is a like-kind firm. The best purchaser is a mirror image of the senior attorney from a couple of decades earlier. When you take on a senior attorney-led law firm, it is instant client growth. The first 180 days of an M&A transaction should be very structured, preferably with a business coach who can empathize with both sides.   Tweetable Moments: * “We value the firms really simply, and we come up with a percentage of fee sharing on the collections that are attributable to the book of business.” —  Jeremy Poock * “The fascinating thing about trust transfer is that it works.” —  Jeremy Poock * “You don’t have to make this big capital investment as a purchasing firm. You’re basically paying as you go.” —  Alay Yajnik * “When it comes to M&A, the A – the acquisition – is much easier than the M – the merger.” —  Jeremy Poock    About Jeremy Poock: Attorney Jeremy E. Poock founded Senior Attorney Match to provide Senior Attorneys with options to transition their practices to successor lawyers or law firms and monetize the law practices that they have developed over the course of their careers. Jeremy participates in each Senior Attorney Match matter, assisting clients to develop, design, and implement the right succession plan for their practices.   Connect with Jeremy Poock: Website: https://www.seniorattorneymatch.com/  LinkedIn: https://www.linkedin.com/in/jeremypoock/  Twitter: https://twitter.com/srattorneymatch    Connect with Alay Yajnik:  Podcast: http://lawyerbusinessadvantage.com/  One Page Strategic Plan: LawFirmSuccessGroup.com Email: Alay@YajnikGroup.com LinkedIn: linkedin.com/in/alayyajnik

    24 min

  2. 31 OCT

    Law Firm Administration with Julia Taylor

    In this episode, Alay and Julia discuss:  Why a virtual law firm administrator can help your firm. Limitations of virtual law firm staff and paralegals. When to add someone to your team.   Key Takeaways:  Law firm administrators can help with tasks that aren’t necessarily billable but are revenue-generating like case management, newsletters, marketing, billing, and more.  If your firm is relying on paper, it will take longer to get up to speed quickly with a virtual administrator or paralegal. Having a fractional COO can turn into a long-term partnership as you grow.   Tweetable Moments: “While we don’t call it online business manager, we term it virtual firm administrator or fractional COO so that it resonates with our law firms.” —  Julia Taylor “There are a lot of things that could be done remotely for firms that I’m handling myself. Where there’s a will, there’s certainly a way.” —  Julia Taylor “A really good firm administrator is a six-figure position, and so that prices out a lot of law firms from being able to have that back office support they need. We’re able to give that to our firms on a subscription basis.” —  Julia Taylor    About Julia Taylor: Julia Taylor is the owner and managing paralegal of LevLegal, LLC, and one of the Co-Founders of Hirics, LLC. Although LevLegal started out as a virtual paralegal business, it has quickly turned into a one-stop shop for attorneys and law firms looking to start up or reinvent their practices. Julia and her team now provide virtual paralegal/assistant, Virtual Firm Administrator/Business Manager, operations/software consulting, and staff training for law firm clients nationwide. Julia dedicates her time to helping her clients streamline office processes, train staff, reduce overhead, and properly outsource their needs so that they can focus more on actually practicing law. She also manages a team of dedicated and experienced paralegals who serve LevLegal clients in various practice areas throughout the country. In her capacity as co-owner of Hirics, a nationwide recruiting firm that has broken the traditional recruiting model, Julia helps her law firm clients find top talent from file clerks to lateral partners by leveraging technology, building intimate relationships with decision-makers, and reducing recruiting fees so that recruiting is a service available to law firms of all sizes and revenue levels.   Connect with Julia Taylor:  Website: https://www.lev-legal.com/  Website: https://www.gohirics.com/  LinkedIn: https://www.linkedin.com/company/levlegal/  Instagram: https://www.instagram.com/levlegalllc    Connect with Alay Yajnik:  Podcast: http://lawyerbusinessadvantage.com/  One Page Strategic Plan: LawFirmSuccessGroup.com Email: Alay@YajnikGroup.com LinkedIn: linkedin.com/in/alayyajnik

    16 min

  3. 24 OCT

    Managing Paralegals with Julia Taylor

    In this episode, Alay and Julia discuss:  Preparing the attorney to work with a virtual paralegal. Hiring someone who understands your practice area. Properly utilizing tools and technology. Mistakes made in delegation.   Key Takeaways:  There are many tools, such as Otter, Loom, or Office 365, that can help to improve employee training and management. If you run a bankruptcy firm, hiring a paralegal who has only worked in a different area may not be the best option for fast training. Writing down tasks doesn’t need to be fancy – it can be a Word doc or a notebook as you figure out what you want to delegate. Even if you don’t run a litigation firm, you should run your firm with a deadline focus so everyone is on the same page as to expectations. Tweetable Moments: “Get really clear about what you need from your paralegal and other roles you’re going to outsource.” —  Julia Taylor “It’s really about getting to know your client, getting to know your team, and matching them with people that are going to strengthen their skill sets.” —  Julia Taylor “Delegation is a little bit of a science and a little bit of an art. It’s one of those skills we can all get better at over time.” —  Alay Yajnik “Set realistic expectations, not just for yourself, but for your team.” —  Julia Taylor    About Julia Taylor: Julia Taylor is the owner and managing paralegal of LevLegal, LLC, and one of the Co-Founders of Hirics, LLC. Although LevLegal started out as a virtual paralegal business, it has quickly turned into a one-stop shop for attorneys and law firms looking to start up or reinvent their practices. Julia and her team now provide virtual paralegal/assistant, Virtual Firm Administrator/Business Manager, operations/software consulting, and staff training for law firm clients nationwide. Julia dedicates her time to helping her clients streamline office processes, train staff, reduce overhead, and properly outsource their needs so that they can focus more on actually practicing law. She also manages a team of dedicated and experienced paralegals who serve LevLegal clients in various practice areas throughout the country. In her capacity as co-owner of Hirics, a nationwide recruiting firm that has broken the traditional recruiting model, Julia helps her law firm clients find top talent from file clerks to lateral partners by leveraging technology, building intimate relationships with decision-makers, and reducing recruiting fees so that recruiting is a service available to law firms of all sizes and revenue levels.   Connect with Julia Taylor:  Website: https://www.lev-legal.com/  Website: https://www.gohirics.com/  LinkedIn: https://www.linkedin.com/company/levlegal/  Instagram: https://www.instagram.com/levlegalllc    Connect with Alay Yajnik:  Podcast: http://lawyerbusinessadvantage.com/  One Page Strategic Plan: LawFirmSuccessGroup.com Email: Alay@YajnikGroup.com LinkedIn: linkedin.com/in/alayyajnik

    20 min

  4. 17 OCT

    Virtual Paralegals with Julia Taylor

    In this episode, Alay and Julia discuss:  The benefits of fractional and virtual paralegal services.  The value add of bringing on a paralegal. Having a vetting process in place during the hiring process.    Key Takeaways:  Paralegal duties can vary from law firm to law firm which makes it difficult to hire.  While there may be some need for a paralegal in the office on occasion, most work can be done remotely. It only takes about 10 hours of work each week (or even less) for a paralegal to pay for themselves. If you’re frustrated and need help financially, you could find value in outsourcing a paralegal to get the immediate help that you need. Tweetable Moments: * “The word paralegal is used so loosely, and there’s not a clear definition of it.” —  Julia Taylor * “It’s completely possible to run a successful practice without having to have a warm body in a seat every day.” —  Julia Taylor * “Sometimes people don’t realize, especially if you do billable work, how much of a value add a paralegal can be.” —  Julia Taylor * “The paralegal, while it’s an expense, it’s a money maker.” —  Julia Taylor    About Julia Taylor: Julia Taylor is the owner and managing paralegal of LevLegal, LLC, and one of the Co-Founders of Hirics, LLC. Although LevLegal started out as a virtual paralegal business, it has quickly turned into a one-stop shop for attorneys and law firms looking to start up or reinvent their practices. Julia and her team now provide virtual paralegal/assistant, Virtual Firm Administrator/Business Manager, operations/software consulting, and staff training for law firm clients nationwide. Julia dedicates her time to helping her clients streamline office processes, train staff, reduce overhead, and properly outsource their needs so that they can focus more on actually practicing law. She also manages a team of dedicated and experienced paralegals who serve LevLegal clients in various practice areas throughout the country. In her capacity as co-owner of Hirics, a nationwide recruiting firm that has broken the traditional recruiting model, Julia helps her law firm clients find top talent from file clerks to lateral partners by leveraging technology, building intimate relationships with decision-makers, and reducing recruiting fees so that recruiting is a service available to law firms of all sizes and revenue levels.   Connect with Julia Taylor:  Website: https://www.lev-legal.com/  Website: https://www.gohirics.com/  LinkedIn: https://www.linkedin.com/company/levlegal/  Instagram: https://www.instagram.com/levlegalllc    Connect with Alay Yajnik:  Podcast: http://lawyerbusinessadvantage.com/  One Page Strategic Plan: LawFirmSuccessGroup.com Email: Alay@YajnikGroup.com LinkedIn: linkedin.com/in/alayyajnik

    16 min

  5. 10 OCT

    Flat-Fee Billing with Michelle Bomberger

    In this episode, Alay and Michelle discuss:  The benefits of using a flat fee vs. the billable hour. Tracking your time to understand your costs and capacity.  Utilizing AI and other technologies to better serve your clients.   Key Takeaways:  Not knowing if the law fee is going to be $1,000 or $10,000 is what often keeps people from calling a lawyer.  The fear of cost seems to override the client’s ability to take advantage of legal resources. Large companies have multiple general counsels. It’s not for firefighting, it’s for planning. Small businesses don’t have that and are at a disadvantage in that way.  AI will allow lawyers to better serve their clients with the things only they can do – which is thinking about and understanding the law.    Tweetable Moments: * “It takes time to evaluate where your time is going.”  —  Michelle Bomberger * “You have got to track your time. If you think it’s important for attorneys who bill hourly, it’s at least as important for attorneys who bill on a flat fee basis.” —  Alay Yajnik * “All AI and these other tools are going to do is make us more efficient.” —  Michelle Bomberger    About Michelle Bomberger: Michelle Bomberger believes that every business deserves to have the same strategic law advantages as mega-corporations. She is the CEO and Managing Attorney at Equinox Business Law Group. Her experience as a business owner and entrepreneur gives Michelle unique insights into the emotional and practical aspects of owning a business and how important legal infrastructure is to growth and success.   Connect with Michelle Bomberger:  Website: https://www.equinox.law/  Facebook: https://www.facebook.com/Equinoxbusinesslaw/  Twitter: https://x.com/equinoxlaw  LinkedIn: https://www.linkedin.com/company/equinox-business-law-group-pllc/  LinkedIn: https://www.linkedin.com/in/michellebomberger/  YouTube: https://www.youtube.com/channel/UCTEE4EFZH16GE-1zkiEvFUg    Connect with Alay Yajnik:  Podcast: http://lawyerbusinessadvantage.com/  One Page Strategic Plan: LawFirmSuccessGroup.com Email: Alay@YajnikGroup.com LinkedIn: linkedin.com/in/alayyajnik

    22 min

  6. 3 OCT

    Competing for Leads with Eric Bersano

    In this episode, Alay and Eric discuss:  Smart, online marketing to capture the market in your niche and your geographical area.  Standing out and setting up a unique marketing campaign for your firm.  Creative ways to use social media and build a following.  No niche is too small.    Key Takeaways:  For the attorneys who don’t want to commit to doing social media themselves each week, you will likely need to pay for online advertising.  Find something that fits with your personality. Find your niche within your niche with what you are passionate about.  You can have more areas in your online brochure on your website. Focusing on one or two areas in your marketing will bring in more traffic.  Marketing that doesn’t require the attorney’s 100% attention will work even when you’re on vacation, in court, or busy with life. It is also transferrable to the next attorney when you’re ready to exit.    Tweetable Moments: * “You can be the king of your own backyard.” —  Eric Bersano * “A niche doesn’t necessarily limit you, it just focuses your marketing dollars.” —  Eric Bersano * “The other ancillary effect to niching down is really looking like an expert.” —  Eric Bersano * “The one thing that you really have control over, if you want to control the flow of people who are coming to your firm, would be through your marketing.” —  Eric Bersano * “Google doesn’t find the best lawyers. It finds the best marketers. And if you’re not both, you’re going to lose out to those people who are who are doing it right.” —  Eric Bersano    About Eric Bersano: Eric Bersano has worked in legal marketing since 2006. His experience includes SEO, PPC, and Television advertising. He also works with law firms on intake, conversion, and other processes to ensure they are getting the most out of their marketing budgets.   Connect with Eric Bersano:  Website: https://www.marketmymarket.com/  Email: eric@marketmymarket.com  Show: https://legalmastermindpodcast.com/  LinkedIn: https://www.linkedin.com/in/ericbersano    Connect with Alay Yajnik:  Podcast: http://lawyerbusinessadvantage.com/  One Page Strategic Plan: LawFirmSuccessGroup.com Email: Alay@YajnikGroup.com LinkedIn: linkedin.com/in/alayyajnik

    24 min

  7. 26 SEPT

    Four "Must Have" Financial Advisors for Law Firms with Ryan Kimler

    In this episode, Alay and Ryan discuss:  The four financial positions your firm needs as you grow. Adding on advisors as your firm grows and taking a tiered approach. Challenges your firm will face as you approach 7+ figures. Communication between your financial advisors.  Key Takeaways:  During your law firm’s growth, you must have a bookkeeper, a good tax preparer (for both personal and business), a part-time CFO, and a retirement advisor. Start early and build the relationships now, even if you don’t need that financial advisor yet in your firm. Finding the right people can take time. Valuing a law firm requires time and is not an exact science. Working with a retirement specialist as early as you can will help you in the future. Having an annual meeting with all your financial advisors together will get everyone on the same page and will easily give you a 10x return or more on that hour of time.   Tweetable Moments: * “A bookkeeper is going to do it cheaper, they’re going to do it faster, and they’re probably going to do it better than you can.” —  Alay Yajnik * “The CFO that you hire, they’re really the linchpin of the financial team. We do a lot to communicate and make sure that the whole team is on the same page.” —  Ryan Kimler * “All four pieces do need to work really closely together, and they do need to communicate together.” —  Ryan Kimler * “By getting your financial team on the same page, they’re going to spend less time chasing their tail, trying to figure out what to do, and what’s in your best interest.” —  Alay Yajnik    About Ryan Kimler:  Ryan is the Founder of Net Profit CFO. A Financial Services Firm bringing clients clarity and guidance, giving them one clear path to having a growing, more successful and more profitable business. We provide business owners with an Outside CFO guide to help them understand what is working in their business and what is not. We give owners the tools they need to make corrective actions to meet their goals and objectives. Ryan double majored in Accounting and Finance at Illinois State University. After College Ryan worked at a CPA firm with a wide range of small business clients. Ryan has since started his own firm and has specialized in working with attorneys for over 6 years and has helped more than 200 law firms. Working with attorneys is my passion. I have found that attorneys seem to be really underserved by the accounting and finance community. Most accountants waste Attorney’s valuable time by explaining and reviewing, Profit and Loss or Income Statements, and Tax Returns. Instead, attorneys need clarity – clarity to move their business forward, make informed financial decisions, meet their goals, and improve profits.   Connect with Ryan Kimler:  Website: https://www.netprofitcfo.com/ & financialclarityllc.com  Email: ryan@financialclarityllc.com  LinkedIn: https://www.linkedin.com/in/ryankfinancialclarityllc    Connect with Alay Yajnik:  Podcast: http://lawyerbusinessadvantage.com/  One Page Strategic Plan: LawFirmSuccessGroup.com Email: Alay@YajnikGroup.com LinkedIn: linkedin...

    21 min

  8. 19 SEPT

    Law Firm Financials with Ryan Kimler

    In this episode, Alay and Ryan discuss:  CFO versus accountant versus bookkeeper.  Trust fund collection procedures and utilization. The importance of regular meetings on your law firm’s financials.  Addressing new metrics and financial problems as you clear up the primary issues.  Key Takeaways:  When trying to figure out where you’re having a cash flow problem in your business, go through your financials, learn the numbers, and start there. Bringing in a third party can also give you a different perspective on what is and isn’t working.  Bookkeepers do the day-to-day work (like a junior associate), and accountants look at the financials more deeply and make adjustments as needed (like a senior attorney). Then the CFO takes those numbers and looks at the big picture, does the analysis of strengths and weaknesses, future tracking, and proposes corrective actions to the owner when needed.  Analysis allows you to put numbers on the same page to compare and see trends that having separate reports does not always allow for.  There is no wrong way to utilize trust collection as long as you are actually using it and not solely focusing on tracking clients down for payments. Tweetable Moments: * “We’re going to take the final numbers, and we’re going to analyze where are the strengths of the business and where are the weaknesses of the business. What are the numbers that are really holding the business back from being more successful?” —  Ryan Kimler * “If you want to think about growing your business, you’re forecasting into the future. That’s not something your bookkeeper or accountant can necessarily help you with.” —  Alay Yajnik * “The big key is to make sure, especially when we’re doing hourly billing, that we have the funds available to bill against, and that we’re utilizing trust funds at a very, very high rate, and so that way the money’s there and we’re not running people down for collections.” —  Ryan Kimler * “We continue to move forward and address new problems. After we took care of the accounts receivable problem, the next problem that we really dove into was payroll and utilization.” —  Ryan Kimler    About Ryan Kimler:  Ryan is the Founder of Net Profit CFO. A Financial Services Firm bringing clients clarity and guidance, giving them one clear path to having a growing, more successful, and more profitable business. We provide business owners with an Outside CFO guide to help them understand what is working in their business and what is not. We give owners the tools they need to take corrective actions to meet their goals and objectives. Ryan double majored in Accounting and Finance at Illinois State University. After College Ryan worked at a CPA firm with a wide range of small business clients. Ryan has since started his own firm and has specialized in working with attorneys for over 6 years and has helped more than 200 law firms. Working with attorneys is my passion. I have found that attorneys seem to be really underserved by the accounting and finance community. Most accountants waste Attorney’s valuable time by explaining and reviewing, Profit and Loss or Income Statements, and Tax Returns. Instead, attorneys need clarity – clarity to move their business forward, make informed financial decisions, meet their goals, and improve profits.   Connect with Ryan Kimler:  Website: https://www.netprofitcfo.com/ & financialclarityllc.com  Email: ryan@financialclarityllc.com  LinkedIn: a href="https://www.

    20 min
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About

This podcast is dedicated to helping attorneys earn more money, get better clients and spend more time with family. Your host, Alay Yajnik, is a law firm growth expert, author, and the founder of Law Firm Success Group. Get inspired, learn best practices, and get ready to grow your law firm faster and easier with this informative and inspiring podcast. Listen, learn, and remember: You CAN seize freedom. You CAN embrace happiness. You CAN build your Perfect Practice!

Information

  • Creator
    Alay Yajnik
  • Years Active
    2020 - 2024
  • Episodes
    186
  • Rating
    Clean
  • Copyright
    © Copyright by Lawyer Business Advantage®
  • Show Website
    Lawyer Business Advantage

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