192: Stephen Fairley of The Rainmaker Institute discusses becoming a Rainmaker with us.

Come See How Any Attorney Can Become A Rainmaker And Build The Practice Of Their Dreams

Discover tested, proven methods and systems top attorneys are using to double their referrals and revenues – even in this economy! The Rainmaker Retreat is an intensive 2 day marketing boot camp that is guaranteed to bring more new and qualified clients into your law firm.
The next The Rainmaker Retreat will be in SAN FRANCISCO, CA on Friday, June 5 & Saturday, June 6

Stephen Fairley is the Founder and CEO of The Rainmaker Institute, the largest law firm marketing company specializing in helping small to mid-sized law firms generate more leads and convert more prospects into paying clients. They have helped over 15,000 attorneys apply the proven Rainmaker Marketing System. Stephen is a nationally recognized legal marketing expert and has spoken to 35 of the largest state and local bar associations.

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Show Highlights

Stephen tells us that law firms go through three phases
1. “Job” – $0 to $500,000 in revenue
2. “Practice” – $500,000 to $1 Million in revenue
3. “Business” – Over $1 Million in revenue
Hear Stephen explain that there are 29 million “small businesses” in America today. Less than 10% of them will ever break $1 Million. Less than 4% will break 10 Million. So by Stephen’s estimation more than 90% of “Small Businesses” are really just people who are self employed and trapped by their own job.
In the “Job” classification if you stop working (i.e. go on vacation) business stops.
Stephen says those who run a “Practice” can take off a couple of weeks each year with out stopping the flow of business.
The big difference according to Stephen is that when you get to the level of being a “Business,” you can take off for three to six months a year and come back with the same number of customers, maybe more, on the books and more money in the bank.
Stephen answers the question, “Why do Solo attorneys stay at the “Job” level?”
- Attorneys are taught that the practice of law is a noble profession.
- They have the dream that if you are a great attorney clients will line up at the door. The reality is more like a nightmare, there are two obstacles: First is yourself – – most attorneys do not have an MBA. The second obstacle is your friends. The people you hang out with are the average of your earnings.
Listen as Stephen gives some tips on how to break out of your current “Job” and begin building a “Practice” that can become a “Business.”

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Miranda McCroskey – host of Lawpreneur Radio