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.
Listen to the podcast
- Stephen tells us that law firms go through three phases
- “Job” – $0 to $500,000 in revenue
- “Practice” – $500,000 to $1 Million in revenue
- “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