Ep. 16 - Creating Your Law Practice to Scale and Sell

In this episode of the NewLaw Podcast for Entrepreneurial Lawyers with Ali Katz, we follow entrepreneurial lawyer Susan. Despite her dedication, Susan struggles to allocate her time effectively, feeling overwhelmed with a growing client base and lingering litigation cases. Through Ali Katz's coaching, Susan learns to transition her business model, prioritize time management, and adopt a recurring revenue strategy. Ali introduces tools like The Money Map to help Susan achieve clarity on her financial needs and align her daily decisions with her long-term goal of selling her practice in 10 years.
Key Takeaways:
- Time Management: Prioritize and take control of your calendar to reduce overwhelm and focus on high-impact activities.
- Recurring Revenue Model: Shift from a billable hour model to a recurring revenue model for sustainable growth and better workload management.
- Financial Planning: Use tools like The Money Map to determine minimum financial needs during business transitions and plan cash flow efficiently.
- Strategic Decision-Making: Make intentional choices based on long-term goals, even if it means turning down immediate revenue opportunities.
Building a Sellable Practice: Invest in systems and staff to create a business that can operate independently and be attractive to potential buyers.
Ali’s coaching session with Susan emphasizes the importance of intentional planning and disciplined time management. By implementing these strategies, Susan can move towards her goal of creating a sellable, sustainable law practice.
02:29 Susan describes feeling overwhelmed with increased consultations and clients, despite stopping litigation work for the past six months.
06:44 Ali shares her personal shift from handling private clients to building a saleable business, emphasizing the importance of focusing energy on creating systems and structures.
08:47 Ali highlights the importance of understanding the minimum financial needs during a business transition to ensure future growth and sustainability.
11:30 Ali outlines the importance of restructuring Susan’s calendar to ensure only necessary billable hours are scheduled, which can aid in better time management and future planning.
16:42 Ali talks about her challenges and decisions in letting go of private clients and personal events to focus on building her business, encouraging Susan to make similar tough choices.