Law Is Business with Rusty Fleming
About This Show
The Law Is Business Podcast is designed for entrepreneurial lawyers serious about growing their practice and increasing profitability. Rusty Fleming developed a six figure solo practice in just six months ― in the middle of the Great Recession ― and now manages a practice exceeding $1.3 million in annual revenues. What's the key to this success? Understanding that Law is Business. This means attacking everyday with an entrepreneurial mindset and using well-designed and tested business strategies for success. Rusty shares his proven strategies (such as the D.I.M.E. Strategy) and interviews successful lawyers and other experts to help you grow your practice. Whether you are solo practitioner just starting out, a seasoned veteran or a lawyer with a larger firm who desires to take their practice to the next level, the Law Is Business Podcast is for you. Are you ready?
Most Recent Episode
Season 1, Episode 020: Season Finalé: Lesson Recap
Oct 19 15
Welcome to the Season One Finale. Today we’ll take a look at the best lessons and sessions from this season. I am at a great time in my practice; things are really humming along. The lesson from this is that we should always look to learn and grow. Darren Hardy says, “You can never own success; you can only rent it, and—guess what? The rent is due every day.” Like fear, success will hold you back in your practice, so you have to pursue it every day.
Here are some of the best tips from excerpts as we recap Season One:
Consider your brand. Is it good? Do you need to change it?
Be intentional about your plan.
Develop real relationships with clients.
Know and understand your financial numbers.
Identify your avatar—your ideal client, then use this to plan your marketing strategy.
Niching down and scaling will increase your profit margins.
Know market trends, pivot when necessary, niche down, become an expert, and add complementary services for your clients.
“Go one inch wide and one mile deep.” Niche down and make your message clear.
We all fail, but it’s what we do after the failure that counts.
“Hire slow and fire fast.”
If it’s not a “Hell, yeah—then it’s a NO.”
Focus on your core practice.
Don’t be afraid to ask the right people for help.
Value your services appropriately.
Bundle your services to existing clients, especially to new business startups.
Know how to use alternative fee arrangements.
Be in the top 3% of the population; 97% don’t contemplate or plan their life’s direction.
Personal development and professional development are important in running your life and your practice.
Get Jim Roan’s Lessons of a Lifetime. Find it online or download it to your phone. Use your commuting time to learn and grow from the wisdom of others.
Use my wagon wheel assessment tool to balance the different aspects of your life.
Stand on the shoulders of giants. Find resources that will help you learn from others who have gone before you.
I hope you have enjoyed Season One and have learned some of these valuable lessons. I look forward to Season Two with more great information. As always, thanks for taking the time to listen.