Maximizing Value Over Billing Hours

This chapter discusses the idea that focusing solely on business development can be more profitable than billing hourly rates as a lawyer. The speaker shares that some clients have found success in bringing in high-value matters that can be delegated to their team, resulting in greater overall revenue. They emphasize the importance of finding what maximizes value in each hour, rather than just focusing on billing hours.

Transcript

chevron_right

Play full episode

chevron_right

Transcript

Episode notes

In this episode, Steve Fretzin and Rachel Steininger discuss:

The cost of learning how to run a business on your own.
What it takes to scale your law firm and how it differs from your early days of practicing law.
The secrets to working on your business.
Avoiding the Curse of the Competent.

Key Takeaways:

Personalize the strategies that you have based on where you want to be and who you want to represent. What works for someone else may not work for you.
Do the thing that maximizes your value in any given hour. Taking time to do business development will maximize your value long term, not just today.
Start utilizing the tools that are out there and embrace that technology…but make sure it is the right tool for your law firm and get the right training on it.
It is about doing more than just the tasky stuff. While checking off a to-do list can feel like you’re accomplishing things, it is not necessarily moving the needle forward in your business and creating a business that works for you.

"We need the business to be the foundation and then we need to approach the systems and the people in the same way because one thing about a law firm is it’s a people-reliant business. We don't need more locations. We don't need more machinery or equipment. We need more people - because people are the real value driver. When you have good people in a law firm, you're going to have a successful law firm." — Rachel Steininger

Thank you to our Sponsors!

Overture: https://overture.law/

Moneypenny: https://www.moneypenny.com/us/

Get Visible: https://www.getvisible.com/

Episode References:

ProVisors - https://www.provisors.com/
The Email Marketing Show - https://www.emailmarketingheroes.com/podcast/

About Rachel Steininger: Rachel Steininger is the founder of Upward Acceleration, a business consulting and coaching firm focused on getting small and solo law firm owners out of the day-to-day grind so they can own and grow their business without it owning them. She helps put these law firms in the best position to grow successfully and sustainably as they build trusted relationships, create accountability systems and a high trust/high talent team without the micromanagement, and optimize their business processes for profitable long-term growth.

Connect with Rachel Steininger:

Website: https://upwardacceleration.com/

YouTube: https://www.youtube.com/channel/UCOIqNYahtZNB7u5Vyi-Hmpg

LinkedIn: https://www.linkedin.com/in/rachelsteininger/

Facebook: https://www.facebook.com/rachel.steininger.7/

Facebook: https://www.facebook.com/therachelsteininger

Instagram: https://www.instagram.com/rachelsteininger/

Connect with Steve Fretzin:

LinkedIn: Steve Fretzin

Twitter: @stevefretzin

Instagram: @fretzinsteve

Facebook: Fretzin, Inc.