Are you a lawyer looking to build a million-dollar law firm? Devon Slovsky's presentation on "Zero to 1 Million" provides valuable insights and practical tips on how to grow your firm. In her talk, Devon emphasizes the importance of having the right mindset and overcoming fear to take risks.
She encourages listeners to implement good standard practices and warns that the bootstrapping early success is not sustainable in the long term, so there is a shift needed to uplevel.
Devon also stresses the importance of systematizing processes and improving management skills to serve a wider client base. She advises on two basic tools to build out early in your law firm: a chart of accounts and a firm budget. Having these tools in place, even for small firms, will be essential for future growth and making accurate projections.
Moreover, Devon shares some surprising things that financially improved her business, including hiring a professional accountant and having organized books and financial records. She also encourages paying yourself a market wage and providing benefits like health insurance, short-term disability, long-term disability, and life insurance for your staff.
So, if you're ready to take your law firm to the next level, take a cue from Devon and start implementing these valuable tips today.
03:54 The importance of being prepared to pay market prices when starting a law firm
06:09 The importance of paying yourself a market salary
07:43 Building a detailed budget and chart of accounts early on
10:53 Finding your firm's natural billing rhythm
14:12 Hiring an expensive professional accountant
15:07 Market wage and the mindset shift that came with it
15:50 Adding health insurance, short-term disability, long-term disability, and life insurance benefits for your staff
18:06 Starting with new clients to change their expectations
🎥 Watch the full video on YouTube here.
Connect with Devon:
Resources:
- Join the Guild Membership
- Subscribe to the Maximum Lawyer Youtube Channel
- Follow us on Instagram
- Join the Facebook Group
- Follow the Facebook Page
- Follow us on LinkedIn
Resources:
- Join the Guild Membership
- Subscribe to the Maximum Lawyer Youtube Channel
- Follow us on Instagram
- Join the Facebook Group
- Follow the Facebook Page
- Follow us on LinkedIn
