THE MISSING COMPETENCY

As lawyers, we have been trained well in the law and how to seek out answers. In fact, I might even suggest we have been trained to become contrarians. Imagine being married to us? Law school taught us using the traditional Socratic Method to think critically and analyze situations to get a result for clients. In fact, every lawyer in the world can take either side of any issue, just ask us. But, as I coach attorneys on running their law practice, I have identified a missing “core” competency to be a successful attorney, I note a common theme. Inconsistent cash flow, frustration, overwhelmed, and worst of all, no money. While we have been trained exceptionally in the law and how to think critically and analytically for any issue put before us, I realize few of us have the competency on how to run a business. Knowing how to run a business is a core competency most lawyers are missing, but unfortunately cannot succeed without.

Fortunately for me, prior to law school, I was a Certified Public Accountant. I was born and raised in a family business and our Sunday afternoon dinner was the "board meeting." My parents did not permit me positions of authority until they were earned. I started in the warehouse then graduated to the truck driver. Eventually, I was brought into the office to learn the accounting, public relations, and other elements of running a successful business. My parents were able to increase their business 37 fold in the 25 years they owned it before selling it to the third generation in 1991. That's when I left and completed law school. So, as I entered law school, I entered from the perspective of an entrepreneur who was raised in a family business and then, while working as a Certified Public Accountant for a Price Waterhouse, got to audit the books of other businesses to see how they operated, efficiently or not.

So, how do you teach someone the core competency of learning a business? It could take years but, when a system is created, it may only require months. For example, if you do not know how to cook hamburgers but are able to buy a McDonald's, Wendy's, or Burger King Franchise, they would have all the systems, structure, marketing, and support necessary for your success. The same is true with the law. Unfortunately, since the law does not permit "franchises", you must seek out successful business models proven in the industry and help create a meaningful result for clients. I have been fortunate in creating those systems to run a successful estate and elder law practice, and it is my absolute passion in life to share them with every attorney I have the ability to interact with. Many are available for free as part of my passion to help people succeed. But, what if you choose to do it on your own? Then, you have to define how you will get there. To have a successful business, the most critical element is distinguishing and tracking revenues and expenses. You must control your fixed expenses and have as many "variable” expenses as possible. Variable expenses are important because do not exist unless there is revenue associated it; whereas, fixed expenses are there whether you generate income or not. So, if you minimize your fixed expenses and maximize your variable expenses you should be able to maintain and operate profitably. You must also ensure you have the minimum amount of sales you need to pay fixed expenses, variable expenses and YOU! You must have a sales program in place to identify how you're going to generate the necessary leads for you show clients value so they actually hire you. And finally, after using your marketing to generate leads, and showing the value, you must be able to keep your promises made and get the client the result they paid you for. If you do, they will speak well of you to their friends; the greatest form of marketing. This creates a harmonious cycle of referrals from clients. In my recent analysis of my own business, I realized more than 20 percent of the referrals into our office where coming from clients. That cannot occur unless you have a systematic approach on how to deal with clients so you, and each of your team members, can be consistent.

So, are you comfortable knowing the law alone? Don't be. Knowing the law in and of itself will not help you have a successful business. Seek out your solution on how to run a business and go. That combined with your legally technical competency is a winning combination. Receive a free 90 minute exercise “The Revenue Focuser” to see how you can begin profitability in as little as 30 days.

Tool of the Month

The MPS Member Website is the tool of the month to start off the New Year, because if you understand this tool, and the resources it provides 2010 can and will be your best year ever..

I have been blown away by the comments after giving tours of the website, both of what members are not ware is available for them, and the impact that understanding this tool has had on the practices that understand what is available. This tool is one of the most important tools we offer, because it provides so many keys to properly implement MPS, and create your profit center.

What will you find on the MPS member website?
•24- Previously recorded Teleconferences/Webinars showing everything from how to use tools, how to create successful referral relationships, how to manage cash flow to the resolution of the MPS Private Letter Ruling! If you’re looking for Legal technical learn the how to use iPug™ protection planning, VA, and hear the answers to the top 12 most frequently asked questions. Learn Basic to advanced marketing strategies, and learn how to make your practice a successful business for your future.
•The Program- You can view as though you were sitting in the room any portion of the Profit Practice Program™, learn something new you might have missed the first time, learn how to use a new tool developed since you came through you program, or just make yourself more confident in any area of the program, whether it be legal technical, marketing, or practice efficiency.
•MPS-CCS™ training- Are you getting the most out of the new MPS-CCS™ software? There is a 90 minute training webinar available, as well as the new design templates that client’s love, and allow you to confidently delegate drafting.
• All the forms, tools, and documents. There are no more CD’s annual updates, the website has it all. When we create or enhance tools, you will get them right away after they have been successfully tested in the lab. You only get the materials that are tested and proven.

If you are not sure you are getting the most from the MPS website, attend the January MPS Monthly webinar, as Molly Hall and Phillip Miner will walk you through how to navigate the MPS member website, and show you everything that you have available to make 2010 Your Best Year Ever!

To access the member website go to: www.mpssuccess.com, and click the “My MPS Login” box on the left side of your screen. We look forward to hearing from you on January 19th.

Earn What You’re Worth

A Letter From an MPS MIT and Medicaid Case Worker

Friends,

I got word of an application approval today! It came in an odd way. The decision maker at our state Medicaid office called to tell me that the property in my client's MIT was available for her care.

He went on to quote from the MIT. "The trust says that the income of the trust shall be paid for the benefit of the income beneficiaries and the lifetime principal of the trust shall be paid for the benefit of the lifetime principal beneficiaries."

He then went on to say that the trust names “Jane” as the lifetime beneficiary.
While I tried to get my computer (which was acting up) to bring up the document, he re-read the relevant sections out loud twice. On the second rereading he dropped his voice and said, "oh', I see what you are saying. You are right."

He had been stonewalling me for 12 months. He would not answer my phone calls, nor respond to questions. My cynical suspicion is that he was waiting for our penalty period and Medicaid annuity to run out so he could spring the bad news on me when I no longer had time to react to the problem.

Once again, the MPS process wins in the end.

~ Very Happy MPS Attorney

PS. Hey new members... this stuff really does work.
PPS. I was gracious in victory.

Transition from Attorney to Entrepreneur

Take Control in 2010- The Cheese Has Moved

The cataclysmic change in the American economy over the last year has changed everything! The way we must operate as attorneys, the thought process clients use to purchase our services and the value we are able to show them, is all different. In 2010, you must be prepared to lead, follow or get out of the way.

In my experience over this past year, it has become clear that this new economy is all about being responsive. People are not waiting for you to return calls. You must be prepared when the calls come in, no whining or you will be left behind.
To be a leader, you must proceed with confidence in the face of uncertainty! Today’s economy demands a high attention to customer satisfaction and service, not from your perspective, but from theirs! So how do you maintain confidence and lead in 2010? Let MPS™ be your guide. The best way to maintain your confidence is to associate with other who have it. The MPS™ members have created an organization of the highest integrity with tremendous abundance to support their fellow members. I encourage you to continue to utilize the list serve and MPS™ tools and support your friends in the MPS™ community. Second and most importantly, follow the process. Don’t reinvent it, don’t twitch it. As Dan Sullivan said, be stupid! Just do it. I have tested and tried these processes in my active practice every day and they are working. Throughout 2010 we will be bringing you new ideas that we are currently trying and having success with. Stay connected and follow the process.

In all change, there is a winner and a loser. You determine what side you’re on. Stay focused, stay committed, stay confident and stay on process and your success will result. If you always do what you’ve always done, you will continue to get what you have always gotten. In 2010 make a choice to hear. Remember the E-Myth by Michael Gerber, “For a successful small business, you must be an entrepreneur, manager and technician.” To ensure you’re doing this properly in 2010, I encourage you to calendar days of the week that you will be acting in each of those roles and stick to it. Ensure you have at least 2 ½ days a week where you are acting as entrepreneur (seeking out new business); 2 days a week to do work; and one day a week to manage yourself by planning and managing your company. Take Control of 2010! Lead, Follow or Get Out Of the Way!

Motivational Thinking

Always give 100% in whatever you do...If the return isn't 100% back, walk away and rethink your approach.