How To Run A Law Firm with Lewis Landerholm
In this week’s episode of the Law Practice Doctor, Sam Gaylord interviews Lewis Landerholm. Lewis began his law career as a part-time clerk for an attorney during law school, when he confirmed his passion for family law. Motivated to make his mark on the world, Lewis founded his practice right out of law school and continues to seek new, dynamic ways to foster positive change in the lives of his clients. He has eight years of upper management experience giving him business management skills that are integral to the continued success of his firm. Lewis holds a bachelor’s degree in economics and a minor in business from University of Oregon. He received his juris doctor degree from Willamette University.
MAIN QUESTIONS ASKED:
- Who is Lewis Landerholm?
- Do you get any training about how to run a law firm while in school?
- Why did you start your own firm?
- Did you have difficulty managing the growth of your firm?
- How do you plan for your firm’s future?
- Do you have specific metrics that you measure?
- How do you stay on top of payments?
- Why did you develop a second law firm?
KEY LESSONS LEARNED:
Running a Law Firm
- Law school often leaves out the business side of running a law firm.
- Due to necessity, Lewis had to open his own firm rather than pursue a position elsewhere.
- He began with bankruptcy and family law and focused on family and matrimonial law because of client demand.
- Understanding exactly why you chose law is the best way to figure out which field to focus on.
- Having push incentives in addition to pull incentives is a good recipe for success.
- Hire someone specifically to work with clients so they understand the costs involved and the payment schedule. They should keep in communication with the clients often.
- Cash flow is always a challenge, you have to make sure invoicing is on time and be aware of upcoming expenses and income.
- Affordable Family Law is the do it yourself option for people who want legal advice but may not want to hire a full time lawyer. It came out of a realization that a lot of the side effects of your primary work can be turned into something valuable.
- Lewis focused on online marketing instead of traditional marketing early on.
- Online leads tend to be cheaper when compared to traditional marketing.
- Video is a good medium to build trust and for convincing prospects to move through your funnel.
- If a client asks a question, that’s an opportunity to create a video.
- The ability to communicate via technology has majorly impacted the design of workspaces including the acoustic and lighting aspects considered.
- Testing the effectiveness of your marketing efforts is important.
- Understanding the avatar of the clients you want to work with is how you figure out where to market.
Growing the Firm
- Certain revenue thresholds and tracking which tasks you can do yourself is how you figure out when to hire.
- Block out your time on your schedule and focus on the high value activities that only you can do.
- Working with a coach can be useful for deciding what projects to focus on and which path to pursue.
- You can get the biggest growth in your firm by working with someone who has been where you want to be.
- Lewis works with a business coach as well as a financial coach.
- Tracking your marketing and sales metrics is vital to success.
- Lewis tracks revenue numbers, the number of active clients and cases, as well as conversion numbers.
- InfusionSoft for internet marketing, QuickBooks and Cleo for the case management.
- If you aren’t measuring your metrics you might as well not spend your money.
- Test your options before committing.
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LINKS TO RESOURCES MENTIONED:
Give Lewis a call: 503-227-0200