THE STRATEGIC PATHWAY ™ Personal Injury – How to Build a Com petitive Advantage that Lasts a Lifetim e Sponsored by: National Association of Trial Lawyers
MARK POWERS , the president and founder of Atticus, a Master Certified Coach, and has been coaching litigators on advanced principles of practice management and marketing for 25 years. He is dedicated to ensuring that litigators maintain a competitive advantage in today’s complex legal market.
THE STRATEGIC PATHWAY ™ Personal Injury – How to Build a Com petitive Advantage that Lasts a Lifetim e. Sponsored by: National Association of Trial Lawyers
Main Points: ● Your PI practice is a goldmine! But… ● There may be a case for collective insanity. ● The market forces are changing faster than most of your competition can react to or even begin to understand. ● There is a way to access the gold and create a competitive advantage.
Stockdale Paradox “You must never confuse faith that you will prevail in the end – which you can never afford to lose – with the discipline to confront the most brutal facts of your current reality, whatever they might be.” ~ Admiral Jim Stockdale
Ratio of Lawyers to U.S. Population 168,000 lawyers 1 to 1,200 1968 680,000 lawyers 1 to 334 198 6 1,000,000 lawyers 1 to 282 20 0 0 1,325,000 lawyers 1 to 251 20 14
Growth in Lawyers 1400000 1,300,000 1200000 1000000 2000 – 1,000,000 • 1986 – 680,000 800000 • 600000 400000 200000 1968 – 167,000 • 0
Globalization • India graduates 70,000 English speaking attorneys annually who do not practice in your state • NY Bar study predicts by 2015 over 76,000 attorney jobs will be outsourced to other countries
“Outside” Competitors • LegalZoom.com • $156 Million in 2011 - $12.5M Net • Rolled out their legal insurance program
Legislative Changes ● Tort reform ● PIP reform ● (insert articles)
Dakota Indians Tribal Wisdom When you discover you are riding a dead horse — the best strategy is to DISMOUNT .
When Riding Dead Horses, Personal Injury Law Firms Often Use Other Strategies! • Buy a stronger whip. • Appoint a committee to study the horse. • Arrange to visit other firms to see how they ride dead horses. • Harness several dead horses together for increased speed.
Options 1. Business as usual. Ignore the facts, maybe they’ll go away 2. Close your practice and find a new job 3. Build a business that gives you competitive advantages in your market
THE STRATEGIC PATHWAY ™ Creating a Competitive Advantage
GREAT LAWYER STAGE Date Name
CRITICAL DECISION The Great Lawyer Stage™ TRAPS / BLIND SPOTS STRATEGIES RESULTS • Stagnant or falling incomes • • Be a “great” lawyer What I don’t know that I don’t know • Long hours, no weekends, little • time off Work harder • Working “in” it … doing it, • Endless days of high stress, doing it • “Heroic” management interruptions, a treadmill style • Lack of personal boundaries • Very vulnerable to market forces • The practice “owns” them
PRACTICE GROWTH CRITICAL DECISION GREAT LAWYER STAGE What I don’t know that I don’t know Be a “greater” technical Lawyer Stagnant or falling incomes Working “in” it… doing it, doing it Work harder Long hours, no weekends Lack of personal boundaries Be the “hero” of the Story High stress, days filled with interruptions
PRACTICE GROWTH STAGE TRAPS/BLIND SPOTS STRATEGIES RESULTS • • • Marketing & revenue focus Income still based on More personal freedom, • increased personal role, fewer hours, more vacation Raise case values “Über Technician” • • Good revenue growth, good Become far more selective • Still “heroic” leadership profits with clients and staff style — organization still • • Better clients and Build a solid team dependent on them dependable team • Develop sustainable • Comfortable & Arrogant. No • In some cases, double infrastructure big challenges — lack a revenues and take month- • Work “on” the business compelling reason to play a long sabbatical bigger game-things are • Successful by anyone’s working standards CRITICAL DECISION
MARKET LEADER MASTERY DECISION PRACTICE GROWTH Marketing and revenue focus More personal freedom Income still based on personal role, “über technician” Raise case value, rates and retainers Good revenue growth Organization still dependent on them Become more self selective Better clients and team Comfortable, boredom sets in CRITICAL DECISION GREAT LAWYER STAGE Stagnant or falling incomes What I don’t know that I don’t know Limited strategies Long hours, no weekends Working “in” it… doing it, doing it Work harder High stress, days filled with Lack of personal boundaries Be a great lawyer interruptions
Market Leader TRAPS/BLIND SPOTS STRATEGIES RESULTS • “Post-Heroic” style of leadership • Recognized as a market leader • Focus on profit centers • More passive income over • Constant improvement as a wage/salary cultural focus • Legacy organization • • Great team – not dependent Market firm and team (vs. self) on them • Marketing and delivery • More autonomy, personal innovations freedom, fun and joy than • Management structure in place they imagined! MASTERY DECISION
MARKET LEADER Focus on profit centers Recognized as market leader Selling firm and team vs. self More passive income Marketing & branding into sweet Legacy organization spot MASTERY DECISION PRACTICE GROWTH Marketing and revenue focus More personal freedom Income still based on personal role, “über technician” Raise case value, rates and retainers Good revenue growth Organization still dependent on them Become more self selective Better clients and team Comfortable, boredom sets in CRITICAL DECISION GREAT LAWYER STAGE Stagnant or falling incomes What I don’t know that I don’t know Limited strategies Long hours, no weekends Working “in” it… doing it, doing it Work harder High stress, days filled with Lack of personal boundaries Be a great lawyer interruptions PROFESSIONAL FOCUS Gravitational Pull: YOU RELATIONSHIPS THE PAST TECHNOLOGY RESOURCES MANAGEMENT
Key Strategies for Change • Compelling reason/goals • Accountability and follow-up • Guidance and Direction - Coaching structure
MARKET LEADER Compelling reason/goals Focus on profit centers Recognized as market leader Accountability and follow-up Selling firm and team vs. self More passive income Coaching structure Marketing & branding into sweet Legacy organization spot MASTERY DECISION PRACTICE GROWTH Marketing and revenue focus More personal freedom Income still based on personal role, “über technician” Raise case value, rates and retainers Good revenue growth Organization still dependent on them Become more self selective Better clients and team Comfortable, boredom sets in CRITICAL DECISION GREAT LAWYER STAGE Stagnant or falling incomes What I don’t know that I don’t know Limited strategies Long hours, no weekends Working “in” it… doing it, doing it Work harder High stress, days filled with Lack of personal boundaries Be a great lawyer interruptions PROFESSIONAL FOCUS Gravitational Pull YOU RELATIONSHIPS THE PAST TECHNOLOGY RESOURCES MANAGEMENT
Biggest Takeaway
Questions? Building a Competitive mark@atticusonline.com Advantage that lasts a lifetime.
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