3 Milestones Every Million Dollar Law Firm Experiences

Last week I had the pleasure of spending 4 days with 9 members and their significant others, out on the boat getting SCUBA certified. It was an absolute blast.

As is often the case, we began reminiscing on our respective journeys, what we had experienced, where we are now, etc.

We talked a lot about our families and how much we appreciate the lives we are able to provide for them. We also all remember a time when things weren’t so happy at home.

Before we discovered how to be successful, we spent our days, weeks, months, and years running on the hamster wheel to nowhere, like many of you.

As we were having these discussions and brainstorming what it took to get where we are, we all came to the realization that in our own personal way, we each took kind of the same path to get here.

It may have looked different for each of us or happened at a faster or slower pace, but we came to the conclusion that each one of us ticked three specific boxes at some point in our journey.

These are the 3 milestones that every million-dollar law firm experiences on their way to freedom.

  1. You Have to Operate Under a Written Business Plan

This step is so basic. You either are a real business and you have a business plan, or you don’t and you are not. It’s that simple.

And I’m not talking about something you slapped together in 2 hours just so you can say you have something.

I’m talking about a clear, organized, and functional business plan. Your business plan needs to describe each of the 7 Main Parts of your business clearly, so that each person on the team (including yourself) knows exactly what they are responsible for and is held accountable.

How to Manage a Small Law Firm provides some free resources including a Business Plan Workbook to help you create your own functioning business plan. Click here to receive your complimentary Business Plan Workbook.

  1. You need to let go of the bullshit and the excuses you constantly feed yourself.

During our discussion, we all agreed this was the step that people get stuck on the most, but it’s also the most important.

It’s easy to say you don’t have the money. It’s simple to tell yourself you don’t have the time. These are not original thought processes.

These excuses will keep you stuck in the same cycle you’ve been in for months or years, but you’ll tell yourself you’re okay with it because it’s “familiar”. And you’ll confuse familiarity with comfort and nothing will ever change.

Finally saying “to hell with these excuses” is a difficult step, but it’s the most freeing when you actually take it.

Bringing us to our last milestone…

  1. You begin to appreciate all the ways a healthy business with predictable growth impacts your family and personal life and you clarify your VISION.

This is clearly the most enjoyable of the three milestones to experience, but it would not be possible without meeting the first two.

It’s different for everyone, but listening to the members talk about this milestone was very powerful and a bit emotional.

We began the conversation talking about the places we had come from, so those stories were still fresh in our minds. I don’t mind telling you that when I think about what I have now compared to when I was flat broke with 4 flat tires and no money for groceries, it does something to my heart.

I can only describe it as an intense gratitude, and the other members agreed with me.

We all have our own measure for success, but you could imagine a few things kept coming up…

  • Time spent with a husband or a wife
  • Ability to watch your kids grow
  • Vacations with your family
  • School functions
  • Date nights

These are the reasons why we do what we do. These are the things that make life worth living!

These people were able to take a week away from their firms and come down to Miami to get SCUBA certified and strategize for their business because they set themselves up with a PLAN that allows that kind of freedom.

It’s a plan they made up. Think about that. They didn’t win some lottery and get handed a plan. They chose it. They dreamed it up. And they wrote it, made it real and follow it.

And you can too.

If you want to know more about what How to Manage a Small Law Firm can do to help you hit these milestones, please schedule an appointment with a member of my team. They’ll be glad to answer all your questions and help you provide the life you’ve always envisioned!