Ride the Wave to a Successful, Profitable, and Valuable Law Firm
John McCarthy
Supporting Law Firms Owners to Increase Profits by £50-100K in 6 Months, Transform their Firms into Highly Profitable & Valuable Businesses, & Prepare for Exit using the PROFIT System - DM me “SUMMIT” to get more Profit
The most successful business owners tend to be those who not only want to “grow” their firms but also want to scale their firms “ready for exit”.
They achieve more because they’re not just focusing on fixing the immediate problems, they’re also focused on the long game.
That’s my work obsession; guiding owners of law firms to build highly profitable and valuable businesses.
My personal obsession (aside from my lovely wife and our 2 noisy boys) is surfing. I was addicted the first time I got on a board. My only regret is not trying it till I was 29!
So today, just for fun, I’m going to combine the two 😊
We’re going to look at a few core principles of surfing and how they relate to building a highly profitable and valuable law firm.
So, grab your board, and let’s dive into how you can build a law firm that’s not just profitable but also ready to sell when you’re ready to step off the wave and retire.
Principles of Successful Surfing & Business 1-4:
1. Find Your Perfect Break: Identifying Your Niche
When I first started surfing, I would go to Croyde Bay in North Devon. I would spend hours paddling hard, getting annihilated by pounding waves and struggling to catch surfable waves.
3 years later someone mentioned the waves are often too steep and fast for beginners at Croyde. I should’ve been at the next bay, Saunton Beach, instead where the waves roll in much more gently!
Finding the right surfing break is crucial. We spend hours reading surf reports, checking the winds and tides, and using local knowledge. We don’t want to waste our time trying to surf if the waves aren’t good enough. We need to be at the right spot at the right time.
In business, you can’t be everything to everyone, you need to select the right clients. Identifying your niche is the first step toward building a successful firm.
Specialising in a niche allows you to build deep expertise, stand out from the competition, and attract clients who are willing to pay a premium for your services. This is the foundation of a profitable and valuable law firm.
To select your niche, identify what type of clients or cases:
- Provide you the most profit and/ or cash flow
- Are easy and enjoyable to work with
- You provide the best service to
2. Catch the Right Wave: Attracting the Right Clients
My longest wait and my biggest wave was at Jeffries Bay, a world-class wave in South Africa. It was the biggest swell of the year and dozens of surfers, and TV crews had travelled from all over South Africa to be there.
It was so competitive it took me 90 minutes to catch my first wave. And when I did it was an 18 ft high, 25 mph monster – It was insane.
The biggest, steepest, fastest & scariest wave of my life!
It was well worth the wait!
Paddling for the wrong wave wastes time and energy. Experienced surfers will paddle into position to ensure they only catch the best waves. There can be a LOT of paddling and waiting, but when the right waves come through it’s worth it.
Similarly, in law, not all clients are worth pursuing.
Once you’ve defined who your ideal clients are you can tailor your marketing efforts to attract those you want and repel those you don’t want. Developing highly targeted marketing strategies, like content marketing, networking, and referral programs, will help to ensure you’re in the right spot when those high-value clients come rolling in.
Who are your Grade-A clients?
- Where are they in high numbers? (which social media channels, events, etc)
- What problems do they have? What keeps them awake at night?
- What is it that you do really well that can help them better than your competitors can?
3. Have the Right Equipment: Invest in Your Team & Scale Your Operations
I was completely out of my depth, figuratively and literally at Fistral Beach in a winter storm with 12ft+ waves. Too big for me and too big for my surfboard at the time.
I was young, fit and strong but was inexperienced and I had no idea what I was doing. And my surfboard was a rubbish – a 2nd hand 1980’s beginners board that was way too unstable for waves of that size.
I didn’t catch a single wave but it taught me a valuable lesson. Ensure you have the right training and equipment for the waves.
Your team is your biggest asset, and your paddling power.
Investing in your team—through training, mentorship, and creating a positive work environment—ensures that they are skilled, motivated, and aligned with your firm’s mission.
As your firm grows you are going to need to improve your operational efficiency. This could involve investing in technology, or even opening new offices.
A strong, cohesive team and improved productivity will not only deliver better results for your clients but will also make your firm more attractive to potential buyers when the time comes to exit.
Scaling isn’t just about getting bigger; it’s about doing things better.
What specifically could be improved for:
- Your internal systems?
- Your teams’ efficiencies?
- Your management and leadership skills?
4. Ride the Wave: Deliver Exceptional Client Service
La Ticla, Mexico has an amazing 10-14 ft right hand point break. This wave taught me a lesson – timing is critical.
In the early years I would go for almost every wave I could. I hadn’t learned about wave selection, and I couldn’t read the waves well enough. As a result, I always went for the wrong waves.
I tried to take a 12 ft wave, but my timing was wrong, it closed out (collapsed) just as I was taking off. I fell 12ft headfirst with my board smashing into my face on the way down. I had 4 stitches and a headache for a few days.
Catching the wave is the most critical and exciting time for any surfer. Get it right and you’re set for an awesome ride. Get it wrong and you either miss the wave or you’re off your board!
In the context of your law firm, this means delivering exceptional client service. Your clients should feel that they are your top priority. Clear communication, timely updates, and going the extra mile will not only keep your clients satisfied but will also encourage them to refer others to your firm.
Get this right and you’re more likely to receive a lot of repeat business and referrals, which are the most powerful marketing tools. Happy clients are your best brand ambassadors.
How could you improve your:
- Client onboarding process?
- Client communication process?
- Case management?
- Quoting, billing and debt collection processes?
In my next newsletter, I’ll cover the remaining 4 Principles of Successful Surfing & Business.
How to Scale and Exit Your Business
If you’d like to find out exactly how you can develop these 9 Steps in your business join me at my next workshop: -
FREE Workshop:
How a Law Firm Owner Made an Extra £1 Million Net Profit in 3 Years
(and Halved His Working Hours).
You’ll leave knowing exactly how you can achieve higher revenue & profit in your law firm, reduce the hours you need to work, and maximise the value of your business!
Click here for more information:
Wednesday 25th September 2024,
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I’m John McCarthy, the Law Firm Profit Sherpa.
I support owners of law firms to scale their practices, grow revenue and profit, and increase the value of their business by following the proven P.R.O.F.I.T system (all whilst working fewer hours & having more fun).
Take a look at the “9 Proven Steps For Law Firms” and discover the 3 key phases that owners of law firms can implement in their firms to gain predictable and growing profits
If you want to discover exactly how you can increase your firm's profits by at least 61% and be able to work at least 10 hours less per week, all within the next 6-12 months, book a 15-minute call here:
Have a successful week!
John
· Global Outstanding Client Results 2022
· Global Outstanding Client Results 2023
· Global Coach of the Year 2024
· EMEA Client Employee Engagement Winner
Market Access Consultant/ Executive Coach
4moGreat post. Do you know when is the next 50 year storm is happening at Bells Beach?
26+ Years Of Transforming Lawyers' Financial Goals Into Reality | Wealth, Insurance, And Estate Planning | Founder Of "The Wealthy Lawyer"
4moJohn, may I also suggest adding the importance of finding and maintaining balance in both surfing and building a firm? 😁
Divorce Wills Probate Solicitor Offering Solutions and Support. Wearside Women in Business Lifetime Achievement Award. Private Client Team of The Year British Wills & Probate Awards. Family Law Firm of the Year.
4moNazare next?