When many of us were growing up, a million dollars felt amazing, a lifetime achievement not many folks attained. Now, we’re all thinking, “How I can make a million dollars in a year, not a lifetime?”
Take a look at this:
- 1,000 legal services at $1,000 each = $1 million
- 500 legal services at $2,000 each = $1 million
- 250 legal services at $4,000 each = $1 million
- 125 legal services at $8,000 each = $1 million
- 63 legal services at $16,000 each = $ 1 million
- 31 legal services at $32,000 each = $ 1 million
One million dollars is completely doable for any law firm, even a solo practitioner; and, when it’s broken down like this, it’s not so intimidating. Post these numbers on your wall to plant the goal in your psyche so your brain will work on solutions to get you to where you want to be.
Let’s think this through:
- If your foundational planning fee for a trust-based estate plan is $4,000, you need to close 5 clients each week for 50 weeks out of the year to bring in $1 million.
- Or, if you charge $32,000 for a divorce, you’ll reach a million and only need 31 clients for the entire year.
Back track to determine what action you need to take to bring in enough prospects to close either 5 or 2.5 clients each week. How many prospects do you need to bring in the door for initial consultations? How many workshops or CEs do you need to present? How many blogs or emails do you need to write? Or, how many referral sources do you need to massage, so to speak?
Set the revenue goal, figure the numbers, calendar your action, and go.
Want help creating that $1 million cash flow for your firm?
If you want to build a million dollar law firm, shoot me a message at Wendy@MillionDollarAttorney.com.