From Panic to Profit: 3 Hidden Strategies Fast Growing Firms Use to Increase Profit

Maximum Lawyer

MP3•Αρχική οθόνη επεισοδίου

43:56

On August 20th, 1989, Lyle and Erik Menendez shot and killed their own parents. Until then, this Beverly Hills family had been a portrait of the American Dream. How did it go so wrong? To listen to all four episodes of 'The Menendez Brothers' right now and ad-free, go to IntoHistory.com . Subscribers enjoy uninterrupted listening, early releases, bonus content and more, only available at IntoHistory.com . If you or someone you know is in crisis, there is free help available at mhanational.org Learn more about your ad choices. Visit megaphone.fm/adchoices…

πριν περίπου ένα χρόνο 21:04

Do you want to create a more successful law firm, where you are able to take home more money? In this episode of the Maximum Lawyer Podcast, speaker Brooke Lively shares her personal experience of firing her biggest client and the resulting financial struggles for her business.

Starting from scratch and building a successful business is a hard thing to achieve. Brooke talks about using the rule of thirds strategy to make her company a profitable one. The strategy involves the following: allocating a third of your revenue to paying salaries, a third to overhead and a third to profit.

1 | Salaries

When it comes to paying employees, it is best to design compensation packages that work for your firm.

Accountability within a law firm is so important. It moves work through a firm and can be used to dictate pay. One way to hold people accountable is helping them to create goals. Discussing goals will help employees understand what they want to accomplish. As an owner of a law firm, it is important to dedicate time with each employee on a weekly basis to speak through goals so that everyone is on track.

2 | Overhead

A lot of firms spend way too much money on marketing. Brooke speaks to how cutting the marketing budget is a great way to save money. One way to do this is to analyze the return on investment on all marketing channels for a firm each month. Whichever is the lowest that month is cut, which can save tens of thousands of dollars. Another way to save money is to review the monthly credit card bill to see what expenses have been neglected and therefore removed.

3 | Profit

As a firm owner, there are many things you can do for your profit. One thing is to monitor it every month, tracking the increase or decrease of profit. Another thing is to figure out your salary, distributions and personal finances monthly to make sure you are not only making what you deserve but are paying off your expenses.

Listen in to learn how to make your law firm more profitable!

2:58 The rule of thirds

6:27 The importance of accountability in law firms.

10:51 Your digital marketing budget

11:35 Exploration of the expenses and benefits of coaching

16:28 The importance of properly compensating law firm owners.

🎥 Watch the full video on YouTube here.

Connect with Brooke:

800 επεισόδια

#Business #Marketing #Entrepreneur #Firm #Law #Jim Hacking #Tyson Mutrux #Lawfirmmarketing #Brand #Employee #Lawyers #Solopreneurs

From Panic to Profit: 3 Hidden Strategies Fast Growing Firms Use to Increase Profit

Maximum Lawyer

14 subscribers

published πριν περίπου ένα χρόνο

Μοίρασέ το

MP3•Αρχική οθόνη επεισοδίου

1 | Salaries

When it comes to paying employees, it is best to design compensation packages that work for your firm.

2 | Overhead

3 | Profit

Listen in to learn how to make your law firm more profitable!

2:58 The rule of thirds

6:27 The importance of accountability in law firms.

10:51 Your digital marketing budget

11:35 Exploration of the expenses and benefits of coaching

16:28 The importance of properly compensating law firm owners.

🎥 Watch the full video on YouTube here.

Connect with Brooke:

800 επεισόδια

#Business #Marketing #Entrepreneur #Firm #Law #Jim Hacking #Tyson Mutrux #Lawfirmmarketing #Brand #Employee #Lawyers #Solopreneurs

Όλα τα επεισόδια

1
The Best Employees are NOT on a Job Board 16:16

πριν 2 μέρες16:16

16:16

Watch the YouTube version of this episode HERE Are you a law firm owner who is looking to hire for their firm? In this episode of the Maximum Lawyer podcast, Tyson delves into the challenges of hiring in law firms, inspired by a listener submission from Ryan Webber. Hiring within law firms is a very important aspect to ensuring a firm is successful. Relying on job boards, like LinkedIn, is not a lucrative way to hire talent. Law firms need to focus on proactive hiring to find suitable employees. Tyson provides the example of networking as a great way to hire. Former employees will often provide great recommendations for who they think would be great fits for a firm. Proactive hiring also involves firms marketing themselves to prospective lawyers. You need to tell candidates why you are the best firm to work for and why they will be successful. Sometimes this involves investing in marketing campaigns or meeting the prospective candidate where they are at. Most recruiters don’t realize that hiring top talent is a dance between the prospective employee and a law firm. Both need to come to the table prepared to interview each other and pull out all the stops to ensure each side picks the other. Listen in to learn more! 03:17 The Importance of Networking in Hiring 07:06 Passive Candidates and Their Value 09:53 Proactive Hiring Strategies 12:26 The Volume Game of Job Boards 14:14 Direct Outreach for Talent Tune in to today’s episode and checkout the full show notes here .…

1
A Frank Discussion About Vendors That Charge Too Much 29:15

πριν 6 μέρες29:15

29:15

Watch the YouTube version of this episode HERE Are you struggling with vendors who are not holding up their end of the bargain? In this episode of the Maximum Lawyer podcast, Becca Eberhardt, CEO of Maximum Lawyer, and co-host Tyson Mutrux discuss the challenges law firm owners face with vendors. Sparked by a guild member's post, they delve into frustrations over vendors failing to deliver on promises. Vendors can be a pain for any business owner, especially if agreements are not held up on their end. This can really cause issues for companies, especially for those that rely on vendors for systems, like CRMs. Tyson and Becca chat about the issues vendors cause for law firms, such as creating problematic products that they think will lead to issues in retention. Becca stresses the idea that client and employee retention is kept with the use of exceptional products and vendors need to be accountable as it relates to that. Becca provides listeners with some tips when dealing with vendors. One tip is to dedicate time to communicating and negotiating with vendors. It is easy to just give in to the first vendor you speak to, who might be selling you a product at a great price. But, this can cause issues when you don't do enough research and end up with a bad product. Ensure to take your time and understand all aspects of a vendor before signing a contract! Listen in to learn more! 02:13 Personal Experiences with Vendors 09:39 Vendor Accountability and Service Quality 14:08 Finding Non-Industry Specific Solutions 16:50 Contract Models in Vendor Relationships 20:00 Developing a New Solution 23:30 Understanding Negotiation Power Tune in to today’s episode and checkout the full show notes here .…

1
The Shocking Truth About Rainmakers: Why Only 1 in 5 Actually Succeed 22:38

πριν 9 μέρες22:38

22:38

What sets successful business developers—aka rainmakers—apart in today’s legal landscape? Inspired by a Harvard Business Review article and a recent conversation with a friend, Tyson breaks down a study that identified five different types of business developers and explains why only one type actually leads to sustainable firm growth. Key Takeaways: The Declining Client Loyalty Trend: In 2018, 76% of clients stuck with their law firms; by 2023, that number dropped to 53%, and by 2028, it's expected to be just 37%. The Five Business Development Profiles: The Expert – Focuses solely on skill mastery, assuming clients will come. The Confidant – Builds strong client relationships but lacks a structured growth strategy. The Debater – Challenges clients and pushes hard for innovation but risks alienating them. The Realist – Offers brutal honesty but can be perceived as pessimistic. The Activator (The winning strategy) – Proactively builds and leverages relationships, making strategic connections and driving business growth. The Activator Playbook – How to Grow Your Firm Like a True Rainmaker: Commit to Business Development: Set aside dedicated time (at least 2-3 hours per week) for networking, outreach, and lead generation. Balance time between nurturing existing clients and acquiring new ones. Expand and Leverage Your Network: Attend industry events and engage on LinkedIn. Introduce clients to other attorneys and create strategic partnerships. Set a goal to make three new connections per week. Create Value Before Clients Ask: Send legal updates, trends, and strategic advice without waiting for clients to request it. Offer proactive insights tailored to your clients’ needs. Choose 5-10 key clients and send them something valuable this week (a checklist, legal update, business tip, etc.). Action Steps: Start blocking time for business development on your calendar. Actively seek and make three new connections each week. Find ways to provide unexpected value to clients to reinforce your authority and relationships. Connect with us! Text Tyson at 314-501-9260 with your thoughts or questions. Submit podcast topics or questions at maximumlawyer.com/ask . Don’t miss future episodes—subscribe to the Maximum Lawyer Podcast on your favorite podcast platform! Resources: Join the Guild Membership Subscribe to the Maximum Lawyer Youtube Channel Follow us on Instagram Join the Facebook Group Follow the Facebook Page Follow us on LinkedIn…

1
FINAL HOURS: Early Access to Max Law Con 2025 2:17

πριν 9 μέρες2:17

2:17

Today is the FINAL day to lock in your Early Access Ticket for MaxLawCon 2025 at the lowest price! After midnight tonight , prices go up and tickets won’t reopen until Spring. If you're serious about scaling your law firm, mastering the latest technology, and building a more profitable, efficient practice - Max Law Con 2025 is for you. 📍 October 9-10, 2025 | Nashville, TN 🎟️ Grab your ticket NOW before it’s too late! Resources: Join the Guild Membership Subscribe to the Maximum Lawyer Youtube Channel Follow us on Instagram Join the Facebook Group Follow the Facebook Page Follow us on LinkedIn…

1
How to Create an Internship Program That Actually Works with Adam Rossen 1:19:09

πριν 13 μέρες1:19:09

1:19:09

Watch the YouTube version of this episode HERE Are you a law firm owner who is looking to create an internship program for your firm? In this episode of the Maximum Lawyer Podcast, Tyson chats with Adam Rossen, who shares insights on the successful internship program at Rossen Law Firm. Adam discusses the evolution of the program and highlights the value of informal yet immersive experiences for interns. Internships within the legal space are important experiences that help prepare law students for life as a lawyer. Adam talks about the significance of good internship programs and why law firms who don’t have them need to create a viable program. Internship programs will look different across firms, but it is crucial to sit down and think about what aspects of being a lawyer should be taught to interns. Does your program involve tasks like research, client intake or trial support? Think about what soft skills need to be taught like effective client communication and projecting confidence when presenting a case at trial. As a law firm owner, it is important to provide interns with the skills they need to be successful and think about how your internship program can improve as the years go on. Internships also provide students with the chance to differentiate perception versus reality as it relates to working in the legal space. Many who watch legal dramas, like Law and Order might be fooled into thinking law and law enforcement are the same as what is shown on TV. Adam emphasizes that the legal space is not glamorous at all times. There is a lot of hard work that can take months to complete as a case makes its way through the criminal process. There is also a lot of administrative work involved and interactions with different types of people that can make the work both exciting and stressful. Listen in to learn more about how to create a successful internship program! 02:34 Starting the Internship Program 09:51 Program Structure and Requirements 15:02 Introduction to Internship Curriculum 22:29 Curriculum Components 34:25 Curriculum Structure for Interns 42:42 Confidentiality and NDA for Interns Tune in to today’s episode and checkout the full show notes here . Connect with Adam: Website Instagram Facebook X Linkedin Youtube TikTok…

1
The HR Mistakes Killing Your Law Firm Culture (And How to Fix Them) with Dr. Melvin King 1:31:20

πριν 20 μέρες1:31:20

1:31:20

Watch the YouTube version of this episode HERE Are you thinking about improving your HR systems? In this episode of the Maximum Lawyer podcast, host Tyson interviews Dr. Melvin King about the pivotal role of human resources in law firms. They discuss the importance of understanding generational differences in the workplace and the critical components for fostering a good work environment. Dr. Melvin King emphasizes the importance of HR as it relates to the relationship between the employee and the employer. The work environment includes employees of different generations and HR needs to balance the needs of everyone. Whether it be Boomers or Millennials, every generation works differently and values the work they do differently. Most companies will look to millennials for job opportunities or transitions as this generation is more eager to change things up. Boomers in the workplace might just be focused on retirement and will ride the wave until the end. HR departments can really make or break a company, especially if they are not working to ensure employees are supported. There are certain things HR professionals should adopt so employee satisfaction is high and retention is maintained. For example, knowing how to deliver constructive criticism is key. It is important to understand the personality of someone you are speaking to so you can gauge how they will take and react to information presented to them. Listen in to learn more from Dr. Melvin King! 2:58 The value of succession planning within a firm 5:47 Strategies for balancing the needs of different generations 14:11 How to deliver constructive criticism in the workplace 16:21 How to create effective HR systems 31:15 The importance of having a positive HR culture Tune in to today’s episode and checkout the full show notes here . Connect with Dr. Melvin King: Website Facebook…

1
Today’s Growth Opportunities in Law with Shane Jasmine Young 1:23:54

πριν 27 μέρες1:23:54

1:23:54

Watch the YouTube version of this episode HERE Are you an attorney who is early in their entrepreneurial career? In this episode of the Maximum Lawyer podcast, host Tyson Mutrux chats with attorney and entrepreneur Shane Jasmine Young. Shane shares her inspiring journey, her law firm, and the challenges of balancing professional aspirations with motherhood. Starting a law firm is not an easy feat and comes with a lot of fears and motivations. Shane delves into some of the fears and motivations that existed when she was starting her law firm journey. The uncertainty was a huge factor that initially led to her hesitation to start her firm. But, being laid off along with the support from her husband, it was the boost she needed to get started with 0 clients and no business experience. Shane also relied on the existing networks in the legal field to help get things off the ground and get those initial clients. For Shane, owning a law firm involves having a lot of accountability, especially when it comes to processes the firm follows and the frameworks for hiring. Shane looked at what her goals were for the firm as a foundation for who she initially hired. Having the experience of hiring someone who wanted to control everything led to a huge wedge in the firm dynamics. Shane used it as a learning curve when it came to future hiring and began verifying information for those who are coming into the firm. Listen in to learn more from Shane Young. 16:14 Fears and motivations behind starting a own law firm 21:19 Leveraging existing relationships and networks 38:42 Discussion on the financial sacrifices made to start a firm 49:43 The importance of accountability in hiring Tune in to today’s episode and checkout the full show notes here . Connect with Shane: Website Instagram Facebook Linkedin X…

1
RPE: Revenue Per Employee 12:51

πριν 30 μέρες12:51

12:51

Watch the YouTube version of this episode HERE Are you a law firm owner who is looking for ways to increase the productivity of your staff? In this episode of the Maximum Lawyer podcast, Tyson delves into the concept of Revenue Per Employee (RPE) and offers strategies for optimizing this crucial metric. Tyson responds to a question of Revenue Per Employee that a listener submitted. Revenue Per Employee can be done through increasing revenues or reducing the number of employees, which can be used to make decisions for a firm. You are going to want to assess how each employee is performing and how much money they are generating for a firm. In this analysis, if you find they are not benefiting your firm, it might be time to let them go. Tyson also suggests that processes could be causing a roadblock for employee productivity leading to issues in performance and sales. If this is the case, you need to re-evaluate those processes. Tyson provides some ways a firm can enhance employee performance and RPE. This can be done through investing in automation so work is easier for employees. Another thing to do is analyze who is managing your staff. Sometimes management can cause problems for your staff and can ultimately cause performance issues. If this is the case, it is essential to pivot and possibly re-hire. Listen in to learn more! 1:54 Discussion on how RPE varies by firm type and practice area 3:10 Strategies to enhance employee efficiency 5:52 Enhancing employee performance and RPE 8:43 Reviewing and adjusting pricing strategies to enhance revenue Tune in to today’s episode and checkout the full show notes here .…

1
Unlocking the Secrets to Viral Videos: How Hilary Billings Turns Stories Into Millions of Views 1:46:47

πριν 5 weeks1:46:47

1:46:47

Watch the YouTube version of this episode HERE Are you a lawyer looking to become better at content creation? In this episode of the Maximum Lawyer Podcast, host Tyson Mutrux interviews Hilary Billings, the "queen of content," who shares her journey from aspiring clinical psychologist to successful content creator and entrepreneur. Creating content that people gravitate towards takes dedication and consistency. Hilary and Tyson chat about some of the things business owners should do, especially as it relates to the legal field. For those who are getting started in content creation, it is crucial to practice through repetition. Whether it is speaking in front of a camera or conveying a message in a certain way, practice is a necessary factor in being successful. Practicing and building confidence also involves figuring out who your target audience is and how to speak to them. Content creation for lawyers involves determining what content type works for you. Though there are many types of styles and content, educational content tends to be the most popular. Hillary speaks to the need to figure out how to educate an audience through a certain style, such as skits or straight to the camera videos. Most people will be more interested in knowing how to avoid a situation or how to handle themselves in a situation. Listen in to learn more from Hillary Billings. 19:45 The importance of practice in building confidence 25:44 Creating content that reflects true self and values 33:57 Discussion on the effectiveness of personal branding 37:19 Insights on effective content types for lawyers 43:14 Identifying successful content factors in videos Tune in to today’s episode and checkout the full show notes here . Connect with Hilary: Website Instagram Facebook X…

1
These 3 AI Tools Will Change How You Work (Nobody’s Talking About #3!) 10:30

πριν 5 weeks10:30

10:30

Watch the YouTube version of this episode HERE Are you looking to implement AI into your law firm? In this episode of the Maximum Lawyer podcast, host Tyson Mutrux discusses three AI tools that can significantly benefit law firms. AI can be used in a variety of ways to make your job and life easier. Tyson delves into 3 unique AI tools that lawyers can use to elevate their firms. The first is Paxton, which is a legal research tool. The tool can help you research for a case but it will also draft documents and conduct analysis for you. It is a game changer for those who spend a lot of time in a courtroom. The second tool is Murph AI, which is a marketing tool with voice over automation. It is a great tool for content creation to convey messages in a unique way. The last tool is Opus Clip, which is a video editing tool that transforms long form videos into short clips for social media. It is a time saver for lawyers who are trying to upgrade their content. Listen in to learn more! 1:58 Discussion on Paxton AI, a superior legal research tool 3:44 Introduction to Murph, a voice-over automation tool 5:48 Overview of Opus Clip, an AI tool that creates short videos Tune in to today’s episode and checkout the full show notes here .…

1
From Top Prosecutor to High-Paid Defense Attorney: Why Thomas Moskal Quit on the Spot 1:29:23

πριν 6 weeks1:29:23

1:29:23

"I walked away from my job as a Chief Deputy District Attorney—without a backup plan. Here's why." After 7 years as a top DUI and felony prosecutor in Clark County, Nevada, Thomas Moskal made a life-changing decision. In this eye-opening interview, he reveals: ✅ The exact moment he decided to quit his high-profile role ✅ How he went from zero clients to a thriving criminal defense practice ✅ The biggest mistakes most defense attorneys make (and how to avoid them) ✅ Why charging higher fees attracts better clients ✅ The secret to scaling a criminal defense firm without burning out If you're a lawyer, entrepreneur, or just someone who loves real, behind-the-scenes legal stories , this episode is for you! 🔴 WATCH and LISTEN NOW and discover the truth about the legal system, pricing strategies, and building a high-profit, low-overhead law firm. 📌 Chapters: 00:00 – From Prosecutor to Defense Attorney 05:32 – The Breaking Point: Why I Quit 12:15 – How I Signed My First $18K Client (No Office, No Website) 20:45 – Why Most Criminal Defense Lawyers Fail 32:00 – The Best Pricing Strategy for High-Ticket Clients 41:20 – Scaling a Law Firm: Why Criminal Defense is Hard 55:45 – The Future of Law Firms & Social Media Strategy 📢 Drop a comment below: Would you have quit in his position? 👥 Connect with Us: ✅ Subscribe for more legal & business growth insights! 🎯 Follow Thomas Website TikTok Instagram Facebook Linkedin Youtube X 💡 Join the Maximum Lawyer Community – Max Law Guild . 🔔 LIKE, SHARE & SUBSCRIBE to stay updated with expert insights on law firm growth & legal business strategies!…

1
14 Revenue Streams Law Firms Overlook (Are You Leaving Money on the Table?) 9:45

πριν 6 weeks9:45

9:45

Watch the YouTube version of this episode HERE Are you a law firm owner who is looking for ways to make more money? In this episode of the Maximum Lawyer, Tyson Mutrux delves into 14 types of revenue for law firms and offers actionable strategies to diversify income streams. Law firms and attorneys alike can take advantage of so many streams to make money. There are many ways to engage with clients and colleagues alike and diversify your income stream. Diversifying income streams is an important way to generate more revenue for a law firm. Tyson speaks to the different types of revenue that can bring in money. These include subscriptions, selling templates and courses, charging for partial services like onboarding, partnering with other firms, developing and selling legal software and coaching or consulting. Take a listen to learn about the 14 types of revenue that can increase your income! 01:19 Subscription Revenue 02:19 Service and Product Revenue 04:18 Affiliate Revenue 06:15 Recurring Revenue 08:11 Consulting or Coaching Revenue Tune in to today’s episode and checkout the full show notes here .…

1
Why Traditional Lawyer Marketing Is Dying – The New Strategy You MUST Use (w/ Justin Berry) 1:46:44

πριν 7 weeks1:46:44

1:46:44

Watch the YouTube version of this episode HERE Are you a lawyer who is trying to improve their social media presence? In this episode of the Maximum Lawyer podcast, Tyson speaks with Justin Berry, a media and marketing expert about the evolution of media from legacy to new media and its impact on advertising, particularly for lawyers. Media, both old and new can be used as an advantage for lawyers as a way to gain traction and clients. A lot of lawyers still use old legacy media, like billboards and tv adverts. In today’s world, this media doesn’t work as well, as new legacy media, including social media, has changed the game when it comes to advertising services. Old legacy media does not allow for potential clients to trust you or have the chance to build trust. Social media can help lawyers interact with audiences over many months or years, which can allow people to trust the information you are putting out there. Creating engaging content as a lawyer can be challenging, but Justin provides some strategies that can be used to make it successful. One strategy is to think about who your audience is and what content they are watching on a daily basis. With this, you can create content around the audience’s interest so the algorithm will send them your videos. Another strategy is splitting your content throughout the week that targets different audiences. For example, if you want to create 4 videos a week, dedicate 2 videos to attorneys and 2 videos to the average client. This way you are connecting with colleagues and potential clients at the same time. Listen in to learn more! 04:32 Authenticity in Media 18:14 Valuing Yourself 20:06 Hiring Insights 24:15 Bad Hires and Character Flaws 27:06 Quick to Fire, Slow to Hire 29:45 Identifying Trends in Media 38:15 Team Collaboration in Content Creation 41:17 Content Management Importance 01:15:45 Identifying Audience Interests Connect with Justin: Website Tune in to today’s episode and checkout the full show notes here .…

1
From Rock Bottom to Breakthrough: How Perseverance Turns Pain into Success 19:06

πριν 7 weeks19:06

19:06

Watch the YouTube version of this episode HERE Are you a law firm owner who is struggling with perseverance? In this episode of the Maximum Lawyer podcast, host Tyson Mutrux delves into the critical role of perseverance for law firm owners and entrepreneurs. For Tyson, success comes to those who can endure the pain to keep going. For law firm owners, you need to stick it out and fight through the tough situations in order to rise above it all and make it to the other side. For those that are struggling, there are a few things you can do, in which Tyson uses Carvana as an example of a company who rose to the top after hitting rock bottom. You can reduce costs and restructure debt, improve operations and slim down your workforce. Tyson provides some actionable steps law firm owners can take to persevere through tough times. One thing is to focus on the long game because success takes time. Big wins are not always going to happen. They will come in waves and it is important to always focus on the ultimate goal, even when things don't go as planned. Make sure to celebrate the small wins to keep momentum going so you and your staff are motivated to keep working hard. Tyson also emphasizes the need to have a good support system around you. It is more important to ensure your colleagues and staff are going to push you to be better and be there to help when needed. Take a listen to learn more! 00:11 Enduring struggles and setbacks as a law firm ownership 3:16 Actionable steps for enduring challenges in law firm ownership 7:53 Importance of building mental toughness law firm success 13:56 Emphasis on viewing failures as opportunities for growth and improvement Tune in to today’s episode and checkout the full show notes here .…

1
A Law Firm Owner's Guide to Demystifying Financial Statements with Brian Feroldi 44:45

πριν 8 weeks44:45