Victoria Collier: Planning for the Future of Your Law Firm

Description

In this episode, Steve Fretzin and Victoria Collier discuss:

Thinking about your law practice of the future.
Selling a book of business versus an actual business.
Balancing future needs with your current lifestyle.
Key components of having an exit strategy and preparing your firm for sale.
Technology that is supporting law firms to run better.

Key Takeaways:

A solo practice is an asset as a business itself, beyond the goodwill and book of business, when the practice is streamlined and built well.
Everyone can build assets into their firm, even if they are a solo firm.
Focus more on the net revenue, not the gross revenue, and you’ll be surprised to see how much your firm can grow and thrive.
Clients don’t care about the name on the door as much as they just want their problem solved.

"Gross revenue is not where the value is, that’s in the net revenue. If you're making decisions based on ‘I want to grow my gross revenue,’ then you are making other microdecisions below that, that affect your net revenue, and often it's not in the same direction." — Victoria Collier

Find out more about the 10 Easy-to-Execute Hacks to Unlock Your Full Potential Event at: https://fretzin.com/events

Thank you to our Sponsors!

Lawmatics: https://www.lawmatics.com/bethatlawyer/

Get Staffed Up: https://getstaffedup.com/bethatlawyer/

Green Cardigan Marketing: https://greencardiganmarketing.com/

Episode References:

24 Months to Freedom: How Modern Law Firms Use Smarter Staffing Solutions to Fast Track Their Way to Success by Brett Trembly

About Victoria Collier, Founder and CEO of Quid Pro Quo: Victoria is a seasoned entrepreneur with over 20 years of experience in the legal industry. She is a Certified Exit Planning and Value Builder Advisor and has been coaching lawyers since 2008 on how to add value to their law firms. After building and then selling her own 7-figure law firm in 2020, she founded Quid Pro Quo. It is now her mission to teach others the art and science to creating turnkey law offices, positioning to transition, and selling for profit.

Connect with Victoria Collier:

Website: https://quidproquolaw.com/

Podcast: https://quidproquolaw.com/smart-lawyers-position-to-transition/

Facebook Group: https://www.facebook.com/groups/1284225722042602/

LinkedIn: https://www.linkedin.com/in/victoria-collier-b10b992/

LinkedIn: https://www.linkedin.com/company/victoria-collier-coaching/

Facebook: https://www.facebook.com/VictoriaCollierCoach

Instagram: https://www.instagram.com/quidproquolaw

Connect with Steve Fretzin:

LinkedIn: Steve Fretzin

Twitter: @stevefretzin

Instagram: @fretzinsteve