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Davina: Right. Brooke: Yes, absolutely. It was a lot of investing in philanthropy and community projects and attorneys being on board a lot of traditional. Thats different for everybody. Because I spend so much time out at networking events. Think about what the market has done in the past year. So on Facebook, were Cathedral Capital Inc. And we do a Facebook live every Friday on something that we think our clients would find really useful. You know, lets remember the whole year and get that right. If you dont have any oxygen, youre gonna die. I call it false profits. And if you know that, for instance, 75% of the people that like a sales call with you become clients, then you should know how much extra youre going to build next month. Davina: It does, it does. Davina: Right, right. We believe that 1/3 should go to overhead. But theyre not making the amount of money that they could be making if they had more calls coming in up those ideal prospective clients. Did you know that almost two-thirds of completed law firm mergers and acquisitions involve small law firms? A rule of thirds grid. Yours may or may not be one of them. Welcome, Brooke. And the door the buildings locked. It was so stuffed with mail. Your cases are not coming through paid marketing. Brooke: Everybodys everybody is different. Whether its pay per click SEO, you know, youll start small and kind of build. And then at the end, see if there is profit left over. So the number we really look at the key number here is under compensation. And I called the receptionist was like, oh, if you go around the side of the building down a couple of steps, then theres an entrance directly into our office. And they may need to look, you know, in some other manner. And that is you have in here a fee agreement that get you paid. Getting a firm grasp of the Rule of Thirds will empower you to fine-tune your eye to bring out the best of the elements in your design by placing them where they belong best. Yes, you do. So you definitely need to, you know, you take into account your practice area when youre thinking of this, and also your risk tolerance. GPR Right. Thats wonderful. If you are a woman law firm owner who wants to scale your law firm to a million dollars or more in gross annual revenue, and do it in a way thats sustainable and feels good to you, then we invite you to join us in the wealthy woman lawyer league. So I offered to the skewed a little higher side with regard to marketing, but tell me what you tell me what you think we should be paying attention to, with marketing and sales. So From Panic to Profit, How Six Key Numbers Can Make a Six Figure Difference in Your Law Firm. And if somebody saw a file with a red rubber band on your desk, or even just the red rubber band, theyre going to go whoa, whoa, whoa, we dont work on red rubber band files. We believe all women lawyers deserve to be wealthy women lawyers. Closed and Open. The rule of thirds is an important composition technique which can be used to improve the balance and structure of your artworks. And and so all of a sudden, you have these very bright, very well educated people who have been taught to be the expert, you guys are the expert in what you do. An Equity Partner is an owner of a law firm. I say its a range between five and 10%. 1. Davina: Well, kind of interesting when you say that its a little stressful, I think sometimes. I have other firm owners that want 200,000 in the account. And so he said, c an you come help me? Using Negative Space With The Rule Of Thirds Rather than filling the frame with the butternut squash below - it has been positioned approximately one-third of the way from the left. Thats the most hashtag accurate, is what that is. So when youre when youre looking at your cash flow forecast, and you see that a few weeks from now, cash is drying up, it suddenly gives you that creative, theres no such thing as writers block when the deadline is on right. So women law firm owners are the ones who make up our audience. Another vanity number is peoples conversion rates. As a Chartered Financial Analyst, Brooke specializes in helping entrepreneurs turn their companies into profitable businesses by working with closely held companies with revenues up to 10 million dollars. Most businesses run checks twice a month. Davina: Yeah, I want to delve into those I want to start with start with talking about we often hear cash is king. But I think youre right, I think those you know, in personal injury firms, its so important to have big huge lines of credit setup, because you dont know when the next pay day is going to be. Who are your clients, what has been your originations for the last three years. The word rule has a wide range of meanings in the law, as in ordinary English. Contact Speaks Law Firm Thank you for your interest in contacting Speaks Law Firm. And I said, sure I can. Right, you know. Positioning the horizon centrally tends to chop the photo in half . And it just its absolutely laughable when I look back at it now because Im your Im a word person like a journalism major. Im your host, Davina Frederick, and Im so excited for you to meet our guest today. Like it is important to every stinking owner. No, I love the red rubber band tip. cessna 170 v speeds. Again, each firm view and defines titles and compensation differently. Theyre going to look at how much cash they have. Davina: Right, right. And my team and I really struggled with this for a couple of years until we came up with what we think are the right numbers. And, and many, I think your bookkeeper, when you start looking at financial people, your bookkeeper is that first person you want to put in place? And they it doesnt necessarily its not necessarily the youre the first person that they talk to. So the number that I need to look at to be responsible, is access to three months. So youve managed to escape the attorney curse, though that apparently had befallen your family. Lets also be really clear, you get compensated different ways. So all right. Im going to all pay them another day. The main principle is to break the image into thirds, both horizontally and vertically. So thanks for being here. The rule of thirds is defined as a compositional technique that puts elements of a photograph along intersecting lines on a nine-section grid. Were super glad to have you here. The rule of thirds is one of the compositional rules/guidelines that applies to landscape, street photography, pet photography, and portrait photography. Dive into the great divide between solo small law firms and mid-to-large law firms regarding valuations and sales. The rule of thirds was designed to simplify artistic composition. And so we looked at it. If your cash doesnt have any business, its going to die. Managing Partner (CEO) Youre like, how am I ever going to get work done? I mean, we know we know we need we need to cover our net right? So, you know, we can plan for those things, we can plan for growth in business, we can plan for things like the owner going on vacation, which is going to affect possibly billing, and very probably will affect sales. 1999 holden rodeo towing capacity. The only way you can make a decision about whether you can stay on the island for another week or not, is for the captain of that boat to bring you a piece of paper with three to seven numbers on it. Not to mention how accurate can things be? And they went back, and I talked to them a week later, we were no longer going to run a deficit, they had been talking about rolling out a DUI firm, they have been talking about rolling out a new product that they thought would change the way people got sentenced in Portland. Shes like, oh, its about you know, six weeks worth of mail. Like most other filmmaking "rules," it's not really a rule at all more of a golden guideline. And then other people you may be getting a lot of calls coming in a lot of them are less than ideal. Here, I have used the rule of thirds by placing the subjects at the top right and bottom left point of intersections. This compensation is clearly defined in the firms bylaws. And one of the first things I did was I said, look, were gonna hire you a bookkeeper. Historically, he likes to shed his partners every seven to 10 years. You need an escape hatch there. Davina: Okay, so weve got cash, we know that we know what cash flow forecasts can do for us. If you are an attorney, that is your bill. It was a good sized law firm it had, we had about 50 partners, I think youd probably have about 100 partners now. As you get up to a million dollars. This is a quick down and dirty way to calculate what a Partners book is worth and the base draw/salary they will receive. Im like, okay, that every everybody has what, you know, we kind of call a deck, whats that hard deck? There are two types of compensation approaches. Applying the rule of thirds to a painting keeps your composition from being split in half either vertically or horizontally. So that means that 33% of your expenses should be your payroll. Youre going to need more just like if youre exercising. What I do, right. And youre not being honest with yourself or anyone else about how profitable your firm is. Im like, uh huh. You know, you can have one month of cash and a line of credit equal to two months of operating expenses. And thats just a number in isolation. And Im like, uh huh. And before you start to hyperventilate, that 5% is really low. So, you know, you look at all these different series of yeses, these all these places where decision gets made, some of them are being made on your side, some of them are being made on the client side. I know, I dont expect you to read the whole book for us to get us the whole inside scoop. And then if they dont dispute the bill, you charge it. What Is the Rule of Thirds? And then if you have that situation with somebody where youre closing them, but youre youre closing some but youre not closing on some of the good fish are getting away, then youve got to really work at how do I know how to have a sales conversation. There are two ways an attorney can be invited to be an Equity Partner. Law firms are very careful who they ask to marry, its all about your ability to make it rain. So to go back to your question, how much cash should you have? Staff Partner He had shed his partners. I just know that I have that. She is the author of the 6 Key Numbers book series, which includes From Panic to Profit: How 6 Key Numbers Can Make a 6 Figure Difference in Your Law Firm. The Rule of Thirds is one of the first basic concepts to learn as a budding filmmaker. She lives in Pennsylvania. Each category can have numerous subsets of how they are going to compensation the partners. So we got cash is king. I know, an attorney in Chicago. This subject is very complex with many moving parts. Many firms may not identify an Equity Partner by title. Its a great number. They have administrators who are actually running the firm, you know, and its about more than money, but they have administrators that actually handle everything when it comes to running the firm. If your composition involves images of people, align their bodies with the vertical lines and their eyes with a horizontal axis. Creating a Law Firm Compensation Model Adopting modern law firm pay structures rewards your lawyers, partners, and staff for the high-quality, valuable work they do each day. The grid consists of three evenly-spaced rows and columns to make nine equal boxes that fit over the image. Right. Copyright 2023 Wealthy Woman Lawyer|Developed by DFMM, LLC|Privacy Policy|Earnings Disclaimer|Terms and Conditions, 186: Stacey Kalamaras | Collaboration in Trademark Law, 185: Danielle Hendon | Taking Control of Your Finances with a Fractional CFO, 184: Nikki Rausch | Improve Your Sales Conversations to Skyrocket Your Revenue, 183: Kim Garmon Hummel and Shawn Karol Sandy | The Secret Sauce for Attracting New Leads, 182: Laurore Jean Pierre | Educating Your Clients on Generational Wealth, Vanity numbers and what you should be looking at instead, What cash is king actually means in practice, How and why to run a law firm on the Rule of Thirds, Percentage of your budget you should spend on marketing. And in fact, it has changed the way people are getting sentenced. After earning her MBA in investment and corporate finance, Brooke built a seven figure company in under two years. A managing partner can be an equity partner, income partner, staff partner and sometimes a senior associate. Law Firms: Be Strategic In Your COVID-19 Guidance [GUIDANCE] On COVID-19 and Business Continuity Plans. But over time, you can train other people and these other people in those touch points, to make sure that were maximizing the highest and best use of your time. As a verb, it most commonly refers to the action of a court of law in settling a legal question. Looking from the outside, you may not be able to know who an Equity Partner or, who is not. This leaves us with nearly two-thirds of empty space - known as "negative space." To embed, copy and paste the code into your website or blog: Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra: [HOT] Read Latest COVID-19 Guidance, All Aspects [SCHEDULE] Upcoming COVID-19 Webinars & Online Programs, [GUIDANCE] COVID-19 and Force Majeure Considerations, [GUIDANCE] COVID-19 and Employer Liability Issues. And I also know how my business is structured. The criteria may account for the size of the firm as well as the book of business you bring to the table and your leadership. Okay. Davina: Right, right, right. And then a $10 million firm at 8% is 800,000. COMPENSATION MODELS The third rule of photography is; if the second rule does not apply, deffer to the first rule. Brooke: Much less what that purchase was, you know, nine and a half months ago. So. give you your time back. 3. Davina: You cant afford not to have a bookkeeper. Brooke: It is. To settle or decide a point of law at a trial or hearing. Davina: Where are those checks anyway? And if we give them enough of a peek inside, I think theyre gonna run out get your book, because you delve into a lot of this a lot deeper in the book, but tell me another. Two hours of billing will probably pay for a bookkeeper for a lot of law firms. I dont care what your bill says, that client thinks they have 30 days to pay it. Brooke: Im like, you cant afford to pay somebody $50 an hour? At its most basic, the rule of thirds states that placing the key elements on the "thirds" of a picture is more pleasing to the eye than centering the subject or creating symmetry. If you are running a self-storage facility, those thirds are expenses, debt, and profit. The rule of thirds is a helpful guideline to. We need to find some sort of equivalent now because so many, you know, are doing paperless offices and their files are all electronic. Example 3: Magical Palm Tree at Sunset. Just In Time. And make sure if you do carry a big trust balance, or any trust balance, that youre working with that bank to get your line of credit, because thats whats considered sticky money. The rule of thirds dictates that if you divide any composition into thirds, vertically and horizontally, and then place the key elements of your image along these lines or at the junctions of them, the arrangement achieved will be more interesting, pleasing and dynamic. Did they show up or not? If you were sitting on three months of operating cash, if you had sat on one month, and taken those other two months worth of cash, gotten debt instead and put that in the market, what was the market up last year? And these are the one off bills. Typically shares or percentage points are awarded based on the lawyers contributions to the firms bottom line. They might have looked good, but how accurate could they have been? Brooke: So I want to talk about I mentioned ideal ratios, there are ideal ratios in law firms. Of course, all of that is turned on its head and has been a great equalizer and game changer for young attorneys is, you know, with social media, because theres so many opportunities through the internet and social media marketing to really connect with people and one thing that pandemic has shown us is we need to be able to do that more and more these days and perform Its a way to theres a way to do that. A little bit of financial education will take you a really long way. Deaths of people on foot surged . And but they didnt really do it on advertising. And then this huge number of attorneys, and I cant remember the exact number, but I know its somewhere over 70% of attorneys open their own firms. Okay, but you had asked me about marketing and sales numbers. And theyre cash, ideal ratios, production, you know, we got to get work done. The biggest is if you have taken an S corp election, the IRS requires you to take a quote, reasonable salary, they have not given guidance on what reasonable is. Whereas used to you would take you hours to do rainmaking marketing. Non-Equity maybe paid by W2 vs. Equity Partners are paid by a Scheduled K-1. Yeah, I cant remember what I you know, spent last week I cant remember what I had for much. And Im going to explain it this way. Of Counsel vs Counsel (Also, includes Special Counsel and Sr Counsel) Because that tells you how many clients you have coming in. Many smaller firms use this model, some AM laws and virtual law firms also use this model. And youre not getting paid for a while. Im a million dollar law firm. Yeah, one person, it gets hard for one person to generate a million dollars through shoe lava. Davina: At the actual, you know, marketing itself and relationship building is coming from you connecting with other others. vleni, olt in Indonesian : vleni, olt. What is it worth and what does it mean? How many people would have turned around and left? And your firm. These frames then serve as guidelines as to where subjects of interest should be placed. Do you have enough people to do the work? What would be the next one that you want to talk about. Well, whats interesting about that, as you mentioned earlier, the conversion rate. The Rule of Thirds is a photo composition technique which asserts that a scene may be divided by two horizontal lines and two vertical lines. Here too, maybe a hybrid of all the above. Davina: But there are people out there who still do that. Well, we believe that you should run a law firm on the rule of thirds. Buy in Each firm has a different buy-value. And there was panic, and you know, everything oh, my gosh, what are we gonna do. This leaves you with 9 frames. Since the new 70 years young is now considered the old 50 years young, the older attorneys are leaving the large firms to continue to practice in smaller firms. Now, percentage wise, I dont know. The rule of thirds is a composition guideline that suggest you should put a main point of interest on one of the four "rule of thirds" points. But there are certain circumstances where you know that doesnt work. Were doing one, I think this week is marketing. So you work all of March, send the bill on April 1 to work all of April, when you get to the end of April, the client is just now thinking about paying you, you send out the bill on March 1. They charge 90 per hour, which is based on 30 per hour to pay Bob, 30 per hour to pay for a share of the overheads, as they've had to give Bob a computer, some software, a phone, a desk and a chair. Brooke: And it is important, it is a little stressful. If you have we invite you to leave us a review on your preferred podcast platform. The rule of thirds is a technique of dividing a frame - or in this case the view of a room - into a even three-by-three grid, so that there are two horizontal lines and two vertical lines dissecting each other to create a frame - like you would for noughts and crosses. Practice using the grid to arrange your compositions until you don't need it anymore. So we brainstorm some ideas. And youre right. So Im going to answer it two ways. And thats so, so to answer your queastion, its a mix of those two things. This white paper is only intended to be a guide. When youre out talking to people, you know. And 1/3 should be going to profit to the owner. Don't forget non-attorney staff So, how does the Rule of Thirds work? The second rule of photography is the Rule of Thirds. If you are seeking to make a lateral move. Because if you dont like bookkeeping, you know, you just dont like bookkeeping, youre not gonna like it, you know, like, get, just hire that done. You know, your one hour billing pays for, you know, almost an entire month of having a bookkeeper. And when its good to do that. So if we use the rule of thirds and place the subject off center, then we will need a counterpart to help us balance the image. And, you know, like you said, what makes you, you know, get squirrely when you start thinking, oh, my God, does that mean our account, right? Okay. And it actually, you know, you become a lower priority if you dont function in that manner. Brooke: I really appreciate you having me on. Law Review Online 194 (2022) December 7, 2022. 2. Build a Morning News Brief: Easy, No Clutter, Free! And then, and then it drops as you go up towards, you know, five and 15 million, its going to drop down to about eight. Each law firm is unique when it comes to compensation and organizational chart. A simple spreadsheet can show you where your firm stands. So use your use your trust account as a negotiating tool. The result is that you have divided your photo frame up into nine smaller boxes, or a 3 x 3 grid. So when you hit that, that million dollar share, you probably are spent spending 10%. To reach the goal of one-third salary, one-third expenses, and one-third profit, that associate needs to have a profit margin of $125,000. Okay, thats a probably you need to work on your schedule some. What is that line beneath which you start to feel uncomfortable and get twitchy? One firms title and compensation may be very different from another firms. Davina: Right? The Rule of Thirds is a simplified version of the Golden Ratio. 'I support D.C. Statehood and home-rule - but I don't support some of the changes . Law firms are client-facing businesses that rely heavily on customer service. And thats not a number that that we think, is important in isolation. 1/3 of your revenue should go to the people doing the work. Davina: Thats gonna be my next question for you. Do they know where to park theres a an attorney in Dallas that I love this email went out that said, if youre coming from the north, this is how you get here. And so you send a bill out on the first, most states require you to give a client an amount of time to dispute the bill. So the stages that we really like to look at is first contact qualified and you talked about this a little bit. Its $10. According to the rule, by positioning key elements along the gridlines, you'll end up with better compositions. You can use the rule of thirds grid in many ways. If youre coming from the south, this is how you get here. Whether it is science, art, or just familiarity, you will notice straight away that the image becomes much more pleasing. Brooke: Yeah. He didnt realize how much his family resented the fact that he spent this entire week stuck in the basement working on his books, instead of spending time with them. Emphasizing Melissa was easy because of her yellow dress and how it moved when she twirled. Yeah, you know, pay yourself in the salary of what you would pay an attorney to do your attorney work. All the things Ive told you, weve got money and trust, and we accept credit cards. Today. If those leads are coming from a referral source, and theyre not an ideal lead, somehow, you have not communicated to your referral sources who your ideal client is, and you need to go back and have that conversation. I was thinking you were gonna say to shoot rubber bands at the clients when they come in the door. So they tend to follow a lot of traditional sort of marketing models. But before we go, I want to make sure that people know where to buy your book, and where to check out a Cathedral Capital. But where can you go back and change the narrative, change the messaging, change the way you operate? Brooke: Right. Some firms will offer an attractive loan for an Equity Partner to finance the buy in. You need it. Davina: I used to work in house for a marketing campaign for a law firm. Davina: Yeah, and it really is. And approach: how they bill their clients (contingency vs retained or hybrid). In this composition, there are two main points of interest, Melissa in her yellow dress and the palm tree. This is seen in some of the AM law, although mainly seen in smaller firms. Davina: Yes, yes, thats tremendous. And I do know there are a lot of firms who are, you know, when you get to start when youre, when youre starting out, its you. Thats a big one that people focus on. Awesome. And that really got me thinking, what are those numbers? A good bookkeeper is priceless. Brooke laments the fact that most law schools dont actually teach aspiring attorneys how to run a business. It doesnt teach you how to run a business. And you can connect with us at cathcap.com. The rule of thirds can help you decide where to put a dividing line in the image. A lockstep model provides certainty and benefits from diversifying opportunities and spreading risk.