Learn the Secrets of Multi-Million Dollar Law Firms with Sam Mollaei
Nov 03, 2022
All law firm owners will reach a point where it seems impossible to grow. You can spend time and effort running everything as smoothly as possible, but you can't do it all alone with so many things demanding your attention. If this is how you’re running your firm, you need to stop. You can grow your firm without being at its mercy.
Sam Mollaei, a Two Comma Club awardee and owner of seven law firms, joins us in this episode to discuss how he got to where he is and how you can replicate what he did. He shares his five-step process on how to scale your firm. Sam also emphasizes the value of an abundance mindset and constantly improving.
If you want to learn how to scale and automate your law firm to a higher level, this episode is for you!
Here are three reasons why you should listen to this episode:
- Discover how Sam managed to build multi-million dollar law firms and how you can start incorporating his 5-step process into your life.
- Learn the 3 main factors that will drive the scalability of your law firm.
- Understand that focus is key. It’s better to work on something first and make it run well than to try to do everything at the same time.
Want to implement what you’ve learnt in this episode? Download the Action Guide, a workbook designed to help you process and implement the knowledge gained from this interview.
Two Comma Club Awardee
- Sam’s first Two Comma Club award resulted from being in the trenches and doing all the hard work himself.
- His 5-year experience taught him how things work and what he can repeat and duplicate. This knowledge earned him his second award.
- Sam shares how he grew one of his seven law firms to multi-million dollars within 10 months. You can replicate the system in any law firm.
- He owes his success to experiential learning.
Five Steps to Scale Fast
- First, have a mindset shift. Accept that there are many clients out there.
- Second, simplify your life and focus on your top client source. You don’t need to be present on all social media platforms.
- Third, utilize paid sources. Sam shares that most of his clients come from paid sources.
- Fourth, don’t stay stagnant and keep doing something different.
- Fifth, be willing to spend more to grow more.
Sam: “I noticed a lot of people will stay stagnant where they are. They're doing the same exact thing that they were doing six months ago or a year ago. You always constantly have to be doing things differently, and accept that the only constant is change.”
Diving into Sam’s 5-Step Process
- Look for business decisions that are scalable. Predictability can also help you gauge your ROI.
- Know what’s going on in the market and your competitors.
3 Factors to Scale Your Services
- Know the value and average lifetime value of every client. Ideally, their value should be $5,000 or more.
- Understand your expenses.
- Understand how fast you collect payments. It’s better to be in practice types that collect money upfront.
Sam: “Ideally… It's usually better to be in those practice types that either you collect money upfront, or you're able to actualize on those attorney's fees within max 18 months, but nothing more than that.”
The Power of Delegation
- Working by yourself will only allow you to reach a certain amount, but a team can take you to millions.
- Lawyers often like being in control. The need to be in control can be a weakness when it manifests in the inability to trust and delegate to others.
- Learn to overcome fear, uncertainty, and doubt.
Sam: “Zero to $100,000, it's on you. $100,000 to $2 million…by your team. Even more so from a million to 10 million. It's more about team building and organizations.”
Shifting to an Abundance Mindset
- Be creative with how and what you serve clients.
- If you’re limited to a geographic location, your growth will also be limited. Find creative ways to expand your boundaries.
- Scaling is all about increasing your budget, your geographic location, and serving more clients.
Moshe: “Really develop this abundance mindset around there are so many clients out there, and it's just a matter of me attracting them and getting those clients to come through my door.”
- Thinking that it’s hard to get clients is self-sabotage.
Sam: “All those things are self-sabotage… Every time you say that to yourself, you're literally decreasing your chance of being successful. It's very important to be conscious of this and flip it.”
The Key to Effective Marketing: Hyperfocus on What Works
- Sam doesn’t recommend big marketing agencies. He prefers working with freelancers and independent contractors because they usually specialize in specific niches.
- Understand and analyze your situation. Know what’s working and do more of that.
- If you’re paying for ads, make sure it’s converting consistently.
- Once your first client source is working and well-automated, only then can you work on another client source.
Sam: “It's very hard to get any of these things to work if you're doing them at the same time. So just drop everything, become hyper-focused on just one, do whatever it takes to get this to work, and then once you see that it's doing its thing, then you move on.”
- The most ideal system is to have your paid ad source with your top organic source.
Sam’s Top Organic Sources
- YouTube is Sam’s top organic source because of the platform’s higher barrier of entry.
- Play the long-term game. You’ll see your growth explode eventually.
Sam: “If you play the long-term game, you're usually doing better than the people that are playing short-term. So these Instagram and Facebook and all that stuff are short term sided platforms. YouTube is the exact opposite.”
- YouTube has the ability to nurture stronger relationships with an audience.
- TikTok can also be a good organic source since the platform has a lot of users. However, it has a low barrier of entry and doesn’t really nurture relationships.
- Sam also recommends building your email list.
Sam’s Top Paid Sources
- Facebook reigns as the best-paid source. This is followed by YouTube, Google, and TikTok.
- Note the differences among the platforms. Google is commonly used by people looking for solutions to problems, while Facebook interrupts a feed by presenting solutions.
- Google is very saturated but the easiest way to get clients.
- Your ads can either generate leads through Facebook lead forms or send them through a call funnel to nurture the relationship.
Think with the End in Mind
- Instead of worrying over costs per ad, start to think backward.
- Start with your end goal in mind and work backward.
- This helps you understand how much you’re willing to spend or do for your goal.
Sam: “Most things in life, when it comes to getting something…you can do the calculations backwards. It will always lead to better results than if you try to do the calculation forward… When you go backwards, that kind of opens up your eyes and allows you to create a budget and be upfront so that you're willing to spend up to this amount on your marketing.”
Sam Mollaei helps lawyers scale their business to 7 figures and help them work less. Sam is a legal disruptor and pioneered the Virtual Law Firm Model, which helped build 3 multi-million dollar law firms in just 5 years. As a lawyer, he has generated over 16,000 clients and over 3,000 5-star Google reviews.
Eager to help others in the industry, Sam set out to guide thousands of lawyers create profitable law firms and also wrote the new #1 Amazon best-selling book Virtual Law Firm Secrets: How to Run Your Law Firm so It Doesn’t Run You.
Want to learn more about Sam’s work? Check out Legal Funnel and his website.
You can also connect with him on LinkedIn and Instagram.
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