Why Investing in Your Staff is the Secret to Success with Chelsie Lamie
Feb 24, 2022
When growing a business, it’s crucial to know where to invest. While most companies allocate their resources to marketing, technology, and social media, there is one critical component that some firms neglect to invest in — their employees. What these companies fail to realize is that investing in their employees contributes significantly to the organization's success. If business owners fail to value their employees, their company may not progress.
In this episode, Chelsie Lamie joins us to share her humble beginnings and explains why she moved from America to Mexico. She also discusses the importance of investing in people and imparts the best practices she employs to keep her staff motivated. Finally, she explains why leadership is not similar to micromanagement and why empowering people you work with is key to a successful law firm.
If you’re an entrepreneur looking for ways to motivate your employees, this episode is for you!
3 reasons why you should listen to this episode:
- Understand the importance of financial literacy in running a successful law firm.
- Discover why business owners must invest in their people.
- Learn how you can keep your employees’ loyalty.
Her Children’s Education
- Her children’s Waldorf education approach drew them closer to nature. Learn more about this schooling approach by listening to the entire podcast.
- While Chelsie built her career on education and achievement, she wanted her children to attain a different form of learning.
- With a Waldorf education system, children may construct their experiences without being influenced by technology. In the long run, this can help them succeed.
The Car Crash
Chelsie got into a car accident with her husband, which caused her to take a break from law school for a year.
Her family struggled financially because of the accident. As such, Chelsie became determined to finish law school as soon as possible.
- To pay for her tuition, Chelsie applied for a number of student loans.
Improving One’s Financial Literacy
Moshe: “...what causes people to struggle with the growth of their firm is because of the responsibility that they carry. And therefore, they always have this pressure [that] I need to make X in order to survive. And that pressure doesn't bode well for success because you're always trying to shortcut and game the system, when the truth to growth is letting it happen.”
- Chelsie took on an associate position to help pay off her debt. Despite earning a six-figure salary, she still lived paycheck to paycheck.
- Don't hesitate to seek financial advice from experts. They can help you break out of your financial rut.
- Chelsie built her own law firm to create the life she envisioned. Tune in to the full episode to know how she started her business.
Invest In Your Firm’s Growth
- When Chelsie started her business, she hit a few bumps in the road. Eventually, going virtual made a significant difference in her ability to expand her firm.
- Invest in the growth of your firm instead of your sweat equity.
- Capital is needed when starting a business. However, it must not be used right away.
- Create a strategic plan on where the money must be allocated before spending it.
After Establishing the Firm
- Chelsie experienced tremendous success during the first two years of building her law firm.
Chelsie: “It's not about growth, it's about [the] net. There's plenty of attorneys out there who boast a seven figure law firm, but who make less than $50,000 a year themselves.”
- Invest in people, technology, and systems when starting your business.
- In terms of marketing, smaller firms should not compete with large corporations. For Chelsie, she only spends at most 6% of their annual revenue on advertising.
Profit and Goals
- The amount of earnings your firm makes isn't a good indicator of its success. Success is measured in terms of one's ability to manage one's time and finances.
Chelsie: “You shouldn't live somebody else's dream. You shouldn't try to build the law firm that somebody else is dreaming of. You have to build the law firm of your dreams for where you are at that moment.”
- Look at your investment's earnings and see how you can attain your objective with less effort.
- Maintaining a healthy work-life balance is crucial for a company's success.
Talk About Money
- It’s important for business owners to be knowledgeable about finances.
Chelsie: “I really can't stress financial literacy enough and getting a good CPA and getting a good bookkeeper and reading profit first and implementing profit first. And just talking about money.”
- One must talk about money to get better at handling it.
On Working Hours
- Chelsie spends an average of five hours working on her cases. However, she extends this if the need arises.
- A skilled entrepreneur should delegate the responsibilities in the firm rather than hogging all the work.
- By moving to Mexico, she was able to reduce the number of her working hours while still ensuring the growth of the law firm.
Moshe: “The real secret to growth in a law firm is when the law firm owner stopped doing legal work. [It is ] when you hand it off to somebody else.”
Keeping Your Employees Happy
- Instill the right processes in your company and hire qualified people.
- Practice the “hire slow, fire fast” principle.
- It is necessary to devote sufficient time to interviews with potential applicants.
- Avoiding micromanaging and employing systems that allow your employees to make decisions for themselves will keep them loyal to the company.
Chelsie: “If you identify quality people and you invest in them, and you treat them right, they will bring you riches beyond your wildest imagination.”
The Perks of Having A Nursery
- Despite struggling financially during the start of her firm, Chelsie opted to build a nursery out of the office break room. Tune in to learn how she did it!
- Establishing a nursery is a lucrative investment to keep your employees satisfied. Because of this simple act, her company's productivity and revenue increased.
Invest on People
- It’s important to connect and have fun with your employees.
- The most attractive incentives for employees, according to Chelsie, are money and travel.
- Give your staff enough leave credits and time off to maintain their trust in the company.
- Showing that you care about your staff also demonstrates how you can take care of your clients.
- Entrepreneurs should start considering their staff as people instead of an expense. Sympathizing with the situation of your employees results in a successful law firm.
Relevance of Leadership In a Law Firm
- Leadership should not be equated with micromanagement.
Chelsie: “Leadership is choosing the right people, having the right processes, and then letting go and empowering them to do their jobs and rewarding them for great work done.”
Receiving Cases From Other Firms
- Some law firms refer cases to others because they don’t specialize in it.
- Because of her company's compassionate and high-quality service, Chelsie receives a lot of referrals from other companies.
- Positive feedback from clients encourages others to also try out your services.
- There are three (3) stakeholders in a business: the owner, customer, and employees.
- People cannot prioritize all the stakeholders. There should be only one that’s above all.
- The employees are the most significant stakeholder. The way you treat your staff reflects how you’ll treat your customers.
- If you respect, value, and invest in your staff, they’ll produce happy clients.
- Allowing your employees to take vacations gives them the security that they can take a break when they need it.
- People will not abuse an unlimited time off policy since they recognize that such privilege comes with a lot of responsibility.
- Giving your staff a break allows them to show up to your company well-rested and more productive.
Chelsie’s Advice for Success
- Find ways to reward your staff.
- Rewarding your employees keeps a low turnover rate and increases your profit.
Chelsie Lamie is a lawyer, mentor, and entrepreneur. She attended the University of Tampa on a full academic scholarship and finished with a Bachelor of Arts degree in Psychology in just two and a half years. Chelsie worked as an auto and general liability claims adjuster for a big insurance business after graduating from college. The insurance firm provided Chelsie with training on how to analyze and settle injured victims' claims.
Chelsie pursued and earned a Juris Doctor degree from the Gulfport, Florida-based Stetson University College of Law. She achieved this while working two part-time jobs and handling a full-time academic load. Chelsie also received the prestigious Victor O. Wehle Trial Advocacy Award and twice placed in the top four in Phi Alpha Delta's Opening Statement and Closing Argument contests.
Chelsie and family have relocated to Mexico. Despite changing residence, she is still a devoted member of her community. She works as a motivational speaker at local high schools and volunteers with groups that deliver food and supplies to the needy.
You can connect with Chelsie at her website or through her social media accounts: Facebook, Twitter, Instagram, and LinkedIn.
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