LawBank Hosts “Work Smarter, Not Harder: Solo Practice Success Panel”
As part of the Solo Practice Success program, LawBank hosted a “Work Smarter, Not Harder” panel on February 17, 2021. Panelists included Mark Candler, Kathy Hancock, Amy Kingery, and Meranda Vieyra. The lunch was sponsored by Maia Wealth.
Mark Candler is a Wealth Management Advisor with Maia Wealth. He has over 17 years of experience as a Wealth Manager. Kathy Hancock is a Consultant at Vertex Advisors. She has over 30 years of experience in operations and issues management, leadership coaching, growth and combination strategies, strategic planning, and marketing and business development. Amy Kingery is the Assistant Director and judicial/presentation programming liaison for the Colorado Lawyer Assistance Program. As a Colorado licensed clinical social worker and licensed addiction counselor, she has over 15 years of experience serving individuals, families, and professionals. Meranda Vieyra is the Founder and CEO of Denver Legal Marketing. She has over 20 years of experience in Denver law and specializes in diversity and inclusiveness, business development, legal marketing strategy, and recruiting initiatives.
Kathy Hancock began the panel by discussing business operations best practices. She provided 15 tips for independent lawyers and small law firms to thrive. Because small law firm practitioners only spend about 30 percent of their time practicing law—with the other 70 percent of time taken up by administration, marketing, operations, and other activities—Kathy suggests that all independent lawyers have a plan. To be most efficient, lawyers must be clear about what their firm does. That includes knowing what clients they serve and where to find them. Kathy also recommends knowing your budget; it might make sense to hire an accountant instead of taking on finances in-house. It is also important to have a pricing strategy, whether hourly, flat-fee, or another pricing structure.
Kathy emphasized that many of her suggestions can be put into practice simply by utilizing the resources available through LawBank. This includes developing a network to tap into for support and idea-sharing. LawBank also helps minimize overhead. Kathy advises knowing when to call in reinforcements. This could involve bringing in contract attorneys, paralegals, or administrative support when necessary. Lastly, Kathy stressed the importance of investing in yourself. Independent lawyers should pay attention to mental health, physical health, and overall wellbeing.
The next panelist, Mark Candler, provided financial tips for independent lawyers. Mark discussed a sampling of strategies that lawyers can use when paying off debt and investing in the future. While many lawyers utilize what Mark calls “The Balancing Act,” which includes dedicating funds to lifestyle, paying off debt, and investing in the future, he showed various ways to distribute money. He explained that, ideally, the model lawyers should use is the “Optimal Debt Repayment, Optimal Retirement Strategy.” This model includes distributing optimal funds towards paying off debt while also allocating funds to invest in a financially healthy future.
Mark’s goal as a financial advisor is to simplify and consolidate the financial life of his clients and give them true peace of mind. Mark and his team at Maia Wealth strive to be the go-to educational resource for the legal community. They offer a free Maia Wealth Digital Portal and complimentary financial planning tool. They also have a lawyer resource page and regularly host 12-minute webinars as part of the “Maia’s Money School for Lawyers” series.
Amy Kingery continued the panel by discussing lawyer wellbeing and the resources available to legal professionals through COLAP (Colorado Lawyer Assistance Program). COLAP is a free and confidential program for the Colorado legal community established by Colorado Supreme Court Rule 254.
The program is available to all legal professionals, including those who have transitioned to retirement. COLAP offers wellbeing consultations, referrals, Ethics CLEs, and other support. In 2020 alone, COLAP hosted over 150 CLEs. Because it was established by Rule 254, staff and volunteers at COLAP are committed to protecting lawyers. They will never report confidential conversations to the Colorado Bar or the Attorney Regulation Counsel. Currently, COLAP staff and volunteers are available for calls or Zoom meetings to comply with safety protocols. To request a consultation, lawyers can leave a voicemail on the confidential telephone line (303-986-3345) or submit an email to the confidential email address monitored by COLAP staff.
Meranda Vieyra concluded the panel by discussing marketing and business development for independent law firms. Her first topic was social media in the year 2021. Meranda shared that starting in March 2020, there was a 21 percent increase in social media usage. Because social media helps you engage with new audiences and re-engage with past connections or referral sources, law firms have been using social media in significant numbers.
Meranda suggested three social media platforms for law firms: Facebook, Instagram, and LinkedIn. Facebook allows lawyers to listen more to clients and contacts. Instagram challenges law firms to become more creative, such as utilizing the new “Reels,” 15-second video function. LinkedIn allows lawyers to engage in conversations with one another and potential clients. Ninety percent of lawyers have LinkedIn profiles, and it is no longer about simply posting content but engaging with connections.
Meranda’s biggest suggestion when it comes to social media is to stand out but remain authentic. Meranda also discussed awards and accolades and suggested self-nominating or reaching out to your network to ask if they feel comfortable nominating you. Finally, she stressed the importance of continuing business development in 2021. Even though it may look and feel different in a socially distanced world, business development is essential to every small and independent law firm. Some creative ways to maintain connections include handwritten notes, personalized emails or text messages, and mailing gifts. All of the social media and business development practices that Meranda shared will be most successful when a law firm adapts to and embraces the ever-changing nature of a virtual world.
If you are interested in viewing the entire presentation, click here. Visit the LawBank events page to view upcoming programs.
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LawBank is the total-office solution for independent and small law firms. Since its inception in 2012, LawBank has developed a unique collaborative community for lawyers. Now with central locations in Denver and Las Vegas, the LawBank network offers members regularly scheduled social, networking, and educational events that support professional growth and the relationship development lawyers need for their businesses to thrive. Contact LawBank today to schedule a virtual tour and join the community that helps independent law firms grow and thrive.
