MARK POWERS , the president and founder of Atticus, a Master - - PowerPoint PPT Presentation

THE STRATEGIC PATHWAY™

Personal Injury – How to Build a Com petitive Advantage that Lasts a Lifetim e

Sponsored by:

National Association of Trial Lawyers

MARK POWERS, the president and founder of Atticus, a Master Certified Coach, and has been coaching litigators on advanced principles of practice management and marketing for 25 years. He is dedicated to ensuring that litigators maintain a competitive advantage in today’s complex legal market.

THE STRATEGIC PATHWAY™

Sponsored by:

National Association of Trial Lawyers Personal Injury – How to Build a Com petitive Advantage that Lasts a Lifetim e.

Main Points:

• Your PI practice is a goldmine! But…
• There may be a case for collective insanity.
• The market forces are changing faster

than most of your competition can react to

• r even begin to understand.
• There is a way to access the gold and

create a competitive advantage.

Stockdale Paradox

“You must never confuse faith that you will prevail in the end – which you can never afford to lose – with the discipline to confront the most brutal facts

• f your current reality, whatever they might be.”

~ Admiral Jim Stockdale

Ratio of Lawyers to U.S. Population

1968 168,000 lawyers 1 to 1,200 198 6 680,000 lawyers 1 to 334 20 0 0 1,000,000 lawyers 1 to 282 20 14 1,325,000 lawyers 1 to 251

200000 400000 600000 800000 1000000 1200000 1400000

Growth in Lawyers

• 1968 – 167,000
• 1986 – 680,000
• 2000 – 1,000,000

1,300,000

• India graduates 70,000 English speaking attorneys

annually who do not practice in your state

• NY Bar study predicts by 2015 over 76,000 attorney

jobs will be outsourced to other countries

Globalization

“Outside” Competitors

• LegalZoom.com
• $156 Million in 2011 - $12.5M Net
• Rolled out their legal insurance program

Legislative Changes

• Tort reform
• PIP reform
• (insert articles)

When you discover you are riding a dead horse — the best strategy is to DISMOUNT. Dakota Indians Tribal Wisdom

When Riding Dead Horses, Personal Injury Law Firms Often Use Other Strategies!

• Appoint a committee to study the horse.
• Arrange to visit other firms to see how they ride dead horses.
• Harness several dead horses together for increased speed.
• Buy a stronger whip.

Options

3. Build a business that gives you competitive advantages in your market 1. Business as usual. Ignore the facts, maybe they’ll go away 2. Close your practice and find a new job

THE STRATEGIC PATHWAY™

Creating a Competitive Advantage

GREAT LAWYER STAGE

Name Date

TRAPS / BLIND SPOTS RESULTS STRATEGIES

The Great Lawyer Stage™

• What I don’t know that I

don’t know

• Working “in” it … doing it,

doing it

• Lack of personal boundaries
• Be a “great” lawyer
• Work harder
• “Heroic” management

style

• Stagnant or falling incomes
• Long hours, no weekends, little

time off

• Endless days of high stress,

interruptions, a treadmill

• Very vulnerable to market forces
• The practice “owns” them

CRITICAL DECISION

PRACTICE GROWTH

What I don’t know that I don’t know Working “in” it… doing it, doing it Lack of personal boundaries Be a “greater” technical Lawyer Work harder Be the “hero” of the Story Stagnant or falling incomes Long hours, no weekends High stress, days filled with interruptions

GREAT LAWYER STAGE CRITICAL DECISION

CRITICAL DECISION

TRAPS/BLIND SPOTS RESULTS STRATEGIES

PRACTICE GROWTH STAGE

• Marketing & revenue focus
• Raise case values
• Become far more selective

with clients and staff

• Build a solid team
• Develop sustainable

infrastructure

• Work “on” the business
• More personal freedom,

fewer hours, more vacation

• Good revenue growth, good

profits

• Better clients and

dependable team

• In some cases, double

revenues and take month- long sabbatical

• Successful by anyone’s

standards

• Income still based on

increased personal role, “Über Technician”

• Still “heroic” leadership

style — organization still dependent on them

• Comfortable & Arrogant. No

big challenges — lack a compelling reason to play a bigger game-things are working

MASTERY DECISION PRACTICE GROWTH

What I don’t know that I don’t know Working “in” it… doing it, doing it Lack of personal boundaries Limited strategies Work harder Be a great lawyer Stagnant or falling incomes Long hours, no weekends High stress, days filled with interruptions

GREAT LAWYER STAGE CRITICAL DECISION

Income still based on personal role, “über technician” Organization still dependent on them Comfortable, boredom sets in Marketing and revenue focus Raise case value, rates and retainers Become more self selective More personal freedom Good revenue growth Better clients and team

MARKET LEADER

TRAPS/BLIND SPOTS RESULTS STRATEGIES

Market Leader

MASTERY DECISION

• “Post-Heroic” style of leadership
• Focus on profit centers
• Constant improvement as a

cultural focus

• Market firm and team (vs. self)
• Marketing and delivery

innovations

• Management structure in place
• Recognized as a market

leader

• More passive income over

wage/salary

• Legacy organization
• Great team – not dependent
• n them
• More autonomy, personal

freedom, fun and joy than they imagined!

MASTERY DECISION PRACTICE GROWTH

What I don’t know that I don’t know Working “in” it… doing it, doing it Lack of personal boundaries Limited strategies Work harder Be a great lawyer Stagnant or falling incomes Long hours, no weekends High stress, days filled with interruptions

GREAT LAWYER STAGE CRITICAL DECISION

Income still based on personal role, “über technician” Organization still dependent on them Comfortable, boredom sets in Marketing and revenue focus Raise case value, rates and retainers Become more self selective More personal freedom Good revenue growth Better clients and team

MARKET LEADER

YOU RELATIONSHIPS THE PAST PROFESSIONAL RESOURCES TECHNOLOGY FOCUS MANAGEMENT

Gravitational Pull:

Focus on profit centers Selling firm and team vs. self Marketing & branding into sweet spot Recognized as market leader More passive income Legacy organization

Key Strategies for Change

• Compelling reason/goals
• Accountability and follow-up
• Guidance and Direction - Coaching structure

MASTERY DECISION PRACTICE GROWTH

What I don’t know that I don’t know Working “in” it… doing it, doing it Lack of personal boundaries Limited strategies Work harder Be a great lawyer Stagnant or falling incomes Long hours, no weekends High stress, days filled with interruptions

GREAT LAWYER STAGE CRITICAL DECISION

Income still based on personal role, “über technician” Organization still dependent on them Comfortable, boredom sets in Marketing and revenue focus Raise case value, rates and retainers Become more self selective More personal freedom Good revenue growth Better clients and team

MARKET LEADER

Focus on profit centers Selling firm and team vs. self Marketing & branding into sweet spot Recognized as market leader More passive income Legacy organization

YOU RELATIONSHIPS THE PAST PROFESSIONAL RESOURCES TECHNOLOGY FOCUS MANAGEMENT

Compelling reason/goals Accountability and follow-up Coaching structure

Gravitational Pull

Biggest Takeaway

Building a Competitive Advantage that lasts a lifetime.

Questions?

mark@atticusonline.com