PROFITABLE PRACTICE:
MORE CLIENTS. MORE PROFITS. MORE TIME.
FOR LAW FIRM OWNERS WHO WANT TO DOUBLE
THEIR PROFITS WITHOUT INCREASING THEIR HOURS
Who is it for?
Are you the owner or partner of a small law firm with up to £5m in revenue?
Are you fed up with working endless hours in your law firm but not getting the results you really want (higher profits, lower stress, more time off)?
If so, this programme will help you do just that.
The Profitable Practice Programme is designed for you if:
- You know you need to take action if you want a more profitable 'Freedom Firm' but you always seem to be too busy to create a practice growth plan or you’re not sure that your existing plan is the best use of your time and resources
- You feel like you don’t have enough time to do all the things you’re expected to do in your role and want to learn the 'shortcuts’ when it comes to getting more clients and the ways to work smarter, not harder – and maybe even reduce your working hours
- You want to cut out the costs (time and money) and uncertainty of marketing and business development activities that just don’t work and instead be shown which strategies will bring you higher paying clients and the best way to implement them
- You're ready to finally stop chasing revenue and focus on profit instead, so you can be better rewarded for your expertise and the risks involved in running a law firm.
- You want to improve your business development and practice growth skills so you can get better results in less time – leaving you more time to get on with the fee-earning
- You’re fed up 'thinking about’ all the ways you could grow your practice and just want help to get it done.
“My firm has been a part of Michelle’s Profitable Practice Programme for over a year with excellent results. Most recently, Michelle has helped us to produce a Client Magnet report that generated over 300 downloads from potential clients and contacts in just a few months. This has meant that we have been able to generate an excellent pipeline of worldwide potential new business targets during the COVID lockdown and has already generated over £50,000 of new business.
With Michelle’s help and guidance our marketing efforts are very focussed and efficient as we have been able to ‘hook’ new clients using social media and online tools. We have signed up for our second year in the programme and would recommend Michelle’s services to anyone who is looking to grow their law firm or practice and maximising the impact of their time investment and marketing budget.”
STEPHEN RODD
Partner, Keystone Law: Isle of Man
How Does It Work?
In this programme you will focus on installing and optimising the 3 Essential Elements of a Profitable Practice:
- Attract more enquiries from your ideal clients
- Convert more enquiries into paying clients
- Maximise your profits from existing clients
Each of the Elements has 3 Profitable Practice 'Accelerator' Strategies that need to be implemented in order to have each element working optimally and bring you more ideal/higher-value clients (if you need them), higher profits, and time back.
A typical profitable growth journey
Here's an example of what the journey typically looks like for law firm owners we work with:
Step 1: Build your Profit Architecture Plan: During our initial session together we'll create a written roadmap showing exactly which of the 9 Profitable Practice 'Accelerators' (shown in the above image) to implement and in what order – based on your specific Traffic Light results, your practice area, and where you want to be in 12 months.
Step 2: Fix the fastest wins first: For many firms this starts with conversion – because it's the quickest path to increased personal income without any new marketing spend. Moving from converting 3 in 10 prospects to 7 or 8 in 10 at higher fees changes the numbers significantly, almost immediately.
Step 3: Capture the profit already inside your firm: Plug the gaps where fee income is currently leaking – dormant clients, unconverted enquiries, unrealised referrals. This alone typically adds £20k-£50k without a single new marketing campaign.
Step 4: Engineer profit across all 7 Profit Zones: Small, systematic improvements across each Profit Zone compound into the kind of results you'll see in our testimonials – 100% to 471% profit increases, fee income doubling, personal income moving to a level that actually reflects the value you've built.
Every firm we work with has different opportunities within each Profit Zone - your firm might need to improve marketing to attract better clients, or improve retention to ensure clients stay longer, or increase fees so that each matter generates more profit. Whatever you need, we'll work through each Profit Zone with you systematically to maximise the profits from each one.
Step 5: Restructure so the firm works without you at the centre: This is where the Freedom Firm actually takes shape. Your team becomes a profit multiplier rather than an overhead. You start working fewer hours. The firm begins to build value as an asset – something that could eventually be sold.
Your actual plan will be different – because it's built around your specific situation and goals. But this is the overall arc every law firm owner we work with follows because it's the most time-efficient and effective way to get results.
“We have been working with Michelle Peters for five years and have just renewed for the next year of ‘Profitable Practice’. Recent successes include doubling our conversion rate of new enquiries, adopting specific ideas of Michelle to generate new work resulting in greatly increased volumes of work in the targeted areas, and helping us develop strategies to spread good marketing practice throughout the firm. Michelle has real-life experience of working with a wide variety of solicitor firms and has knowledge and opinions that she willingly shares, bringing new expertise, techniques, and strategies to our discussions. Our results show that this works.”
DAVID EDWARDS
Managing Director, Burt Brill & Cardens
The Profitable Practice Programme consists of 3 core elements to help you achieve this result
- Strategic Planning (‘What’ you need to do)
- Skills and Tactics Training (‘How’ to do it)
- Support and Accountability (making sure you get it ‘done’).
I never thought this would be possible but with guidance from Michelle, her patience, her steer and her motivation to keep me aiming higher, I have achieved an increase of 140% in fee income and 471% in profits so far – so nearly 5x profits compared to the start figure. Needless to say, I will be working with Michelle for many years to come!
REENA POPAT
Managing Partner, Carter Bond Solicitors
What’s Included In My Programme?
The exact contents of your programme depend upon which level of programme you join in. But there are some common elements too.
Getting Started: Your Strategic Action Plan
When you join the programme you will have a 60-90 min private session during which we will create a one page ‘Freedom Firm’ Action Plan to install Profit Architecture into your firm to and increase your profits over the next 12 months, with a specific action plan for the next 90 days. This ensures you know exactly what to focus on, and in what order, to achieve your growth and profitability goals. We’ll also review and update your Plan together every 90 days to make sure you stay on track.
“Since joining The Profitable Practice Programme in September 2018, Michelle has helped me grow my practice and we have gone from strength to strength. Michelle’s advice, guidance, feedback and training has been invaluable in helping improve our systems and get the best out of our team. As a result our regular fee income has grown month on month from around £18,000 a month to £25,000 a month without employing additional staff or incurring any additional overhead costs. Having the opportunity to share ideas with other lawyers at the mastermind days is invaluable and the support and feedback Michelle provides really helps to bring new and fresh ideas to the business to help us get to where we want to be. Even during the recent pandemic, with Michelle’s support and advice, we have been able to continue to grow the practice and are busier than ever. This month (July 2020) we are on track for £35,000-£40,000 which will be our best month ever despite the impact of Covid-19.”
SARAH CLOWES
Owner, Clowes & Co Solicitors
'Profitable Practice’ Skills and Tactics Training
The right skills and tactics are essential to your profitability and your Strategic Action Plan will show you which order to study them in. Depending on the level of programme you choose, you will have access to some or all of the following trainings.
- 5 Step Client Attraction System - so you can get attract more clients to you, so you don’t have to 'sell’ your services to them – online training videos, worksheets, templates and other resources (6 video sessions of 60-90 minutes + templates and tools
- 5 Step Client Conversion System - so you can get more clients to say 'yes’ to working with you at the end of an initial session or meeting – online training videos, worksheets, templates and other resources (6 video sessions of 60-90 minutes + templates and tools)
- Profitable Practice Accelerator Sessions - Online training sessions on the key themes of attracting more enquiries, converting more enquiries to paying clients and maximising profits. These are standalone sessions introducing a new strategy or tactic which you can put into action straight away using the tools and templates provided.
- Profitable Practice Training Library - you will also have access to our complete library of past Accelerator training sessions and clinics (over 50 hours of modules with templates, checklists, and other implementation resources).
“I signed up to Michelle’s Profitable Practice Programme in April 2020 during the depths of Lockdown I. Having started my firm 11 years ago and grown to 5 fee earners, I was looking to get some help with developing high quality leads outside of my immediate network.
One year on, and having just signed up for another year, I can honestly say that the programme has been invaluable. Not only has it provided the structure, focus and direction which I was looking for, I have also found that talking to other lawyers inthe programme so beneficial –it is really good to know that there others who havedealt with similar issues and to get their point of view.
Michelle’s great gift is that she is able to distil what might be seen as complexissues, break them down into bite sized issues and suggest ways of dealing which are easy to understand and implement.
My monthly profit has already doubled from £15k per month to £30k per month. But the real impact and benefit of the Programme is only now really being felt. When I started I had a 3 year vision of generating £700k revenue with £360k pre tax profit. I now fully expect to hit these targets this year – ie at least one year early.”
PIERS CLAYDEN
Partner, Clayden Law
Support, Feedback, Advice and Accountability
Your Strategic Action Plan is just the first step in the strategic planning process. You’ll be supported in implementing your Plan through the following:
- An opportunity to get your questions answered and the implementation of your practice growth strategies reviewed and critiqued in the weekly online Drop-in Clinics. If you can’t attend live, then send in your questions and you’ll be sent a link to the recording so you can listen to the answer.
- Check-ins via email every two weeks to ensure you stay on track with your 90 Day Plan and always know exactly what steps to take next.
- A monthly online Focus Session (60-90 minutes) for all Profitable Practice Members to help you get clear on what you need to do next, overcome any obstacles or challenges, and get my advice on specific strategies to make your practice more profitable. These sessions will leverage our expert community's knowledge and expertise so you don't need to reinvent the wheel or feel alone in tackling your challenges.
- Between your 90 day plan updates you will be invited to a private Momentum Coaching Session to keep you on track and help you get more implemented in less time and/or fewer hours. These sessions will help you remove blocks that are slowing you down and acquire new skills/tactics to help you speed up your implementation or to improve your work/life balance. 4 Momentum Coaching Sessions are included in your membership, with the option to add more.
- At least two Mastermind days per year (in-person or Zoom sessions meetings with other members of the programme) where we'll spend the day working on growing your firm or business, sharing best practices and what's working best in your sector, and identifying how to accelerate your results.
Hear directly from Mastermind attendees
“In my first two months of being a member of Profitable Practice, Michelle helped me identify some quick wins to put in place straight away. A new client, worth about £20k in fees, contacted me on the strength of my LinkedIn profile which I had updated using Michelle’s formula. I also used the techniques from Michelle’s training on how to describe what I do in a way which is clearer about the benefits for clients, and this helped me land another client, also worth about £15 - 20k, with another client in the pipeline. I’m delighted with the results so far and the 12 month programme has already more than paid for itself.”
KATE BRYAN
Owner, Data Driven Legal Services
Investment
I’ve designed this Profitable Practice for lawyers who want to add at least £50,000-£100,000 to their profits in the next 12 months and who want to be able to sustain and then increase that growth in the following years by building on the foundations they have laid during this programme. The investment is just £1,495 (plus VAT) per month which would easily be offset by getting just one new small client per month - or one larger client could easily offset the fees for the whole year. (When you optimise your attraction and conversion by following my training, getting new clients will be easier than ever before.)
Note: if you are outside the UK, please email concierge@thebusinessinstructor.com to request an invoice prior to payment so that we can send you the correct VAT invoice for your country
“In the first 12 months of ‘Profitable Practice’ we have doubled the fees income in our law firm, and I have been able to reduce my own working hours to more sustainable levels, improving my work / life balance. I am now spending less of my time working “in” the business and so have more time to focus on growing the firm. One of the key things that has helped achieve these results is the ongoing strategic focus that Profitable Practice supports, and the shift in mindset that it promotes. Our goal for Year 2 in Profitable Practice is to add another 50% to our fee income and to continue to improve profitability.
Anthony Mbanefo
Managing Director of CTT Law Ltd
My Personal 90 Day ‘Love It or
Leave It’ Guarantee
“I’m confident that when you enrol in this programme and implement the strategies I’ll be showing you, you will get more of your ideal clients and increase your profits. But I want you to be 100% satisfied with your decision to work with me. If at any time during the first 90 days of the programme you are not completely confident that it will enable you to achieve the results you are looking for, simply let me know and we’ll part on good terms at the end of the first 90 days with no further obligations on either side (if you’ve paid monthly fees, nothing further will be payable, and if you’ve made a single payment in advance then you will receive a full refund less three months' fees.)”
“I joined Michelle’s 'Profitable Practice' programme in Autumn 2020 because I had set up as a freelance solicitor practice a year ago and was looking for direction. In my first 60 days I managed to convert 5 new clients, 2 of which are very substantial anchor clients, and was entrusted responsibility to handle a major specialised bank licensing project. In the first 60 days my fee income had doubled and I had already reached my 12 month goals... and by the end of the first 12 months my fee income had increased by 150% and, more importantly, my profits had doubled. Lockdown turned out to be a gift year. Coming from Lithuania, I especially enjoy the collaborative culture of the Profitable Practice group of law firm owners, and the growth mindset, skills and helpful contacts that I receive. The best investment is in oneself, and I consider Michelle’s programme to be precisely that”
VINCENTAS ZABULIS
Owner, Zabulis Law
Meet some of our
Profitable Practice Members
“The strategic approach employed by Michelle and her team, along with the continual guidance and support, has been instrumental in increasing leads for our firm. This includes helping us craft a Client Magnet that has been nothing short of a game-changer. With over 1,000 downloads and counting, it has proven to be a powerful tool for getting in front of and attracting prospective clients. Since the release of the client magnet, our employment training bookings have soared, with a 270% increase already this year, compared to last - and the enquiries keep on coming! The Client Magnet has also opened doors to some exciting opportunities, including getting us in front of 3 national retailers to date, one of whom is now using us for 3 training sessions. So far our Client Magnet has brought us £50,000 in total in new fees.”
Juliet Ralph
Director, Robinson Ralph Employment Solicitors
"By the end of my first year of ‘Profitable Practice’ I had doubled my monthly fee income. This was through a combination of improving my website, raising my fees, and increasing my conversion rate of new enquiries into paying clients by more than 50% (by re-designing the intake process, filtering out the wrong enquiries, and using Michelle’s ‘Value Questions’ technique). It has been an invaluable experience and has produced the results I wanted. I am now looking forward to taking my firm to the next level during Year 2 of Profitable Practice."
Gabriel Bogdaan
Director of Bogdan Law Office