Barbara Walters Price

Million dollar solos

There is an interesting article on ABAJournal.com entitled "The Secrets of Million-Dollar Solos" by G.M. Filisko and Margaret Graham Tebo.  It profiles four attorneys who are the sole principal in firms that generate more than $1 million in revenue annually.  I know several professionals who would love to fly solo but don't believe they could survive financially.  This link is for them. 

There are good lessons here for many professional service firms - not just law firms.  From the intro:

Solo practitioners are a unique breed. It takes guts to strike out on your own and carry the burden of your success on your shoulders alone. Thousands of solos across the country meet that challenge every year and make a comfortable living while ably serving their clients.

Only a few, however, are able to put together that rare formula that propels their revenue beyond the million-dollar mark, year after year. Though the formula isn’t the same for every million-dollar solo, some ingredients are common to most.

They’re smart businesspeople who pay as much attention to building the financial blocks of a strong practice as they do to representing their clients well. They’re also very selective in taking on clients. And their passion for what they do is palpable.

Hat Tip to My Shingle.

Thanks Bruce. I needed that ...

Bruce Allen, over at Marketing Catalyst, responded to a recent post of mine commenting on a post of his (that's how this blog thing works).  I always read Bruce's blog because, like me, he's a marketing director for a professional services firm.  He works for a law firm (Rutan & Tucker) and I work for a business valuation firm yet many of the issues we face are similar.

In my recent post, I quoted Bruce:

Do well at your work and do better at your relationships. Loyalty only knows two extremes; We are loyal to our friends and we are loyal about our enemies. Everyone else does not matter.

I then asked what does "we are loyal about our enemies" mean?  Bruce clarified:

Let me explain the statement with an example. I watch a lot of NASCAR and of course have a favorite driver (Jeff Gordon and any other car driving for Rick Hendricks). I also have drivers I villainize. In fact, I am so loyal to them as villains I can find evil even when they so something good. To be nice the villains will remain nameless.

"Loyalty" is a word that can swing both positive and negative. It simply points to a concerted dedication. So, when I say, "Loyalty only knows two extremes; We are loyal to our friends and we are loyal about our enemies. Everyone else does not matter" I am pointing at what we are dedicated to. Both tag our passion to act in belief.

Thanks Bruce.  I needed that.