Financially Legal is a twice-monthly podcast with accompanying articles on the financial aspects of the business of law. Host, Dan Lear, talks with law firm leaders, academics, business professionals and thought leaders to provide compelling and provocative insights at the intersection of finance, economics, and law.

Episode 31. BONUS EPISODE: Does sales make you uncomfortable? A 'friendscast' episode with Jaimee Hall

Posted by Dan Lear on June 9, 2021

One of my lawyer mentors once told me “if you don’t like to sell, don’t be a CEO.” Many solo lawyers set out to make a difference or have an impact - not to be a CEO. But whether you want to call them CEOs or managing partners, or partners, or business owners - the fact remains that they are heads of their respective businesses - effectively, they are “CEOs.” And if you want to be a CEO, you need to get comfortable with selling.

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Topics: Financially Legal Episodes, Business and Culture


Episode 30: What can a law professor and his student teach you about law practice? Tyson Mutrux and Jim Hacking - Lawyer Community Miniseries - Episode #4

Posted by Dan Lear on May 25, 2021

What started as conversations between two friends - actually a law professor and his student - evolved into a movement. Maximum Lawyer boasts a 5000 member Facebook group, over 200 hours of podcast content, two sold-out conferences, a paid community, and a course to help lawyers and firms grow. Oh, and did I mention that the prof and his former student both have successful law firms in their own right? Jim Hacking, the law professor, and Tyson Mutrux, the former student, are the leaders of Maximum Lawyer. Listen on to hear how they're helping lawyers to build strong, resilient practices.

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Topics: Financially Legal Episodes, Business and Culture, Lawyer Communities


Episode 29: Are lawyers entrepreneurs? An interview with Stephanie Everett from Lawyerist - Lawyer Community Miniseries - Episode #3

Posted by Dan Lear on May 19, 2021

The founder of the Lawyerist website, Sam Glover, once told me that he started Lawyerist because he was mad at a practice management company and wanted a place to complain. He gave birth to a technology blog that’s morphed into a large and well-known online legal destination. But Lawyerist is way more than a website. Through freely available web content, its free-to-join Insider program, and the paid Lawyerist community, Lawyerist Lab, Lawyerist provides ongoing strategic and tactical advice to budding lawyer-entrepreneurs.

In this installment in our Lawyer Communities series (see a summary of the series and our broad takeaways here) we dig in to understand how all the pieces of the Lawyerist puzzle fit together and whether it’s a community you might want to be a part of.

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Topics: Financially Legal Episodes, Business and Culture, Lawyer Communities


Episode 28: Has this community of lawyers solved what's wrong with social media? An interview with Keith Lee and Jeremy Richter from LawyerSmack - Lawyer Community Miniseries - Episode #2

Posted by Dan Lear on May 12, 2021

If you’ve been even mildly paying attention over the last, well, year but even the last few years, you’ve watched as social media has become a challenging environment to navigate. And this comes from someone who is very bullish on technology in general and even social media in specific.

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Topics: Financially Legal Episodes, Business and Culture, Lawyer Communities


Episode 27: Is the key to unlocking law firm economic success between your ears? An interview with Allison Williams from Law Firm Mentor - Lawyer Community Miniseries - Episode #1

Posted by Dan Lear on May 5, 2021

Here on Financially Legal we often focus on the nuts and bolts of finance and economics but, often, the biggest obstacles to economic and business success are not financial or even business-related but mental.

In this episode, we dive in on mindset - and we’re doing it with someone who thinks about this deeply - Allison Williams is a Business Coach for Solo Law Firm Owners at Law Firm Mentor. She’s also the CEO and Founder of a multimillion-dollar law firm, the Williams Law Group.

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Topics: Financially Legal Episodes, Business and Culture, Lawyer Communities


Episode 26: Should you shift credit card fees to your clients?

Posted by Dan Lear on April 23, 2021

What if I told you there was a tool that could automatically increase your firm revenue by 1%? What about 2%? What about 3%? What about even half a percent? (if you’re not great at doing math on the fly, for a firm that grosses $1,000,000/year, one half a percent is $5000).

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Topics: Financially Legal Episodes, Business and Culture


Episode 25: Is delegation just a fancy word for "giving permission?" An interview with Lindsey Corbin from delegate.legal

Posted by Dan Lear on March 31, 2021

There’s probably no principle more important to growing and scaling a law firm than delegation. Whether it’s identifying the tasks that need to be done, teaching and coaching others to do them, or simply letting go, you’ll be hard-pressed to grow your legal business if you can’t delegate. If you’ve ever wondered how delegation might work in your firm and how to get started, this episode is for you.

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Topics: Financially Legal Episodes, Business and Culture


Episode 24: What is Zapier and what can you do with it? Host Dan Lear discusses how Zapier can extend the power of the web

Posted by Dan Lear on March 19, 2021

If you’ve ever wondered how to tie together different systems in your law practice, you need to know about Zapier.

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Topics: Financially Legal Episodes, Business and Culture


Episode 23: Can you build a law practice representing criminal defendants and abuse survivors? An interview with Judie Saunders

Posted by Dan Lear on March 3, 2021
 

Judie Saunders doesn't take the easy way.  

 

Whether you're talking about her efforts to go to law school as the child of immigrants, her chosen practice area that combines criminal defense and representation of abuse survivors, or the lengths to which she's gone to build a consumer friendly law firm using technology, Judie's all in.

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Topics: Financially Legal Episodes, Business and Culture


Episode 22: Should you build your own law practice management system? Host Dan Lear explores the frontier of law firms building custom tech

Posted by Dan Lear on February 17, 2021
 

It seems like every time you turn around some company is offering a new practice management solution. We tried to count them recently and got tired after about a dozen.

 

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Topics: Financially Legal Episodes, Business and Culture


Episode 21: SPECIAL EPISODE: What's the legal liability in this GameStop situation? And who, if anyone, is to blame? An interview with Jake Walker from Block and Leviton

Posted by Dan Lear on February 1, 2021
 

This episode of Financially Legal is a departure from our usual. Normally we talk about law, economics, and even finance as applied to the practice of law. Today, we’re talking about one specific legal issue that has some financial underpinnings. Specifically, the GameStop short squeeze.

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Topics: Financially Legal Episodes, Business and Culture


Litigation from the Client's Perspective - An Interview with Dan Price

Posted by Emery Wager on October 16, 2020

Recently, our team invited seasoned litigator Diana Siri Breaux, a partner at Summit Law Group in Seattle, to interview Gravity’s founder and CEO Dan Price about this very topic. As a longtime business owner, Dan has his fair share of experience with the legal system. In 2016, that experience reached new levels when Dan’s brother and co-founder, Lucas Price, took him to court after alleging that Dan’s decisions as CEO--including the decision to raise Gravity’s minimum wage to $70,000 a year--had cost him money as a minority shareholder. At stake was not just millions of dollars but the very existence of the company--and the jobs of its 120+ employees.

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Topics: Firm Financials, Business and Culture, Business of Law, Gravity Legal News


Litigation from the Client's Perspective - Event with Dan Price

Posted by Emery Wager on October 3, 2020

Have you ever been caught in the middle of a case with no idea what your client is thinking? Take this opportunity to get inside the mind of a CEO who's been there.

In this virtual event, Diana Siri Breaux, partner at Summit Law Group in Seattle, interviews CEO Dan Price of Gravity Payments to uncover the answers to these and many other questions:

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Topics: Business and Culture, Gravity Legal News


Webinar: What's your law practice worth?

Posted by Dan Lear on September 17, 2020

A couple of weeks back we worked with Tom Lenfestey from the Law Practice Exchange to develop a simple calculator to help legal professionals to estimate the value of their legal practice.  We launched the calculator in conjunction with an episode of our Financially Legal podcast in which I interviewed Tom and discussed the whys and hows of law practice valuation as well as buying and selling practices. 

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Topics: Business and Culture, Business of Law


What's your law practice worth?

Posted by Dan Lear on September 2, 2020


TLDR: Just skip the nonsense and give me a link to the law practice valuation calculator.


A few years ago I was trying to figure out what to do with my legal career.  I met with a friend and mentor for whose firm I'd worked during law school. Perhaps sensing my trepidation about the future this close-to-retirement lawyer said "I'll give you my practice." 

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Topics: Business and Culture, Business of Law


Episode 13.5: How do clients wish you talked about money? A mini-podcast with Gravity Legal’s own Emery Wager

Posted by Dan Lear on August 28, 2020

Our recent podcast on how lawyers talk to clients about money inspired Gravity Legal’s own Emery Wager to think about how lawyers had talked to him about money. A client of many lawyers at Gravity Payments (our parent company), Emery came up with a list of five things he wishes lawyers would do when they talk to clients about money. We dig in on this mini-episode of Financially Legal.

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Topics: Financially Legal Episodes, Business and Culture


Episode 13: Is there an ideal size for a law firm? And what, if anything, does that have to do with the online legal gig economy? An interview with Greg Garman from LAWCLERK

Posted by Dan Lear on August 19, 2020

Greg Garman is a busy man. One of the founders of a 20 person law firm in Las Vegas, Greg is also the co-founder and CEO of LAWCLERK, an online marketplace for freelance legal help. In this episode, Greg shared some great insights on how and why he thinks right around 20 lawyers is the sweet spot for a small law firm.

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Topics: Financially Legal Episodes, Business and Culture


From the Client's Perspective: How I Wish My Lawyer Would Talk about Money

Posted by Emery Wager on August 7, 2020

I’ve put it off all week, but the time has come. I need to pay our law firm. They do great work and have helped protect our company during difficult times. But paying their bill is not a pleasurable experience.

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Topics: Firm Financials, Business and Culture, Business of Law


Unconventional Tools for Unconventional Times

Posted by Jose J Garcia on July 24, 2020

I've had the luxury of being a member of interview panels for many entry level positions and I absolutely love it. If you set the right tone, ask the right questions, and make sure everyone is comfortable, you end up partaking in a great discourse as opposed to just slamming someone with questions. Because these entry level candidates just want a chance to prove themselves, you end up speaking with a number of creative and clever people. Inevitably the same question pops up in some form or another; "What are you looking for in a hire?"

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Topics: Business and Culture, Business of Law


Episode 11: Can you build a sustainable values-based law firm and offer services to clients at an affordable rate? An interview with Jacqueline Horani from Legally Unconventional

Posted by Dan Lear on July 22, 2020

Jacqueline Horani is a lawyer engaged in integrative consulting and plain language law in New York City. Inspired by the integrative law movement, Jacqueline is building a practice around conscious contracting, which focuses on identifying and integrating the parties’ values directly into the contracting process.

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Topics: Financially Legal Episodes, Business and Culture


Incubating The Future

Posted by Dan Lear on July 11, 2020
A lot of people talk about the “access to justice” gap. In 2007 Fred Rooney decided to do something about it. Applying lessons he’d learned helping a network of lawyers in New York build businesses to represent the poor and moderate means clients, Rooney created the first law firm incubator at CUNY School of Law. 
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Topics: Business and Culture, Gravity Legal News


Dan Talks Law Firm Finances, Company Culture and More with Mark Homer of GNGF

Posted by Emery Wager on June 27, 2020

Dan Lear was recently interviewed by Mark Homer of legal marketing firm GNGF. Dan and Mark dove into many different topics including: 

  • Company culture
  • A $70,000 minimum wage
  • The Gravity Legal platform
  • Law firm finance
  • Alternative fee structures
  • Expectations of the modern consumer of legal services
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Topics: Firm Financials, Key Performance Metrics, IOLTA, Accounting, Business and Culture, Business of Law, Gravity Legal News


Gravity Legal's Dan Lear and Emery Wager Featured on Martindale-Avvo's Legal Tech Event

Posted by Emery Wager on June 26, 2020

This week Dan Lear and Emery Wager joined Erin Levine of Hello Divorce and Liam Moriarty of Lawgood to talk the future Legal Tech. 

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Topics: Firm Financials, Key Performance Metrics, Business and Culture, Gravity Legal News


Is Your Firm Ready for Re-entry?

Posted by Dan Lear on May 29, 2020

Back in March I shared three things that I learned from the Small Law Firm Coronavirus Growth Symposium put on by How to Manage a Small Law Firm. At that time, when uncertainty and fear about our current predicament were at its peak, the content of the Growth Symposium offered a powerful reminder to stay positive and focused.

As the country begins, at least in some quarters, to open back up the good people from How To Manage a Small Law Firm are back with another program titled (in a very on-brand way) How to Not Screw Up Your Law Office’s Re-Entry.

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Topics: Business and Culture, Business of Law


The Most Important Things Lawyers Can Do in the Wake of COVID-19

Posted by Emery Wager on May 15, 2020

By Dan Price

This article was originally published on the Attorney Action Club

The COVID-19 pandemic has exacerbated the already terrible inequality we have in the United States. Prior to the outbreak, income inequality was the highest it had been in fifty years. Now, with more than 30 million people unemployed, it’s likely to get even higher for the foreseeable future.

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Topics: Business and Culture, Business of Law


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