E358 - Insights from a highly respected attorney on niche specialization, tech adoption, and coaching | with Luis Scott

The One Big Tip Podcast with Jeff Mendelson

Luis Scott is a highly respected attorney and consultant with over 20 years of experience in the legal industry. As the owner of Bader Scott Injury Lawyers and 8-Figure Firm Consulting, Luis specializes in helping legal professionals optimize and grow their practices. He has been recognized by various legal organizations for his outstanding contributions to the industry and brings a wealth of knowledge and expertise to the table. As a former managing partner of a successful law firm with almost 200 employees, Luis understands the challenges legal professionals face in growing their practices. He shares his insights and strategies for optimizing legal practice and achieving long-term success. Whether you're a seasoned attorney or just starting out, you won't want to miss this opportunity to learn from one of the best in the business.

Originally from Puerto Rico, Luis played baseball at the University of West Georgia before attending law school. However, his desired professional career in baseball fell apart due to injuries, prompting him to pursue a legal career. With a desire to be an entrepreneur and operate a law firm, he entered the field of personal injury and workers' compensation law. After working at a firm for about 15 years, he started his own firm before merging with his current business partner.

Luis has always had a passion for teaching, but when he discovered that teachers' salaries would not support his financial goals, he pursued a career in law. However, his love for teaching never faded, and he eventually found a way to combine his law knowledge and his desire to educate others. He wrote books and founded the business "Eight Figure Firm Consulting," which provides guidance and strategies for law firms looking to scale their businesses. Luis has worked with 90 law firms in just two and a half years, representing $250 million in revenue. His passion for teaching has allowed him to create "light bulb" moments for his clients and help them achieve their business goals.

Delivering great legal service is only part of the equation as Luis places great importance on customer service and believes it makes up 90% of the legal industry. He emphasizes the significance of the pre-engagement glide path and how it can impact a law firm's success in bringing in new clients. Many firms do not understand the significance of this initial interaction, and Luis believes that by excelling in customer service, it becomes easier to manage the legal aspect of the business.

He notes that law firms tend to be late adopters regarding technology, processes, leadership, and new innovations. This can lead to smaller businesses operating more efficiently than larger law firms that generate millions in revenue but lack established policies and procedures. Law firms need to be more open to change and innovation in order to keep up with the evolving landscape of the legal industry.

Transitioning from being a lawyer to a law firm owner requires an entrepreneurial mindset. It's not just about working harder, but also about being disciplined and implementing strategies that lead to growth. The speed of growth is tied to the speed of implementation, and successful business owners know how to organize people to deliver their services or products. This is the great separator between small and big businesses. To be successful, one must transition from being a great service provider to being a great owner who can develop and implement systems.

There are three primary ways to learn and develop new skills: mentorship, listening to educational content, and reading for skill development. Mentorship is critical to any success, and having a coach is just as important as going to the gym. However, finding a mentor can be challenging as they are very successful and busy. In this case, reading books by successful people in your industry can be an excellent alternative to getting mentorship. Listening to educational content, such as YouTube videos, can also be helpful in enhancing your abilities in various areas of business, from marketing to sales. Lastly, reading for skill development is essential to learn how to be a better leader, manager, and coworker, among other skills. By developing yourself personally and professionally, your organization will grow as well.

Luis emphasizes the importance of recognizing weaknesses and seeking help from a mentor or coach to improve your skills. He stresses the significance of admitting that there is a problem as the first step toward fixing it and believes that until someone is willing to acknowledge their shortcomings, it's challenging to make progress.

In this episode:

[3:00] Luis worked with 90 law firms over 2.5 years, representing 250 million in revenue p.y.

• He has a passion for teaching and sharing information on how to scale businesses.
• Sharing a personal story about searching for personal injury attorneys.

[6:00] Niche specialization and a targeted audience are essential for injury attorneys.

• Smaller businesses can often be run more efficiently than larger law firms.
• Law firms tend to be late adopters of technology, processes, and leadership.

[9:00] Developing yourself with a mentor is critical for success and learning new skills.

• Training and development programs can help instill values.
• Personal experience and hands-on learning can also effectively instill new skills.

[12:00] Control over your time and the ability to create drive the spirit of entrepreneurship.

• Hitting rock bottom may be a common trigger for entrepreneurs to make the switch.
• Finding your passion and transitioning it to business ownership.

[15:00] Coaches give an objective perspective to identify issues that business owners don’t see.

• Helping them fix mistakes and improve their systems, marketing plans, and leadership.
• Even coaches have coaches, demonstrating the importance of seeking guidance and continuous improvement.

[17:00] Stagnant revenue for years should signal a need for change and an outside perspective.

• Denial or resistance to coaching may prevent necessary transitions and growth.
• "When the student is ready, the teacher will appear", is true when it comes to recognizing the need for a coach.