Thread: is law FASTLANE?

Yes and No. It takes a while to get established in law, and considering all that schooling, it could make it slow lane. But if law is your passion, then it definitely can be. You have to really leverage the time of others, since in law, your primary asset is time. There are many lawyers who have their own firms, but are pretty much self-employed. If you can shift out of that, delegate tasks off, while raking in your cut, of course you can be fast lane! One really good example is the lawyer who thrived off of foreclosures - he was one of the millionaires on the TV show called "The Secret Millionaire". I can't remember his exact name, but you should look him up. That guy lives it up !

thanks for your reply!

I'm not really talking about using the money from being a lawyer to invest in other ventures, but making a law practice itself a FASTLANE biz.

yea i understand that I have to work ON my business not IN my business to be FASTLANE, so it would important to delegate work and promote growth to expand to a multi-national firm instead of doing the legal legwork.

any more thoughts?

Just my quick opinion. If you love to do it, I would think it doesn't matter.
Keep your mind open and go for what you want to do.
I would also guess that its not impossible.

thanks for the vote of confidence 20art!

I'm definitely big into law, but I'm also all about making things bigger, better, stronger, faster, and smarter, than the rest.

I just love getting into the fastlaners minds because they always have some great feedback and insanely creative ideas!

Yeah keep your mind open, keep improving and think bigger. I also can't wait to hear what others say on here.
-Arthur

I feel it depends on how you approach it. A key fastlane principle is scalibility - your time invested for 1000 sales (or in your case clients) must not be drastically greater than the time required for 100 clients.

As said above, to achieve this in law, I feel your ultimate goal would to be the owner and not the employee. I know almost nothing about setting up a law firm (developing a reputation, finding employees and clients etc) however perhaps starting out as the employee and removing yourself as the business grows is one way to achieve this.

Originally Posted by CardinalsFan

starting your own law firm?

can it be fastlane? thoughts?

Yes, it can. It is all about how you structure the business model. And then how you leverage it.

As always: it is about the value proposition and the leverage ability of that value proposition that matters. Many businesses can be fastlane done the right way.

Originally Posted by CardinalsFan

starting your own law firm?

can it be fastlane? thoughts?

Yes, but you will more likely be facilitating the system vs facilitating the law. Really all depends how you structure it, you goals, and your exit strategy (if any).

There is this lawyer that makes tons of money by writing books.

He's an expert on corporate law, and has written books about how to incorporate, companies structures, setup your own C, S LLC corps, etc.

And has created templates to do that for people online if they don't want to do it themselves.

So, he took his knowledge, made it passive and available to the masses. Sounds very fastlane to me.

I would agree with MJ and andviv on this, it is all about your structure and exit and probably in my opinion, the method of exchange!

The method of exchange being, what exactly is it that a consumer is purchasing from you? Is the exchange leverageable? Is it an active ONE-ON-ONE human exchange or a passive non-interactive artifact-to-human exchange.

(The consumer is interacting with an external and separate consumable product.)

Is it your finite hourly services or is it an abundant supply of infinitely reproducible DVDS, CDS, PAPER BOOKS, EBOOKS, ONLINE-MEMBERSHIPS, PRE-PACKAGED LEGAL DOCUMENTS, AUTOMATED TELEPHONE ANSWERING SYSTEM CHARGED FOR BY THE MINUTE, A RADIO INTERVIEW, TV TIME, AND ON AND ON.

Does the customer have to come to your office to receive the experience of your services or is your product sitting on a shelf in every book store around the country serving hundreds of people at any given minute?

I would say, these are questions you will need to ask yourself. Figure out how to leverage your product/service and you will hit a fastlane.

Also, read books on how to manipulate the abundance of external resources. As you go through more and more books on leveraging the external resources in the economy, in particular, your ideas will become more fertile and in depth. This is one subject I have been studying recently and the ideas and vision just grow exponentially.

Originally Posted by BryanC

Is it your finite hourly services or is it an abundant supply of infinitely reproducible DVDS, CDS, PAPER BOOKS, EBOOKS, ONLINE-MEMBERSHIPS, PRE-PACKAGED LEGAL DOCUMENTS, AUTOMATED TELEPHONE ANSWERING SYSTEM CHARGED FOR BY THE MINUTE, A RADIO INTERVIEW, TV TIME, AND ON AND ON.

Don't forget, you can use human power for systems. Human resources are abundant (especially in today's marketplace ... the job fair at UOP Stadium had a line a mile long and wrapped around the building).

So a law firm in a traditional sense can be Fastlane if you leverage the right human systems which remove your time/labor from the equation.

Yeah, labor is definitely abundant, cheap, and probably your BEST leverage of all. I have come to realize that the human capital is the most invaluable component in an organization's infrastructure.

People will line up for days to find a job in this kind of economy because they are pre-programmed from a very early age to sell their own personal services for between $3-$13 worth of goods/services an hour. It is so cheap because you consider they are giving 50% of their total purchasing power to the Government before they receive any Goods or Services in return for their labor.

I read an article the other day where 1,600 workers were lining up for a $17 an hour meter reading job. When you consider those people are used to living on about $7-$9 an hour worth of total goods/services you begin to realize how abundant and plentiful that resource is! Good call on that.

thanks guys!

lets see if I've got this right:

basically I'm making systems to create more value for current and prospective clients without adding additional work (1to1 hourly) for myself and partners. Do this by having resources (ie. books, templates, online resources, in office 'legal workshops' ect) available so that clients can do the actual work themselves thus eliminating the time spent on these clients while still making money from them.

Also having these resources be of an extremely high quality will drive more clients our way and allow us to keep prices competitive.

sound right?

Originally Posted by CardinalsFan

thanks guys!

lets see if I've got this right:

basically I'm making systems to create more value for current and prospective clients without adding additional work (1to1 hourly) for myself and partners. Do this by having resources (ie. books, templates, online resources, in office 'legal workshops' ect) available so that clients can do the actual work themselves thus eliminating the time spent on these clients while still making money from them.

Also having these resources be of an extremely high quality will drive more clients our way and allow us to keep prices competitive.

sound right?

No. That's not what we're saying. You need to study hard and do this 1-on-1. Don't use any leverage at all. Do it 1-on-1 all your life and invest in social security. That's right, I've said it! That's the path to freedom.

Originally Posted by BryanC

No. That's not what we're saying. You need to study hard and do this 1-on-1. Don't use any leverage at all. Do it 1-on-1 all your life and invest in social security. That's right, I've said it! That's the path to freedom.

sorry if I offended you BryanC, and that was not intended to be a smartass comment. I do understand leverage and many aspects of entrepreneurship and I just wanted to see how you guys would make law FASTLANE.

I do study hard and law is interesting to me, I know it is against your richdad philosophy but please don't hate on one of the things I'm passionate about.

I'm bustin your chops man. LoL. You were dead on. What aspects of law are you studying?

I am pretty well versed in Corporate Law and Tax Law so far.

haha ok, i didn't know. just didn't want to piss anybody off.

im still in undergrad but will probably focus in Sports and Entertainment or Corporate, havn't decided yet.

When you need a lawyer you either open the phone book and call a few or you ask a friend, relative, aquaintance for a recommendation.
To make it fastlane the reputation must preceed the business to some extent.
ie...When you get a ticket you find a friend who used a lawyer to get out of one. You have family problems you find a friend who has used a divorce attorney. Specialization is the key to this one.

If you want to be a traffic, family, attorney you build your business then find the "C" students and teach them your winning method. It builds a quantity vs quality clientele.

If you want to go corporate, tax, criminal, etc. use them same method except
hire the best
pay the best
charge the most
lose the least

build the system and the reputation of a winning firm and you no longer do it unless you want to.