Profit Growth Calculator FOR 'PROFITABILITY IN LAW FIRMS' (published by Globe Law and Business, January 2024)

Michelle Peters was delighted to contribute a chapter to the book 'Profitability In Law Firms: Insight and Analysis' published by Globe Law and Business. In this chapter on "The 7 Profit Zones Formula For Higher Profitability Without Working More Hours" Michelle debunks the myth that the benefit of higher profits is inextricably linked to the burden of working more hours and explores how small changes in each of the 7 ‘Profit Zones’ in a legal practice can dramatically increase profits without needing to work more hours.

Download the Practice Growth Calculator That Accompanies The Book Below

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

About the Author

Michelle Peters (Founder of The Business Instructor) is a former practising solicitor who trained at a ‘Magic Circle’ firm in London and specialised in intellectual property and advertising law for seven years. She then spent the following five years as the co-owner of a small franchisor business where she discovered her business skills and developed them through training and coaching her franchisees to grow their own businesses.
 
Since setting up The Business Instructor in 2010 Michelle has focused on helping the owners of small law firms to develop create a more profitable practice by attracting more of their ideal clients and increasing their fee income and profits without working more hours.
 
Michelle provides a blend of strategic advice, coaching, and skills training through her ‘Profitable Practice’ programme for small law firms. She is also the author of the book ‘The Client Magnet Formula For Lawyers: how to attract and convert more of your ideal clients”.

Within 6 months of joining the Profitable Practice Programme, our business achieved a 20% increase in fee income by implementing small changes to our existing systems. These changes were simple to do once Michelle helped us identify what we needed to do and gave us the step-by-step of how to do it. Within the same period an email marketing campaign generated an additional £12k in income by sending just one email to 20 of our previous clients. Michelle understands the challenges of running a legal practice and I have found that her Profitable Practice Programme has the tools to help us to become more profitable.

Gina Savanhu – Immigration Lawyer and Owner, Globetrot Consultancy

Next Step: A More Profitable Practice

If you want a more profitable practice as well as more clients then I recommend you create a 'Practice Growth Accelerator Plan’ – a strategic plan setting out exactly what your practice needs in order to achieve your specific growth goals. For maximum effect, your Accelerator Plan should cover how you plan to increase all seven of the Profit Zones (as explained in more detail in the book).

If you’d like my expert help to create your own Accelerator Plan, there are three ways I can help:

1. Learn how to create your own Profitable Practice Accelerator Plan at my FREE online seminar, The 3 Step Accelerator Plan For Small Law Firms. I'll show you the exact 3 Step Plan that's enabled other lawyers to attract more clients and increase their profits without working more hours. This runs on various dates throughout the year and you can check dates and register here:

2. Attend my one-day Profitable Practice Secrets we’ll work on creating your Accelerator Plan together and installing the three most important Practice Growth Accelerators to bring you more clients and increased profits. This option is a great way to get started working with us and to explore the true growth potential of your firm or practice.

3. Work with me privately, so I can help you create your Accelerator Plan by identifying the specific Practice Growth Accelerators your firm needs and then help you to implement them quickly and effectively through my Profitable Practice Programme. This option is ideal if you’d like to double your profits in the next 12 months.

I was hesitant to instruct a business coach as I was adamant I knew my business better than anyone. However, after my first 'Gameplan’ session with Michelle, I felt a weight lifted off my shoulders. We mapped out where the business was heading, where I wanted it to go and what I needed to do to get there. I felt anxious about the size of the goals we’d set, but exuberant and ready to achieve the impossible with Michelle’s guidance, so I decided to join the Profitable Practice Programme to get help implementing my Gameplan.

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