Will I Make Money As A Lawyer

As a lawyer you can monetise your legal expertise in these seven ways:

Legal piece of work
Coaching
Speaking
Instruction
Advertisers / brand sponsors
Legal products
Online legal solutions

How do you decide where to focus?

Where you focus your efforts and leverage your legal expertise is of import. Ideally, you lot'll want to be making the most money in the to the lowest degree amount of time.

When deciding where to focus, there are two things to think about:

Pricing potential – can you charge a lot of money for information technology, or does it have a low price potential?
Time investment – how much time do you demand to invest? Do you need to put a lot of fourth dimension into it on an ongoing basis? Is it manual work, or can yous automate it?

All 7 ways lawyers can brand coin fit somewhere on the #LawyersMakeMoney Matrix:

Where exercise you want to exist on this matrix? Y'all wanna exist on top right where the orangish pointer is because that means yous take the highest pricing potential and y'all take the most automation possible.

So which of the 7 means to brand money do yous call up that is? Allow me evidence you – allow's start look more closely at each style you tin brand money from your legal expertise to see where they fit on the #LawyersMakeMoney Matrix:

1. Legal work

Yep – good old fashioned legal work that we all know and…..well…..beloved on some level. Legal work is generally manual work where a client pays you for a legal service, usually based on the number of hours you work for them. Doing legal work takes a lot of time and tin can be stressful. Depending on the type of legal work you're doing, information technology is often well paid work. That's why legal work goes here on the #LawyersMakeMoney Matrix:

ii. Coaching

Effective legal coaches provide strategy, back up and guidance to other lawyers or some other niche group based on their specific skill set and the needs of the clients they serve. For example, a bus who helps lawyers launch their own police firms or a double-decker that helps police firms create and implement strategic digital marketing plans.

Coaching can have a expert price signal, and parts of it can exist automated, and so we've put it here on the #LawyersMakeMoney Matrix:

three. Speaking

Getting paid to speak at legal conferences and other events can be exciting, rewarding work. Speaking fees vary greatly – it'southward not unheard of to earn several hundred, fifty-fifty thousands, through speaking engagements. Merely exist sure not to overlook the fourth dimension invested in organising travel and accommodation, the day or two of travel, emails back and along, preparing your slide deck, etc – a lot more goes into a speaking gig than the time yous're on the stage. That'southward why speaking sits here on the #LawyersMakeMoney Matrix:

four. Instruction

Pedagogy every bit a lecturer or tutor at a University or Polytech is another mode to earn money from your legal expertise. These educational activity gigs vary in pay rates, and you're normally only paid for your instruction hours – not the prep work y'all need to do to teach the class well or marking assignments and exams. Teaching sits here on the #LawyersMakeMoney Matrix:

five. Advertisers / Brand Sponsors

Time to get #instafamous. Yous volition have seen Youtubers, podcasters, and bloggers, with big followings, attracting advertisers and brand sponsorships, and selling merch. You lot tin practice this also – starting time by seeing the wider potential that your personal brand holds. You tin generate fizz, and an audience, from content about you and whatever you're adept at, using blogs, social media, a podcast, Youtube, webinars, challenges, or a video serial.

Once you've built an audience and have influence, you tin can piece of work on attracting advertisers and make sponsorships – talk to legal industry service providers similar legaltech companies, insurance companies and legal recruiters who are interested in being promoted past legal influencers. While this can exist lucrative, it tin can take a lot of time to organise, although you can get an agent to help. So that's why it is here on the #LawyersMakeMoney Matrix:

6. Legal products

The cardinal departure between a legal product and a legal service is a legal product tin can be produced and sold at scale, while legal services are usually delivered one at a fourth dimension. Legal products include things like online courses, apps and ebooks.

Once y'all've started building an audience (see 5 above), you tin can create a legal production based on your legal expertise and sell it to your audition.

Online courses will command a college cost point but could be more labour intensive over fourth dimension. Ebooks volition have a big time investment at the commencement, but once you've written information technology you can delegate most of the ongoing promotional work needed to a team. Here'southward where they sit down on the #LawyersMakeMoney Matrix:

seven. Online legal solutions

Online legal solutions (aka productised legal services) bridge the gap between legal products and legal services. They are a new type of legal services where intellectual property is leveraged, processes are standardised and nigh of the legal work is automated by software. Companies like LegalZoom and LawPath have shown that need for productised legal services exists – but they can't make the most of the opportunity because they are not registered law firms and tin can't practice law.

Online legal solutions are one of the biggest opportunities for your law firm today. They include ane-off purchases from your firm's website (like buying 1-off legal documents), monthly subscriptions (like 24/7 access to a range of legal documents, assist resources and a certain amount of legal advice from a lawyer) and bespoke online legal solutions like document portals for VIP clients. Hither they are on the #LawyersMakeMoney Matrix matrix:

So where on the #LawyersMakeMoney Matrix do you want to be? How will you use your legal expertise to earn acquirement in 2019? Ideally, with the least input of time, by creating a scalable business leveraging your legal expertise.

That's what I desire for you in 2019.

If you lot're keen to know more most creating online legal solutions and then you can make coin while y'all slumber, head over to my new Facebook Group. Join me and a community of entrepreneurial lawyers talking about how to scale their law firms with online legal solutions.

Source: https://firmsy.com/blog/7-ways-to-make-money-from-your-legal-expertise-in-2019/

Posted by: edlerantiquim.blogspot.com