#358: 3 Fears Costing Your Law Firm Money

Read this episode: 3 Fears Costing You Money

Ever noticed how the fears hiding in your subconscious might be the very things preventing you from creating the thriving law practice you dream of?

I'm talking to you – the firm owner, the aspiring firm owner, the lawyer who wants to make a bigger difference in this world.

Because here's the truth: we can't expand our businesses unless we're willing to face our fears head-on.

But fears are scary, right? They feel uncomfortable, maybe even a little barfy. And what if we fail?

Let's dive into three fears that might be preventing you from being bigger in the world – and costing you serious money in your law firm.

Fear #1: Making the “Wrong” Decision with Your Money

Have you ever stopped yourself from investing in your business because you were afraid you'd make the wrong decision?

This fear shows up as thoughts like:

• “What if I invest in this software and it doesn't work?”
• “What if I hire this person and they're not the right fit?”
• “What if I spend money on marketing and get zero return?”

When you're stuck in this scarcity mindset, you believe that money spent is money lost. But that's 100% wrong.

Here's what you're not seeing: You're going to get something from any investment you make. You'll either:

• Make that money back
• Make more than that money back
• Get a return through unexpected connections
• Learn a valuable lesson

I had a lawyer come to me on a strategy session who was nervous about investing in coaching. The only investment concept her brain could understand was designer purses – she loved high-end purses because they increased in value over time.

But business investments work the same way! When you invest in your business, you:

• Shore up the foundation
• Repair what needs repairing
• Update what needs updating
• Clear away what doesn't make sense
• Make room for what does make sense

And that creates a healthy, flourishing business that produces the fruits of your investment.

If you don't invest in your biggest asset (YOU), your business will depreciate as things fall apart.

Remember: You can't experience the long-term gains you're looking for if you don't invest in what you want now. Consistency in investing – your time, your energy, your money – is what creates those improvements over time.

Fear #2: What Others Will Think of You

This is probably one of the biggest fears I encounter on my calls.

If you're constantly thinking about what your clients, your assistant, your colleagues, or your family will think of you, you'll always make decisions for their benefit instead of your own.

Let me give you an example that comes up all the time: raising rates.

Lawyers put off raising their rates even though it would make them more money and they know it's the right thing to do. Why? Because they're afraid of thoughts like:

• “They'll think I'm greedy”
• “They'll think I think too much of myself”
• “They'll think I'm too young to be charging that much”
• “Clients will leave me”

What these really come down to is: “Who do you think you are to be raising your rates?”

If you don't address these fears – which are lies – you'll never raise your rates. You'll resent your work because you're not getting paid enough, and you'll struggle every day to get work done.

The truth is:

• Raising rates doesn't make you greedy – it means you want to be paid for the value you provide
• Yes, you should think more of yourself! We don't think enough of ourselves
• Your age has nothing to do with how good you are at what you do
• Maybe some clients will leave, but those who stay will be paying more and will make up for it

This fear affects so many other areas too:

• When you decide to leave the office early (what will people think about your work ethic?)
• When you need to have conversations with assistants or clients (they'll hate me, talk behind my back, leave me)

Until you face these fears, you won't be able to grow your business the way you want to.

Fear #3: That You're Just Not Capable

This fear sounds like:

• “I'm too busy”
• “I don't have the capacity with so much work on my plate”
• “My clients will suffer if I grow because I won't have time to do good work”
• “It's going to be so much hard work”

These doubts are normal because you haven't really looked at what your true capacity is.

If you're feeling overwhelmed in your firm right now – working all the hours, trying to lead your assistants, manage your financials, do all the things – but you can't see a way to grow even though you want to, then you need to start prioritizing building your capacity.

My clients devote just 50 minutes each week to growing their capacity. That's it.

There's no avoiding this: if you want to grow your business, you must devote time to growing your business.

You need to think strategically about:

• What foundations are you lacking?
• Where are your skill gaps?
• How can you grow your business without working harder?

The problem is that even if you could carve out an hour for yourself every week, something gets in the way. You end up checking email or handling that urgent thing that came up.

That's where having someone to strategize with makes all the difference. When you've committed that time on your calendar and made an investment in yourself, you'll show up for it.

When you're bogged down in day-to-day client matters, it's nearly impossible to think strategically. And by the time you get home at night, you're too exhausted to do it.

But if you want to grow, you must make this time a priority. It's the only way to build your foundation brick by brick, ensure your business is moving forward, and learn the skills you need.

Your capacity determines how much money you can make in your practice. If you don't grow your capacity, you can't continue your growth.

What's Next?

These fears will come up in your business – that's normal. What's important is that you don't let them block your growth or control you.

Take charge of your practice because ultimately, you are the one who's going to create the practice and life that you love.

If you're ready to face these fears and grow your firm strategically, book a strategy session with me at dinacataldo.com/strategysession.

For law firm owners, I'm now doing a business audit to identify those specific areas that are often ignored. When you understand what to focus on, things become easier – because you don't want to do everything all at once when you're already stretched to capacity.

Ready to stop letting fear cost you money? Let's talk.

💖

Dina