It’s National Mastermind Month – So, I thought I’d share the Inside Scoop on What a True Law Firm Owner’s Mastermind Group is and what it isn’t!
Why? Because the word Mastermind has become extremely popular these days – to cover a litany of contexts – like webinars – podcasts, and the likes –
Now I’m not knocking webinars and podcasts – I host them every month myself and try to deliver great content to viewers and listeners.
But here is the deal:
REAL MASTERMINDS AREN’T PODCASTS.
REAL MASTERMINDS AREN’T WEBINARS.
REAL MASTERMINDS AREN’T SUMMITS.
Not. At. All.
Why? Because a real Law Firm Owners Mastermind group is a behind-closed-door- small gathering–of Non-Competing Law Firm Owners
And the Reason is Simple. In a True Mastermind Group, members bring their best strategies to the table and share them with the other members. And guess what: That level of sharing just doesn’t happen in an open – anyone can attend – kind of event. Period.
True Mastermind Groups are never more than about 12- 20 individual business owners. Picture a small group gathered around a conference room table, a group of highly successful business owners pealing the curtain back on their internal operations. Members share their best strategies with each other. Members share their most difficult challenges with each other. Members learn from each other-and brainstorm with each other.
So, if membership in the group isn’t geographically exclusive – It just isn’t a Real Mastermind Group. Period. For example, if you are a PI lawyer in Atlanta, there should be no one else in the group that is or could potentially be signing up PI cases in the Atlanta market. Period.
Think about it – while I might share some solid general principles that will help you grow your practice. I’m not going to peel the curtain back at the same level when there are hundreds of potential listeners – some of whom could use my secrets to compete directly against me. The rationale is simple; No one wants to share their best strategies or their most vulnerable current obstacles with a competitor. Nor should they!
The Mastermind EFFECT™
When it’s real – when it’s working as it is designed to – each member will experience dramatic business and personal growth.
Because you cut to the chase. You save substantial amounts of both time and money because you draw on the knowledge of the other successful lawyers in your small group. Think 10-12 times faster growth than any member could accomplish on their own. Why? Because members learn What to Do from each other. Just as importantly, members learn What Not to Do from each other.
Despite some misconceptions, it certainly isn’t a kumbaya group or a bitching session where everyone commiserates about their similar struggles. Not At All. Instead, it’s a virtual powerhouse of get it done strategy sessions. Members share what’s working and what’s not working with each other in a private setting. And here’s one of the Keys to a legitimate Mastermind: Members in a True Mastermind group are similarly situated and like-minded business owners.
Similarly situated; means their law firms are about the same size. They generate similar income levels and have a similar number of cases. Why does this matter? Because law firm owners have unique challenges, the firm’s size typically dictates the specific types of challenges and concerns relevant to the group members.
Depending on the size of the firm and experience of the owners:
The marketing concerns are different.
The marketing budgets are different.
The Management challenges are different.
The Hurdles, Obstacles, and Strategies vary.
The basic needs and opportunities for growth and relevance for the sharing of information between the members are highly contingent upon the dynamics of the group’s members.
There’s a method and a magic to putting these small groups together. I ought to know – I started participating in true Mastermind groups over twenty years ago – groups of entrepreneurs sharing their best ideas with each other. It helped me grow my own law firm dramatically. Back then, I couldn’t find a Mastermind group of just law firm owners so I started one. And from that one group of law firm owners – I now have 6 Mastermind groups going. And each group has different levels of law firm owners in them.
Over and over, I have seen the lawyers in my groups experience dramatic and game-changing shifts in mindset and in results. More profits. More cases. More freedom.
And profound and positive relationships between the members within each individual group:
They text and call each other with ideas.
They share the best Vendors to use for PPC- or SEO – or Social Media with each other.
They share their own Policies and Procedures for Implementation with each other.
They share hiring policies. Firing policies. With each other.
If one member has an idea of a strategy they want to try- there’s a good chance that at least 2 or 3 others at the table have been there already- and they can tell you what to do, what not to do, and give you their written policies- or spreadsheets-
It’s why the members in a True Mastermind group can fast-track their law firm’s growth.
They build on the backs of each other.
That doesn’t happen in a Webinar.
That doesn’t happen in a podcast.
That doesn’t happen in a Summit or a Virtual call-in large group live stream.
True Mastermind groups are small groups of likeminded and similarly situated law firm owners.
Each group is geographically exclusive – so every single member can come to the table sharing the best of their strategies with each other with no fear that they are aiding a competitor. Mastermind Group Leaders should have been there and done that, too.
In my Mastermind Groups, I facilitate each and every Mastermind group – Why? Because I’ve built and sold two 7-figure law firms myself and understand the unique challenges that law firm owners face and the unique opportunities you can leverage to grow your law firm beyond the realm of marketing tactics. Because I’ve been there, done that, I can step in with guidance and mentoring in every group – as it is needed.
Dramatic and Transformational Growth happens for the members of a Genuine Law Firm Owner’s Mastermind group – It’s what I call “The Mastermind Effect™.” I’ve seen so many of my Mastermind group members experience exponential growth. Many started as solo practitioners and now have 10- 30 lawyers working for them. I’ve personally observed Mastermind members double or triple their law firms after joining and participating in a Real Mastermind Group.
Many members of these groups started out working 60–80-hour work weeks and now work only the hours they choose to and could even retire if they wanted, with a well-tuned 8-figure law firm. But this kind of growth doesn’t happen by attending a Webinar. It doesn’t happen in a Podcast. It doesn’t happen in a 1- or 3-day Summit.
The Mastermind Effect happens only in the small, unique, and private setting of a true Mastermind group- where successful lawyers share their best strategies with each other in an exclusive setting with other non-competitors or potential competitors.
Podcasts are great. So are Webinars, Summits, and Virtual Conferences. BUT – If you are serious about experiencing your own dramatic law firm growth, then don’t settle for anything less than a real, honest-to-goodness Law Firm Owner’s Mastermind group. For example, while I’d love to say that my Mastermind groups are open to any lawyer who wants to join – They aren’t.
Anytime you see a Mastermind group that is open to any lawyer, in any stage of practice- and from anywhere in the country- Understand that they aren’t True Mastermind groups. They may bring value to the table- and help you grow your law firm- but they aren’t- by definition- true Genuine Mastermind Groups.
If you are interested in joining a PILMMA Mastermind group, call or email me to see if there are openings available for you and your market. And if I don’t have openings in your market – I’ll tell you. And If I don’t think you are quite ready for participation in a Mastermind group – I’ll tell you that, too.
Nothing compares to the Mastermind Effect and the exponential law firm growth made possible by participation in a Real Law Firm Owners Mastermind Group.
Dedicated to your Success,