In this episode of Your Practice Mastered, we’re excited to welcome our guests Attorney Mike and Catalina Dickerson. Mike and Catalina are not only outstanding performers in the estate planning and business law world, but also valued members and captains in our Partners Club community. As our own attorneys for business affairs, they bring a wealth of knowledge and experience to the conversation.
The Entrepreneurial Attorney Journey
Mike shares his unique journey as an entrepreneurial attorney, having started his own practice right out of law school in 1995. He discusses the challenges of growing a practice, hitting ceilings, and the rollercoaster of feast and famine that many solo practitioners face.
A key turning point came when Mike realized he was only getting paid for one of his three main involvements – his law practice. This realization led Mike and Catalina to seek out systems and support to level out the rollercoaster and achieve more consistent growth.
The Power of the Phone
When asked about the first tactical thing they did to move the needle forward, Mike and Catalina both agree it was hiring a dedicated phone person. By having someone consistently follow up with unconverted leads, they saw a huge jump in their numbers.
Catalina emphasizes the importance of this in the estate planning world, where the sense of urgency is much lower compared to other practice areas. Having a skilled person on the phones helps build trust and can even convert leads that are several years old.
Necessity is the Mother of Invention
Mike and Catalina share that the driving force behind making changes in their practice was necessity. They reached a “do or die” point where they couldn’t afford not to take action. Even without perfect numbers or tracking, they knew they had to take a leap of faith and do something different. This mindset shift and willingness to invest in their practice, even when it was tough, made all the difference.
The Corporate Transparency Act: A New Market Opportunity
Mike and Catalina are fired up about a new federal law called the Corporate Transparency Act, which requires all business entities in the US to submit detailed ownership information starting in 2024. They break down the requirements, penalties for non-compliance, and the strict reporting timelines.
As experts in this area, Mike and Catalina see this as not only a major compliance issue for businesses, but also a new market opportunity for their practice to serve clients nationwide.
Conclusion
Step into a groundbreaking journey next week alongside MPS and Richard James, tailored exclusively for law firm owners like yourself. Discover the clandestine keys to elevate success, amplify income, and reclaim the freedom to prioritize life’s genuine joys.
Delve deeper into the world of MPS and Richard James at www.YourPracticeMastered.com.
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AND MORE TOPICS COVERED IN THE FULL INTERVIEW!!! You can check that out and subscribe to YouTube.
If you want to know more about Mike and Catalina Dickerson, you may reach out to them at:
- Email: info@dickersonlaw.com
