Years of experience consulting law entrepreneurs nationwide made Luis Scott, the co-founder and lead consultant of 8 Figure Firm, realize the need for a comprehensive guide on the fundamentals of building and operating a successful law firm.
Scott, who is also the managing partner of Bader Scott Injury Lawyers, took the lessons from growing this Atlanta-based firm from a seven-figure to a multi-eight figure business in less than two years to develop his latest book, The King of Growth. With this book, he desires to help other law entrepreneurs across the country learn the keys to launching a thriving law firm.
“From consulting dozens and dozens of firms, I noticed that people don’t know the basic fundamentals of building a law firm,” said Scott. “Most people are building their law firms with no knowledge of how to actually build one.”
Only two years after founding the consulting company, 8 Figure Firm, Scott has gained significant notoriety as an expert in law firm management. Through mastermind conferences and one-to-one consulting, Scott and his business partner, Seth Bader, have helped dozens of small and medium-size law firms throughout the U.S. surpass the eight-figure benchmark in predictable annual revenue.
In a recent video interview, Scott narrated what inspired him to write The King of Growth. This Puerto-Rico-native consultant also discussed how this book can help law entrepreneurs understand the principles of building and managing a law firm.
The King of Growth is coming out this upcoming May 19 after a year of writing and development. The book expands on Scott’s previous book, 9 Principles of Exponential Growth. In this new release, Scott fills the voids left by the 9 Principles of Exponential Growth and compiles the lessons from his years-long experience consulting other firms.
“After writing the 9 Principles of Exponential Growth, I realized some aspects were missing,” narrated Scott. “So, I said, ‘let me put a comprehensive book on how to actually grow your law firm.”
In his latest book, Scott moves beyond the mission-setting aspects of launching a law firm and digs into law firm management’s more formal operational components.
“The 9 Principles of Exponential Growth talks about the importance of having mission, vision, and values,” said Scott. “But I saw the need to create a longer conversation on how to build and market a law firm.”
After years of consulting firms across the United States, Scott noticed a generalized misunderstanding among law firm owners about the difference between being an attorney and running a law firm.
“Most law firm owners think, ‘ok, I’m a lawyer; I want to start a law firm; I’ll do a little bit of marketing; this person said this; that person said that,’” explained Scott. “But they don’t know how to analyze their business.”
Many law entrepreneurs lack the business savviness required to run a successful law firm. Creating revenue projections, knowing how to analyze the cost of acquisition, and managing business expenses are some of the skills that attorneys need to develop before becoming competent law firm owners.
“All the basic elements that any law firm owner needs to know how to analyze, [most of them] don’t know how to analyze them,” said Scott. “So, when they are making decisions about their business, they are making decisions without considering those factors.”
Scott believes that any law entrepreneur, regardless of their practice area, can perfect these skills critical to building and scaling a law firm to eight figures and beyond. He wrote The King of Growth as a manual that will help attorneys understand the operational components of law firm management.
With The King of Growth, “my main purpose is ‘let me show you how you can create predictability in your business,’” concluded Scott. “If you can create predictability, your business will be transformed drastically.”
Scott and 8 Figure Firm are helping dozens of law entrepreneurs throughout the country surpass eight figures in annual revenue. Law firm owners looking for more in-depth information on reaching predictable explosive growth are still on time to register for the upcoming 8 Figure Firm San Diego Mastermind.
Spots for this event are limited. Secure yours at https://www.8figurefirm.com/mastermind-experience-may-2022/#speakers, and do not miss this opportunity to transform your law firm into a thriving law business.
By Juan Sebastian Restrepo
With Artistic Initiative Agency
