5 Tips on Social Media: How to Get Help While Staying In Control

By: Darlynn Morgan
Morgan Law Group
Member of WealthCounsel

Despite its popularity, social media is still a widely-debated marketing tool in legal circles.  Many lawyers are still testing the water to see if sites like Twitter and Facebook are a complete waste of time or a valuable resource in driving new leads and exposure for their firm.

I strive to maintain an active presence on both sites and I’ve found that some of my best speaking engagements and local publicity opportunities have come from connections made on social media.  Having an active presence also helps with SEO, as websites are ranked higher when they are constantly shared in social communities (it’s a sign to Google that your site is “popular”).

Of course I don’t have time to sit on Twitter and Facebook all day, so I had to get a little creative with the management of my feeds.  For attorneys (and for any service professional, really) completely outsourcing your social media simply isn’t a smart option. We have ethical considerations that other industries do not face, and it’s just not genuine to outsource your “voice.”

That doesn’t mean you can’t get help on the content management side!   There’s plenty of other “work” to do with social media that doesn’t require your effort or oversight. Here are a few ways to delegate social media tasks so you can maintain a consistent online presence without losing control of your accounts:

1. Have someone on your marketing team pre-write status updates linking back to your content such as blog posts, videos and free reports to be approved by you each week (it’s easier to edit than start from scratch!).
2. Assign someone to regularly follow local people, potential referral sources and key members of the media on Twitter and Facebook.
3. Have your approved status updates pre-scheduled by someone on your team so that when you do have time to jump on social media, you can focus on interacting with followers and building relationships—rather than promoting your content or your firm.
4. Get help with the management of direct messages, replies and the deletion of spam.
5. Delegate the set-up of your events (i.e. speaking engagements, workshops, promotions) on Facebook.  Set-up should include all logistical details, agenda or event information and the invitation of relevant friends/fans.

These are just a few ways to streamline your social media tasks so you can effectively manage your time while still increasing the overall impact you are able to have on these sites.  Remember, every firm is different, so sit down with your team and implement a social media marketing strategy that works best for you!  You’ll be pleasantly surprised at the results!

About the Author:

Darlynn Morgan is the founder and CEO of Morgan Law Group, a local law firm specializing in estate planning for the entire family. Her straightforward and easy to understand legal advice has been featured in a number of publications including Forbes.com OC Metro Magazine, LifetimeTV.com, The Daily Journal and the OC Register. She was named a Super Lawyer by Southern California Magazine in 2007, 2008 & 2010 & 2011, 2012 which is awarded to the top 5% of lawyers in southern California, in addition to being named a top OC Attorney by OC Metro Magazine in 2010. For more information on Darlynn Morgan, please visit http://www.morganlawgroup.com

 

Editor's Note:

You can find a variety of helpful resources on our website. Click one of the links below.

 

You Can’t Move Forward Looking Back – Part Three

Peggy Hoyt, JD
The Law Office of Hoyt & Bryan, LLC
Member of WealthCounsel

[Part 3 in a series of 3 articles.]

This is the third and final installment of ideas gleaned from the Millionaire MBA.  It’s important to take time to reflect on some of these issues.  

21. Get in the groove. Essentially what this means is you have to create a routine that works for you.  It will help you to organize your time and your day for maximum productivity.  What does your “typical” day look like?  Is there any structure to it at all?  Do you have a time map for what to do and when?  Are you allocating your time to your highest and best uses?  My days all look pretty similar.  I have to have a routine or I wouldn’t be able to accomplish the things that I need to do along with the things I want to do. 

Every day starts first with my pets.  When you have thirteen mouths to feed, they definitely come first.  Get dressed, make the dog food and feed the horses.  While the horses are eating, scoop the horse poop.  Release the horses, feed the dogs.  While the dogs are eating, feed the cats and clean litter boxes.  Write in my daily journal and record three things I’m grateful for in my “Gratitude Expressions” gratitude journal.  While the dogs are finishing up and the cats are eating I check my personal emails and post a few items to Facebook and LinkedIn.  If I have an idea for a blog post, I’ll write that down too – maybe even get started.  If I haven’t stayed at the computer too long, I do my exercise – either walk the dogs or jump on my trampoline.  Then it’s time to get dressed and head to the office. I try and schedule family and friend calls for my drive time in the morning.   

At the office, my day starts with a prospect or client call.  First appointment at 9:30.  Lunch appointment with a person who can send me more business (rainbroker) at 11:30.  First afternoon appointment at 1:30.  Second afternoon appointment at 3:30.  If appointments finish early I use that time to review paralegal and associate work product and answer emails or return phone calls.  All time in the car can be spent returning calls.  At 5:30 I have client calls or teach a workshop.  On off nights I attend a marketing event.  Monday mornings are reserved for team meetings and Friday afternoons are reserved for production time.  I’m usually home by 8:30 and spend some down time with my husband, my pets and the TV before heading to bed at 10:00 p.m.  Same routine the next day.    

You might track your time for a couple of days to see if you do have a routine or if you can impose some time mapping that would help you be more productive. 

22. Be precious with your time. If you value your time, then others will too.  If you don’t, likewise.  Spend a little time to figure out what your time is worth.  I just read Dan Kennedy’s “No BS Time Management for Entrepreneurs.”  There are some really good suggestions in there.  Every day we let people steal our time with comments like, “Do you have a minute?”  This may seem inconsequential but every time you are interrupted, there is lost productivity in getting back to your work and “back in the groove.”  My team tends to hover – I can hear them behind me.  I need to do a better job of letting them know they can not interrupt me every time they have a question.  I should close my door and have a rule that says – no interruptions when my door is closed.  Your team should learn to compile their questions and schedule time on your calendar.  One of my paralegals is really, really good at this.  She’ll look for “open” time on my calendar and make an appointment.  Then she’ll come with five or six things we can address all at one time.  I really appreciate her respect for my time.  

23. Don't procrastinate - take action. It seems we always put off until tomorrow those things that can and should be done today.  Sometimes that works in our favor – the art of “procrastivity,” a term coined by author Kerul Kassel in her book “Stop Procrastinating Now.”  Sometimes, procrastination just puts us further behind.  Obviously we can’t get everything on our to-do list done in one day.  But, are we making strides toward accomplishing the one, two or three things that are within our unique ability skill set and will result in taking steps toward our greater success?  It’s easy to be busy without being productive.  Really take a hard look at how you are spending your time.  What are you doing that someone else can do better and perhaps more cost effectively?  If you know what your time is worth and you value it, work only on those things that are within your realm of unique ability.  Delegate everything else. 

24. Get out and network with key people. The art of face-to-face networking is essential to growing a successful business.  If people don’t know you exist, they can’t send you business.  If they haven’t heard from you at least eight times this year, they probably won’t remember your name at that crucial time – when it’s time to make a recommendation.  Most Chambers of Commerce have regular business after hours functions, ribbon cuttings, business seminars and opportunities to network right in your own back yard without even having to drive across town.  The Chamber is a great way to meet the leaders in your community and start the “buzz” about who you are and what you do.  I’m always pleasantly surprised to attend a Chamber business function and notice just how many people in the room we’ve done business with or who send us business on a regular basis. 

Invite a CPA or financial advisor to lunch several times a week – you have to eat any way, might as well accomplish two tasks at a time.  It is not unusual for me to have a networking lunch three or four times each week.  It is a small price to pay for the potential benefit in future customers and goodwill.

Join a civic or social organization.  If there are none in your area that are interesting, create your own mastermind group and invite those people you want to know and network with to attend.  I’m having lunch with a financial advisor today for just that purpose.  We’ve identified eight to ten people we think we’d like to get to know better and network with on a monthly basis.  I’ve done this several times in the past – the group doesn’t have to last forever, just long enough for everyone to really get to know one another and feel comfortable making the recommendations.  Many individuals from these groups are now clients and lifelong friends.

25. Learn to listen and learn to ask the right questions. Become insatiably curious about people and then just enjoy listening to their responses.  Ask them what they are passionate about – their family, their kids, their pets, how they met their spouse, how they spend their free time, what they did before they retired.  You are much more likely to connect with someone in an important way, if you become acquainted with them as a real person. 

You may already know what they do for a living.  They probably already know what you do.  People do business with people they like and respect.  People like people who listen to them.  People like people who share stories about their personal lives, not just about “everything they know.”  From a business perspective, I like to ask people how they attract clients.  I want to know what they are doing as part of their marketing effort and how they are spending their time in the community.  If they are just simply sitting around waiting for the phone to ring, they probably aren’t going to be a good source of future business. 

Listening is one of the greatest skills we’ve lost (or never learned).  We are so intent on telling our story, selling our product, giving our opinion that we forget to stop long enough to hear what the other person is saying.  I met a young man who was a flight attendant recently.  I can tell you how he got interested in the airlines, what the interview process was like, what his parents think of his career, what he does on a part time job basis, how he spends his free time, where he likes to travel, etc.  Interestingly, he never asked me one single question about myself.  Nor did I offer any of that information.  Nice information to know about him, but no connection.  He never stopped talking – that’s not a conversation. 

26. The more you do and see, the more connections you generate and the more ideas you generate. This is a little bit like, “How do you eat an elephant? One bite at a time!”  Do a little every day.  Every single day.  Eventually, it will become a habit and as that habit develops, your pipeline will fill and you’ll have more prospects than you can service and more ideas than you can implement.  That’s a good problem.  Now you’ve got the opportunity to expand your team and grow your business.  I know far too many people who make a huge marketing effort, generate some business and then stop.  Then they have to gear up all over again and repeat the same process.  Then they stop.  Never, ever stop. 

27. Enjoy success when it comes, you've earned it. Have you ever heard of fear of success?  Fear of success is when you are just about to round a corner in your career and you do something to sabotage it.  We’ve all done it.  But why?  We work hard, we want to be successful.  Still, we are afraid.  This is not a new phenomenon.

I’ve included a link for a quiz, adapted from a questionnaire developed at Boston College (and published in The Success-Fearing Personality, by Donnah Canavan, Katherine Garner, and Peter Gumpert) to measure your “fear” level.  http://money.cnn.com/quizzes/2006/fortune/fear_success/index.html.  I took the quiz and my score – I’m okay.  Good to know.

28. Develop your brand.  What are you known for?  What is your personal brand? Does your firm have a brand?  What can you do to develop a brand identity?  It seems I’m always thinking about this topic.  Why do people choose our firm, what causes them to want to do business with us, or with me?  Why do they choose another firm rather than us?  What does our brand, essentially our image, say about us and the kind of service we can provide?

You can be intentional about your image and your brand or, you can simply go about your day to day and wonder whether you have a brand that people are interested in buying.  This is an area where professional assistance can go a long way.

29. Leverage leverage. Great concept, but what does it mean?  To me, it means that for every action you take, try and use it in three or more ways. If you write an article for a local paper, also post it to your blog and to your social media sites.  If you speak at Rotary, leverage that opportunity into additional exposures – you can summarize your topic and again, post on your blog, your website and your social media sites.  Leveraging what you are already doing will certainly create more opportunities in the future. 

Use the goodwill you generate with clients to attract more clients.  Don’t be afraid to thank your clients for their business and suggest you are accepting new clients if they know of someone who would be a good fit.  Over time, most attorneys tell me they get their business from word of mouth referrals.  This is the best business there is.  Just don’t ever stop filling that pipeline. 

Once upon a time we were taught about the concept of “rainbrokers.”  A rainbroker is a person who can help you broker rain.  That is, this person may have access to a large number of people that would be good potential clients.  Financial advisors, certified public accountants and insurance professionals fall into the category of rainbrokers.  A great relationship with one rainbroker can result in a number of referrals.  That’s leverage.  If you had to generate every client one at a time, you’d get tired before you’d make any money.  Look for and nurture relationships that can pay lasting dividends.   

30. Get the fundamentals right.  This can mean so many things.  For me, it’s focusing on your core business and doing that better than anyone else.  It’s having great processes and procedures.  It’s knowing what your brand is and using it to your full advantage.  It’s leveraging all your opportunities.  It’s showing up and being fully present.  It’s having a great team.  It’s all of the topics we’ve talked about during this series. 

This section could also be as simple as having a common greeting when someone answers the phone at your office.  It can be rabid attention to detail.  It can mean never being late for anything, ever.  It might be keeping all your commitments.  There are so many things that are fundamental to our lives and to our businesses that are essential to our success. 

31. You can't afford to choose the wrong opportunity. I recently attended a National Association of Entrepreneurs meeting.  One of the speakers said, “You aren’t really an entrepreneur until you’ve made a few mistakes.”  I believe this is true – it goes to the adage, “No pain, no gain.”  Unless you are out there looking for and creating opportunities, you can’t really succeed.  Maybe this category should be, you can’t afford to invest too much time, energy or resources into the wrong opportunity.  We are all going to go down some paths that don’t result in great success.  That’s how we learn – it’s all about the journey, not just the destination. 

If you are really focusing on your unique abilities, building processes and procedures, training an excellent team, paying attention to our marketing and perfecting your core business – you can’t help but succeed.  Try new things – just remember, it’s hard to be all things to all people and not every idea is a winner. 

32. Know how you are going to make your first million.  I love this one.  In my mind, I’ve made my first million over and over again.  When I wrote, “All My Children Wear Fur Coats” I figured, if there were 11 million households in the country that had pets, I only had to sell 1 million copies and make a dollar each!  Simple!  Until you are out there in the trenches.  But I haven’t given up.  Time has not run out and now I have seven additional books to help me make up the difference.  I have more ideas than time in the day so I keep focusing on the goal. 

What are your annual revenue goals?  How many billable hours is that a year (if you are still doing billable hours)?  How many trust clients?  How many will clients?  How many buy-sell agreements?  How many people do you need in your maintenance program?  There are a lot of ways to calculate how to reach your goals – what are yours?  The world is your oyster.  See you at the bank!

I’ve enjoyed sharing these tips from the Millionaire MBA.  Your comments, thoughts and suggestions are always welcome and appreciated.    

Editor's Notes:

Attend one of our Thought Leader Series Webcasts designed for forward-thinking practitioners who want to stay on the leading edge of knowledge.

 

 

Can You Require Employees to Turn Over Their Facebook Passwords?

Ethan J. Wall, Esq.
Richman Greer, P.A.

Employers across the country are requesting access to potential hires’ social media pages to weed out unwanted candidates. They are also curious of how their employees are representing themselves in an ever-increasing online world. Employers are understandably wary of employees acting in a disparaging way while at the same time displaying an affiliation to their employer. But can an employer legally require their applicants and employees to turn over access to their social media profiles – revealing all content and messages that are often hidden behind various privacy settings? If you work in Maryland, the answer may be “no.”

Maryland lawmakers are in the process of passing legislation prohibiting employers from asking current and prospective employees for their usernames and passwords to social media sites such as Facebook and Twitter, according to The Baltimore Sun. The Bill would prohibit an employer from requiring that an employee or applicant disclose any user name, password, or other means for accessing a personal account or service through a “specified electronic communications devices,” and further prohibit an employer threatening to take specified disciplinary actions for an employee’s refusal to disclose specified password and related information.

Maryland lawmakers began drafting the bill after the American Civil Liberties Union (ACLU) raised concerns about the Department of Public Safety and Correctional Services demanding the personal social media password of corrections officer Robert Collins. Collins was asked for his Facebook password in a re-certification interview with the state agency.

While this proposed legislation would only apply in Maryland, other states are considering similar legislation. Applicants and Facebook are more frequently criticizing the practice of employers viewing employees’ personal accounts as running afoul with their privacy rights. Since the law may be unsettled in your jurisdiction, employers should consider viewing “public” information on employees and applicants social media pages and refrain from requiring access to their social media passwords unless they wish to find themselves facing a disgruntled employee or applicant’s legal action.

Editor's Note:

You can find a variety of helpful resources on our website:

 

Lists, Checklists and Processes — Oh My!

Jan Copley, Attorney at Law
www.copleycoaching.com
Member of WealthCounsel

Many of my coaching clients struggle with protocols in their practices.  As a result, it seems they continuing reinvent the wheel, and they have to put out fires when seemingly routine matters go bad.  My coaching involves telling my clients about the importance of creating written processes in their offices and I try to give them hints on how to do it.

Late last year, I read Atul Gawande’s The Checklist Manifesto.  The book got me thinking about the various tools we create to remember things and to get things done.  I’ve decided that we use three different types of devices:  lists, checklists, and processes, with subtle differences between them, but all very useful.

Checklists.  I think a checklist is something we use to remember the key elements of a multi-step process.  According to Gawande, there are READ DO checklists, which instruct us what to do next.  A recipe is a good example.  On the other hand, we also have READ CONFIRM checklists, which assure us that we haven’t forgotten anything.  I think the World Health Organization’s Surgical Safety Checklist (which Gawande helped develop) falls within this category.

Processes.  A process is a detailed “how to” list.  It sets out all the steps necessary to accomplish something.  One item on a checklist might be accompanied by a process for that item.  What would be an example?  You probably have to do some things before you shut your office down at night.  One item on the checklist might be to take out the mail.  However, taking out the mail involves other, underlying actions:  gathering it up, making sure there is appropriate postage, etc.  You don’t need each of these times on your checklist, but you might want a written process for taking out the mail with each step enumerated in the process.

Lists.  A list can be a brain dump.  We create lists when we’re worried that we can’t remember everything we think we need to remember.  There may be no particular order to it, and the list won’t be useful to anyone else (unless you turn it into a process or a checklist).

We can also use a list as a clarifying tool.  If we’re trying to make an important decision, it can be useful to write down the pros and cons of what is involved in the decision.  Once again, there may be no particular order for what we write down and someone else may or may not be able to figure out what the list is about.  But creating the list should give us some clarity about the next step we want to take.

Please let me know how this helps you!

Editor's Note:

You can find a variety of helpful resources on our website.

 

Are You A Situational Extrovert?

Mark Powers Atticus, Inc.

Shawn McNails Atticus, Inc.

At its simplest level, marketing yourself requires you to cultivate relationships. Lots of them. With other attorneys, other professionals and often with clients. For those of you who delight in socializing, this is easy. You’re energized by being with groups of people and crave social contact. Your only worry is how to manage your time to fit in all the socializing you’d like to do.

But it’s a different story for those of you who think of yourselves as shy.

No matter how old you are, or how long you’ve been in practice, you may notice that you limit marketing yourself because new or unfamiliar social situations make you nervous. If you feel this way, you’re in good company -- almost half of all Americans characterize themselves as shy.

But you may have also noticed that despite your shyness, you’re very outgoing in certain situations such as family gatherings or when you’re with close friends. Interestingly, what we often call “shyness” is sensitivity to social situations in which we feel the risk of being judged harshly. Most of the time these social situations are parties or gatherings filled with unfamiliar people.

When you’re with friends and family with whom you are comfortable, the risk of rejection is low and the corresponding anxiety you feel is also low.

Your level of shyness is very much dictated by the situation you are in. If this is true for you, perhaps there’s a way to find your comfort zone even when marketing.

To find yours, we recommend a simple three-step formula:

First, identify the people you already know and feel comfortable with, people who could start sending you business or could send you more business. Referrals don’t have to come from people you don’t know. Focus on deepening your rapport with people you already know and more business may be forthcoming – especially if they send their referrals to several attorneys in your practice area (most will never tell you that they do this).

Next, plan your relationship-building to include activities that you enjoy. If you can add in an activity like playing sports, attending a wine-tasting or going to a charitable event, it takes the pressure off of you to carry the conversation and gives you something fun to focus on and talk about.

Finally, when you’re ready to move on to the third step -- meeting other people -- ask your friendliest referral sources to invite a colleague the next time you meet. Someone with whom you could network. Having that friendly referral source there will help you feel more comfortable when meeting this unfamiliar person. Commit to returning the favor with someone whom your referral source should meet.

So take the anxiety out of marketing yourself by starting with familiar people, engaging in interesting activities and asking for friendly introductions. These steps will help you to diffuse your anxiety and raise your level of extroversion. Before you know it, you’ll expand not only your personal comfort zone -- but also your entire network.

Editor's Note:

You can find a variety of helpful resources on our website.

 

Adaptable Planning Advice for 2012 and Beyond

Charlie Douglas, JD, CFP®, AEP

We live in insecure planning times. Clients often feel insecure in transitioning wealth that they may need themselves at a future point in time to family members in flux, while advisors clearly lack the tax law visibility necessary to confidently advise clients as to how best to plan. A longer term and static planning mental­ity is increasingly imprudent and impractical.

• Provide virtual representation for unborn or unascertainable beneficiaries;

• Insert tie-breaker language where co-trustees are named;

• Allow the trustee to terminate an “uneconomical” trust;

• Consider a Trust Protector or Special Trustee where a closely held business is involved;

• Direct and indemnify the trustee to retain specific personal property, concentrated or closely held positions;

• Give the trustee the power to 1035 exchange or sell an insurance policy;

• Permit the trustee to make loans to beneficiaries,

• Grant the trustee broad discretion regarding investment powers;

• Authorize the trustee to change trust situs and governing law;

• Allow the trustee to invoke tax savings clauses, merge or divide the trust (ie. GST exempt and GST non-exempt); and

• Award the primary beneficiary for which a trust is established a general power of appointment to avoid the GST tax, only upon condition that there be a reduction in the overall transfer taxes.

Unsure about whether the grantor or the trust should pay for the trust’s tax consequences in a vacillating economic environment? Consider crafting the trust with an annual “toggle switch” by giving an independent trustee the ability to make loans to the grantor for adequate security and interest. If grantor trust status is desired simply make a loan to the grantor. To switch grantor trust status off merely have the grantor fully repay the trust loan.

In the end, the only secure method of planning is to ensure that the planning advice proffered and the wealth transfer planning vehicles used can adapt with circumstances that are sure to change.

About the Author:

Charlie Douglas, JD, CFP®, AEP has practiced in the business, tax, estate and financial planning areas for over 25 years. He holds a J.D. from Case Western Reserve School of Law and pos­sesses the Certified Financial Planner™ and Accredited Estate Planner™ designations. As a Senior Vice President for a global wealth management institution, Charlie specializes in com­prehensive planning solutions and fiduciary trust services for business owners, high net-worth individuals and their families. Charlie is a board member of the National Association of Estate Planning Councils (“NAEPC”) and is sharing this article as the current Editor of the NAEPC Journal of Estate and Tax Plan­ning.

Editor's Notes:

Watch this webcast on the Most Compelling Opportunities Now Making Two Years Last a Lifetime.

What you’ll learn:
With the enactment of new estate, gift tax and GST tax (but possibly temporary) laws, how should professionals and their clients think about estate planning over the next two years? What might be lost if clients wait to act? Who should act now?

• The likely state of the transfer tax system in 2013 and beyond.
• The most compelling estate planning techniques based upon the current state of the capital markets.
• The two estate planning techniques that solve the biggest risk that exists for clients today.

 

Why Process is So Important for Estate Planning Attorneys and Clients

Arthur J. Swerdloff, Esq.
Swerdloff Law Firm
Member of WealthCounsel

Two estate planning cases, one early in my law career, the other in more recent years, have driven home the point that you can never put off finishing an estate plan no matter the age nor the level of participation of the client or client couple. Therefore a process to stay on course is essential.

The first case involved an older doctor and his wife. The doctor was aware he had advanced heart disease. We worked for several weeks to come up with a plan the couple could approve. At the time, trusts needed to be typed page by page from forms, so the turnaround time was long. Nonetheless I met with the doctor and his wife at their home with a completed set of documents and reviewed the plan with them. I asked them to sign the documents, but the doctor protested he was too tired and would review the papers over the weekend. On Monday morning his wife called to inform me he had died Sunday night. Unfortunately, the assets were transferred with the aid of the Probate Court.

The second case, which I describe in a WealthCounsel “YouTube” monologue for their Creating Lasting Legacies campaign, involved a younger mother and her husband. A complete trust plan, including increased life insurance on the couples’ lives, was completed within sixty days. Not long after, the wife gave birth to a second daughter. At six weeks the mother died suddenly from a burst aneurism. The story has a happier ending in that the husband, faced with daunting responsibility, with ample resources from the insurance, was able to preserve the couple’s assets, avoid probate and raise the children comfortably in the family home.

Having learned from these experiences, my Client Services Director and I adhere to a strict 90 day process to keep us on track in busy or normal periods.

We commit that every plan will be documented and ready for signature within 30 days of approval of the plan design. Within the next 30 days we prepare a binder for the presentation of original documents and any real estate transfer documents in our purview at a formal pre-arranged meeting. We also use this meeting to answer questions and to re-emphasize the urgency of funding the assets into the trust. During the next 30 days the client services director follows up with the client to track his or her progress with the funding and other matters such as insurance and investment planning. Thereafter we plan a one year follow-up and a mandatory three year review.

Clients appreciate knowing there is a planned process and our scheduling is simplified by adhering to the 90 day system.

Editor's Notes:

How do you create lasting legacies for your clients?

70% of Americans fail to do estate planning because they lack awareness as to why they should. In an effort to change this alarming statistic, WealthCounsel launched the Creating Lasting Legacies campaign. Watch Arthur Swerdloff's video on how he helps create lasting legacies with his clients.  This campagin is also a contest, make sure to cast your vote for your favorite video.  Voting details will be posted on the Creating Lasting Legacies website.

The Peter Principle – Alive and Well

Peggy Hoyt, JD
The Law Office of Hoyt & Bryan, LLC
Member of WealthCounsel

The concept behind the Peter Principle is that people get promoted until they reach a level of incompetency. This makes sense. As long as I’m doing well, learning, and performing, my efforts may be noticed and if there is an opportunity for advancement, I’ll get promoted. Ultimately, I’ll be promoted to a level where I’ve exceeded my capabilities to learn and grow - hence, the idea that I’ve reached the outer realm of my competency.

We’ve probably all seen the Peter Principle in action. These are people who are not competent to carry out the responsibilities they’ve been given or in some cases, responsibilities they’ve assumed on their own. As an entrepreneur I sometimes feel this way about myself. There are so many hats I have to wear - and wear well - that it’s no surprise there will be some tasks I’m just not good at.

Fortunately, as the business owner, I have the ability to delegate the tasks I’m not good at or to outsource these tasks entirely. The problem is recognizing the things we are not good at - that are not one of our unique abilities - and to assign this task to someone who has the requisite skills.

As solo or small firm practitioners we have a tendency to wait too long to realize we aren’t good at something. If we were capable of going to law school and passing the bar, then certainly we should have the ability to do the bookkeeping, the filing, the purchasing of office supplies, the hiring of team members - whatever it is that may need to be done. As such, we have blinders on to our real abilities – those things that will ultimately allow our businesses to grow and succeed.

The reality is we aren’t good at everything and it’s foolish to believe we are and to try to do it all. When we do try to do it all, pretty soon Peter shows up. Then, we aren’t doing anything well because we are trying to do too much. We are also doing things that are taking our focus off the things that really are important to our success.

What are the things you do well? Sit down and really examine what your greatest contributions are to your practice and ultimately to your success. What are the things you don’t do well? What is just busy work that is eating up your productive time? How can you work smarter, not harder? What are you passionate about that gives you energy – the things you could do all day without getting bored or distracted? I ask myself these questions all the time. Sometimes the answers aren’t what we really want to hear or even, to know. You may have to ask a friend or trusted team member to help you identify your unique abilities and then hold you to task to only do those things that fall within that realm.

In our practice, I have three jobs that I do well: (1) Teach or write – in other words, educate people about what we do and how we do it; (2) meet with prospective clients; and (3) meet with people who can send me more clients. I’m famous for telling my team that if I’m doing anything else, then I’m probably doing their job. That can really get people scurrying! The reality is – the other aspects of our practice are not a good use of my time. That’s not to say there wasn’t a day when I tried to do everything. But, and fortunately for me and for the firm, I learned early how to delegate tasks to people who did a better job and had the skills and temperament for performing them well.

I spoke last weekend at an event for lawyers. I was asked to speak on two topics I’m really passionate about – social media and marketing. Interestingly, I’m getting asked to speak on these topics more often. Rest assured, the Peter Principle is alive and well in the social media and marketing areas of the practice of law. However, this is one area where I think we can all improve. There are so many things we could do better – they aren’t hard, they just require a little effort and an acknowledgement that they are important to the success of our practice. Still, it’s like herding cats. We focus more on the technical and less on the marketing and business aspects of our practice. As a result, I see people who are frustrated with their success (or lack of it) and simply need to be doing more to fill their business pipeline.

I collected business cards from people I met at the conference. Then I checked out how many of these people are on Facebook and LinkedIn – two of the most popular social media sites. Only a few people were on one, even fewer on both. I wonder how many of these people have active web sites or blogs? Have they claimed their Avvo and JD Supra profiles? What are they doing that’s working well to market their practice? What would I see and experience if I were to make a surprise visit?

If the Peter Principle is alive and well in your practice, what can you do to break through that level of incompetency? Can you get more education? Delegate more? Hire a coach? Rearrange your schedule toward more productivity? Be honest in your assessment of what you need to move to the next level of competence and success.

About the Author:

Peggy Hoyt, J.D., M.B.A. is an attorney and with her partner, Randy Bryan, own and operate Hoyt & Bryan, LLC—Family Wealth & Legacy Counsellors—in Oviedo, Florida. Both are Florida Bar board certified in Wills, Trusts and Estates and Elder Law. Peggy is the author of eight books including estate planning, planning for your pets, special needs planning, planning for unmarried couples and building your life and business with gratitude. Peggy is active on Facebook and LinkedIn. You can follow her blog at PeggyHoyt.com.

Editor's Note:

You can find a variety of helpful resources on our website.

 

Is Your Personal Facebook Page Subject to Attorney Advertising Ethics Rules?

Ethan J. Wall, Esq.
Richman Greer, P.A.

As social media becomes more of a household technology, attorneys are more often using Facebook, Twitter, and LinkedIn for both personal use and professional networking. Often times the lines between the type of use is blurred. As more attorneys turn to social media for online interactions, various Bar associations are weighing in on how existing advertising ethics rules apply to social media use.

Most recently, The Florida Bar amended its guidelines for attorney social media use. Importantly, the Bar acknowledged that social media pages for individual lawyers that are used solely for social purposes, such as maintaining social contact with family and close friends, are not subject to lawyer advertising rules.  While the complete set of guidelines are available on the Florida Bar website, I’ve outlined the critical portions of these guidelines below:

• Pages appearing on networking sites that are used to promote the lawyer or law firm’s practice are subject to the lawyer advertising rules. These pages must therefore comply with all of the general regulations set forth in Rule 4-7.2. Regulations include prohibitions against any misleading information, which includes references to past results, promises of results, and testimonials, and prohibitions against statements characterizing the quality of legal services.
• Invitations sent directly from a social media site via instant messaging to a third party to view or link to the lawyer’s page on an unsolicited basis are solicitations in violation of Rule 4-7.4(a), unless the recipient is the lawyer’s current client, former client, relative, or is another lawyer. Any invitations to view the page sent via e-mail must comply with the direct e-mail rules if they are sent to persons who are not current clients, former clients, relatives, other lawyers, or persons who have requested information from the lawyer.
• Although lawyers are responsible for all content that the lawyers post on their own pages, a lawyer is not responsible for information posted on the lawyer’s page by a third party, unless the lawyer prompts the third party to post the information or the lawyer uses the third party to circumvent the lawyer advertising rules. If a third party posts information on the lawyer’s page about the lawyer’s services that does not comply with the lawyer advertising rules, the lawyer must remove the information from the lawyer’s page.
• A page on a networking site is sufficiently similar to a website of a lawyer or law firm that pages on networking sites are not required to be filed with The Florida Bar for review.

While these guidelines clarify common attorney advertising questions relating to personal and professional social media use in Florida, and may be helpful guidelines within any jurisdiction, I strongly recommend you keep up to date on  your specific jurisdiction’s guidelines for social media use.

Editor's Note:

Want to know more about how to engage in social media channels?

Read WealthCounsel's FAQ and view our short webinars on how to get started with Facebook, Twitter, and LinkedIn.

You Can’t Move Forward Looking Back – Part Two

Peggy Hoyt, JD
The Law Office of Hoyt & Bryan, LLC
Member of WealthCounsel

[Part 2 in a series of 3 articles.]

This is the second installment of ideas gleaned from the Millionaire MBA. Read Part 1.  There were some good suggestions there I wanted to share and comment on.

11. Risk is essential but it must be calculated. You’ve probably heard the saying, “Nothing ventured, nothing gained.”  In business this is particularly true.  You can’t move forward toward achieving all of your goals without taking a calculated amount of risk.  Calculated because you should know what the worst thing that can happen is and if you can live with it, then take the risk.  I never really understood how someone could lose “their entire life’s savings.”  Yet, almost daily there’s a headline proclaiming how another person or family lost everything to a con artist in an investment that proved to be a scam.  I have clients who have been victims of bad investments including outright scams and Ponzi schemes.  For many, the amount invested, or “loaned” was more than they should have been willing to risk.  To bet it all would, for me, be too much risk.  What is your tolerance for risk?  When I worked in the financial field, we counseled our clients about risk and reward, the greater the reward, the greater the risk.  We also counseled people about the investment pyramid, where your safest investments should make up the base of the pyramid and only as you reach the top of the pyramid should you commit dollars to higher risk investments.  The same is true for business investing, never commit more than you can afford to lose to an investment designed to benefit your business.  When I first started as a solo lawyer I was sure I was going to bankrupt my family.  It wasn’t until I realized what I had really put at risk, a few years on a lease for a building and some equipment, not my entire life or my life’s savings.  There would always be an opportunity to recover.  Take risks, for sure, but make sure they aren’t more than you can handle. 

12. You must manage the downside of risk.  This is really a continuation of the conversation started above.  Risk has an upside, the outcome we are hoping for and a downside, the outcome we hope to avoid.  You can manage risk by carefully calculating the downside outcome.  If you are investing $5,000 in a marketing program, the upside potential could be considerable.  The downside could simply be the loss of the $5,000 or it could be more, the loss of your time, your reputation, etc.  Be sure and calculate all of the possible downside risks, not just the obvious ones. 

13. To be successful, you must first feel uncomfortable.  It’s hard to make progress if you never get out of your comfort zone.  You can’t just hang out a shingle, wait for the phone to ring and hope the world will beat a path to your door.  You have to actually take positive action that will attract success.  You’ll undoubtedly have to meet new people, prospects, clients and referral sources.  If you are more shy than outgoing, this may be hard for you.  Yet, you’ll have to discover what activities you feel comfortable with and then make the effort to do a little more each day.  As your confidence improves, so will your success.  If you want to do workshops but you are terrified of public speaking, this is a challenge you’ll have to work on incrementally.  Join a few clubs or organizations.  Perfect your 60 second “elevator speech” and practice, practice, practice.  Consider joining Toastmasters or take a Dale Carnegie course.  Daily action will propel you to greater confidence and greater success.  Do a little each day, it gets easier. 

14. Get used to hearing the word “No.” As a former financial advisor who was forced to make cold calls, I heard the word “No” a lot.  We were taught that every “No” was one person closer to “Yes.”  It’s the law of large numbers, the more people you talk to, the greater your chances for success.  Part of this is as you practice and develop your confidence you’ll automatically get more opportunities for someone to say, “Yes.”  So, go for the no, it’s one step closer to success.

15. Language is power. Develop your language. Choose your words carefully.  Let your words paint a powerful picture so your prospects and clients can fully understand the meaning of your message.  Just because you are educated and hold a couple of degrees doesn’t mean you need to try and impress people with big words.  You’ll be more effective if you learn to speak in a way that conveys your message simply.  Legalese might sound impressive but may not get you the intended results if your clients don’t understand and are not motivated to take action based on your recommendations.  Educate to motivate and choose what you say with precision. 

16. Become a master communicator. The ability to communicate clearly, concisely and persuasively is a learned skill.  Practice makes perfect but only if it’s perfect practice.  To speak and communicate well, you must hone this skill through speaking and communicating.  It’s not a concept to be admired, but one that requires rolling up your sleeves, doing the hard work, daring to be ugly and communicating in every possible way you can think of.  Master communicators are also masters at leadership and persuasion.  We are in the communication business whether we are educating prospective or existing clients, potential referral sources or setting an example for our team.  What we say, how we say it and how it is perceived is essential to our success. 

17. Build a balanced team. One of my favorite topics is team building.  Theoretically it should be simple, in practice it is very hard.  Building a balanced team is critical and may take years to accomplish.  First is selection, then training, then training, then training, and then retention.  Ensuring that each team member is a compliment to the others can also be a challenge.  Tools like Kolbe, Strength Finder and other measures that allow you to discover how people initiate, how they react, what their highest and best use is will all play a part in building a balanced team.  Finding the right people to complement your skills is also important.  The very first paralegal I hired, when it was just the two of us, didn’t work out very well because her Kolbe score was almost identical to mine.  I needed someone who was not the same as me so we could balance each other’s strengths.  Our team today is much more balanced and allows us to accomplish more each day. 

18. Keep focused exclusively on your goal. Do not get distracted.  Wow!  This one is like calling the kettle black.  I have what I call “shiny object syndrome”, I get distracted very easily.  It’s the curse of the multi-tasker, the inability to stay focused on one thing because we can do two, three or four things at once to be more productive.  Believe me, it’s a trap.  It’s hard to do a lot of things well, yet there will be those of us (me) that will try and try and try and try.  This is probably one of the hardest lessons to learn.  If you already have the gift of identifying singular goals and staying focused, then congratulations.  Maybe you can teach me and the rest of us multi-taskers your secret.  If you are a multi-tasker, “oh wait a minute, there’s a bunny!,” okay, I’m back, then your work will be cut out for you.  Learning to meditate, being still and other relaxation techniques may help you acquire the focus you need and desire.  Getting older is also another way to gain focus, there comes a day when your energy just isn’t what it used to be and you realize that in order to accomplish anything you must focus on a singular goal.  Having an accountability partner may also help to keep you on track so you can direct your energy and your focus to a daily, weekly, monthly or quarterly task. 

19. Set goals and have a definite target.   A lot has been written and said about goal setting.  You can’t accomplish what you haven’t identified and written down.  Goals should be “SMART,” specific, measurable, attainable, realistic and timely.  What does your goal setting process look like?  Is it something you do deliberately and systematically or do you set new goals whenever a new idea strikes you?  How do you quantify your goals, making them specific?   What do you do to measure your progress toward your goal?  Do you have an accountability partner or are you able to self monitor?  Can your goal be achieved?  Anything you believe can be achieved, I believe this is true.  Do you?  How do you know when a goal is realistic?  This may be more in line with the time frame for actually achieving a goal. If your goal is one million dollars in annual revenue and today you are at $200,000, then next week may not be realistic.  It may be specific, measurable, and attainable but not realistic so the time frame may have to be adjusted.  A timely goal is one that is bounded by a time frame.  If you want to lose ten pounds but you haven’t set a date by which to accomplish the goal, then you may be working toward that goal forever.  Set daily goals, weekly goals, quarterly goals and annual goals.  Every year when I get my new day timer, I go directly to the back and review the goals I set from the previous years’ day timer and make my annual goals to put in my new day timer.  I’m always pleasantly surprised when I get to cross one of my goals off my list.  If I have a carry over, that’s okay, I don’t have to achieve every goal to feel like I’m making progress. 

20. Make a decision to eliminate stress. What a great thought.  Make a decision to eliminate stress.  I applaud and admire the concept.  What are you doing daily to eliminate the stress in your life?  Are you eating well?  Sleeping well?  Exercising daily?  Meditating? Relaxing?  I think eliminating stress comes more naturally when we look for balance in all of the areas of our life.  There’s work, family, community, self, among other things.  Are you finding time to do everything you want to do?  Do you have boundaries in your life that allow you to create the balance you need?  Probably one of the best ways to reduce stress is to use time blocking techniques.  Know when you are going to do certain things and stick to your schedule (as best you can).  For me, Monday mornings are team meetings.  Monday lunch is our attorney lunch.  I see clients mostly on Tuesday, Wednesday and Thursday.  I try and reserve Monday afternoon and all day Friday to work “on” my business – not just “in” it.  Workshops are generally held at 9:30 a.m. or 6:00 p.m.  There are no weekend or evening appointments.  Saturday and Sunday mornings are reserved for horseback riding.  At least once a month I try and compete in a long distance trail riding event.  I spend time every day cleaning stalls – a great way to get your day started with time to think.  There’s nothing more humbling than shoveling s---t.  These are just examples but they allow me to have more control over my life and build in more balance, exercise, spirituality, and harmony.  It’s all good. 

Editor's Notes:

You can find a variety of helpful resources on our website.