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Getting Smart With Your Law Firm Marketing Budget – Part 2

In our previous post Getting Smart With Your Law Firm Marketing Budget – Part 1 we discussed how to cut your marketing budget, and also how not to. Now let’s think about some cost-effective marketing strategies that we all should be doing!

Some marketing techniques to consider:

Bigstock-Budget-Word-on-strings-652838231) Step Up Your Social Media Activities If You Haven’t Already

If your customers are active on social media, then you should be too. When marketing dollars are low, bump up the time and resources you allocate to Facebook, Twitter, and LinkedIn. Claim your business listing on sites like Google Places, Yelp and Yahoo Local.  Make sure you monitor those sites and respond to any review. Start a blog, or reinvigorate your existing one. This costs you only your time.  I know time is important, but it is a resource, and if you aren’t spending money on marketing, you’ve got to be spending time.

2) Use the Power of Referrals and Don’t Be Afraid To ASK!

Referrals are free and a great tool for spreading the word about your business. Make certain you are asking your clients for them at your synergy meetings and strategy meetings.  Run a promotion for “friends of our family” – start a marketing campaign to get existing clients you like and enjoy working with to refer to you.  Reach out to them and tell them that, because you like them, you are willing to give “X” to anyone they refer, either a family member or a friend who contacts you within 48 hours, and then decide what that offering is.  Maybe it’s a complementary year on your maintenance plan or DocuBank.  Be creative and show value to get that phone to ring. 

I say to offer this to clients you enjoy because people hang with people like them. Just make sure you have a clear offering and a timeline attached to it.  That will get action. 

3) Sometimes You Need To Refine Your Marketing Before You Cut – Sometimes Simple Is Better 

 I often see logos with fancy taglines that say something like “helping families pass on their legacy.” What do you think that means to people exposed to your brand or logo?  What if they had no clue what you do and just saw your firm name (say for example it’s Law Offices of Joe Smith) with that tagline?  Do you think they would know exactly what you do, and all that you do?  Instead, say something like “helping your family with their estate planning goals” or just “the estate planning professional for your family.”  Sometimes too fancy doesn’t connect or resonate.

So ask yourself, how can you refine your tagline – or any other strategy you have – to strengthen your marketing message and grow revenue?

4) Get Out in Your Community

Another low-cost but high-profile approach that works well for small businesses is getting involved with community events and programs. We have a listing on our members site of national events by month. Look at it, and find some events where you can reach out to your community and support them.  A business that is active in the community often wins the hearts and minds of consumers. Plus, it’s often easier on your pocketbook than other marketing programs.

5) Be Strategic About What You Cut

If any tactics aren’t working for you, don’t be afraid or hesitant to cut them. I know we push hard for a six-month commitment before you cut so you can verify that it’s not working.  I had a member tell me his ad wasn’t doing anything.  He only got a “few calls” for his workshop from it, so he was pulling the ad. However, he also wasn’t doing any reporting, so those two calls were probably more like four. I encouraged him not to cut it, because if you get two calls and you aren’t tracking, then you can probably truly allocate more than that number off the top of your head.  He cut the ad at four months, and in month five, he had people calling for his workshop from his ad. Pulling that ad hurt him, and he lost traction.

I also had a member who, at the fourth month of his newspaper ad, had not one call.  Zero calls, and he WAS tracking.  We had to stop the bleeding and decided that the demographic may not be ideal where he was. We put that money toward marketing online and got some leads. And we started focusing more on RMS and filling his pipeline.

So you have got to evaluate often, and if you are seeing any movement whatsoever, stick with the program AND REVIEW YOUR REPORTING before making your final decision.

If you want to know more about what Lawyers With Purpose has to offer, please join us Monday at 8 EST for our free Having The Time To Have It All webinar.

In this one hour webinar, you will learn how all entrepreneurs have the same amount of time in the day and how they use it differently.

Here's just some of what you'll discover in this practice-transforming event…

  • How to effectively utilize your time to enroll your team to help as many people as you choose and profit from it too
  • To work effectively with your team
  • How to balance your work life and your personal life to ensure you are able to create the maximum amount of value in both
  • How to have sufficient time to market consistently which will ensure consistent cash flow and free up the time you're currently spending chasing dollars

It will give you the confidence and path to create a law practice that provides estate planning, elder law, asset protection, Medicaid, veterans benefits, special needs, and tax planning in a way that helps your clients and your community!

Most importantly, you will be able to ensure your clients are able to maintain their dignity as they age and protect the assets they have worked their whole life for.

If you're passionate about helping people, reserve your space for this one hour webinar essential to help you break through your time restrictions to help more people and create more value!

Just register here to reserve your seat… it's 100% FREE!

Roslyn Drotar – Internet Marketing Strategist, Lawyers With Purpose

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Getting Smart With Your Law Firm Marketing Budget – Part 1

When cash flow is tight and times are tough, one of the first things people do is look for ways to cut the marketing budget. People typically cut marketing budgets for one simple reason – they don't have the money to spend.

Bigstock-Budget-Word-on-strings-65283823But it’s always important to cut for the right reasons. “I’m short of funds" is not a marketing reason. From a marketer’s perspective, the welfare of the company depends on the marketing budget. You have got to be spending time, if not money, to market your practice. If you are cutting that budget only to reduce costs, then you need to decide what to do with your wholesale to fill your pipeline. 

So how do you measure the worth of your existing marketing activities and know what you should cut? Or how do you defend how you are spending your marketing dollars? 

Here are some things to consider about your marketing budget.

First, only spend what you can. You don’t need to do any more than that.  Decide what that amount is going to be and commit to it for six months. I did a marketing roundtable call in December about how to determine your spend. How do you arrive at that number?  If it is zero, that’s OK, but then you need to be spending 80% of your time on your marketing. You should be doing workshops, professional presentations, synergy meetings, strategy meetings, lunch and learns, etc. Make certain you are doing the follow-up that’s necessary to meet the expectations you’re creating and the promises you’re making in the industry. Or make sure you are rubbing elbows at networking events and getting in front of prospects and power partners.  That should be where the majority of your time is being spent. Some of that time should also go toward building your brand by participating in community events. You can’t bring in business just by hanging your shingle and sitting in your office practicing law. You have to market.

Second, tracking and reporting is crucial. This isn’t negotiable. Your reporting tracks your efforts, and it shows you whether you are reaching goal and what you are risking. It is a necessary part of your commitment to executing and understanding your marketing; it is required information to know the implications of your reporting at a deep level. It helps you build on what’s working and cut what’s not. A very strong discovery process will uncover gaps and weaknesses, it will bring you new ideas, and it will pull you and your team together in the common set of goals required for your marketing. 

If you aren’t tracking and reporting and have questions, we do have tools to support you. If you're a Lawyers With Purpose member, just log in to the members website and look under the February retreat; I did a breakout session on the RMS and the reporting. Start there and reach out to me if you have any questions.

So let’s talk about some criteria for what you can cut. These are things that may not be working, and any marketer should look for ways to fix them. It’s just good business sense. You can base your cuts on wanting to cut costs, but if funding isn’t the issue, you should still look at some of the ideas below and consider trimming. 

Cut Anything Not Generating Profit

Do you have any marketing spend that simply isn’t generating a profit, despite concerted efforts and a consistent six-month commitment to it? And I specify six months because that’s the length of time it takes to tell if something is working – results typically show up by the six-month mark in your reporting. If you do something different, like stop promoting your workshops or cut down on your RMS, you will see it around six months after you stop. So if you see any piece that is not generating profit for you by then, we can 100% say you should retire that effort.

However, you need to be sure to look at your reporting as a whole:  monthly, quarterly and annually. For example, if you got an AP2 from a $100-a-month ad in the local church bulletin, that was worth the monthly fee and axing it doesn’t make sense. But when you’re looking at that item week in and week out without considering the whole picture, it might initially look like something to cut.  So make sure you have the whole picture before you cut it.

Walk Away from the Wrong Prospects or Leads

If generating fees outside of estate planning / elder law – assuming this is what you want to focus your practice on – it might be time to step back from such leads, see where they’re coming from and refine your marketing strategy. It’s important to understand your sweet spot or niche and focus on it. Think about referring the work you don’t want to someone else. Build a relationship with that person – a referral relationship. So if you have family law still showing up in your practice, don’t just grab onto it. Find an attorney you feel confident referring to – but have a synergy meeting with them and make sure to build a referral relationship. You refer to them; they refer estate planning and elder law to you!

This isn’t easy, I know. I worked in a small boutique firm that did family law and estate planning. The family law came by default, but we decided we didn’t want to do it anymore. Still, every once in a while that retainer was right in front of us and we would cave to reach goal. But one day we decided no more, so we built structure and standards around referring it out.  We built referral relationships with another family law firm and asked for estate planning referrals.  We found that we were better able to focus our marketing and leverage our efforts. And when you are THE estate or elder law practice, it’s amazing what happens in the industry. You become the go-to, and you can feel confident saying you are the best at what you do. We were able to focus our marketing and not just talk about the things in general that we did, like “living trusts” and “dissolution of marriage” to include the business planning and asset protection, which compensated for that family law that we dropped. And we ended up getting consistent referrals from that family law attorney.

Also, if you find that your marketing is bringing in endless requests for negotiating your fees, then it’s time to think again about whether these are the prospects you really want and where they are coming from. You are probably targeting the wrong demographic. Refine the marketing message, move it, or axe it altogether.

Why Not to Cut Marketing Budget?

Many times, the firms that don’t cut the marketing budget – they just refine, move, tweak, and throw the dollars someplace else – really reap the success.  If you analyze successful companies, the one common theme among many of them is the effectiveness of their marketing and advertising. And sometimes, moving backward helps you eventually move forward. It’s not fun, and it’s not painless. 

Marketing is like casting a net, then letting it sit to see if you catch any fish. If you do, you recast the net, maybe even a bigger net next time! But if you don’t, pick up the net and throw it someplace else. If you know something is working, do not cut it – power through it and invest in the spend. Work your wholesale and community outreach to drive some revenue to compensate for the retail that may not initially be delivering an ROI.

After more than 20 years in the industry, I have learned one certainty: Marketing budgets at most law firms are the most unloved of all budgets. When not reaching goal, we huddle around them, trying to determine which expenses are likely to have the biggest impact on growing the top and bottom lines. But it’s always important to make cuts for the right reasons, and the right reasons usually aren’t commercial reasons, they’re marketing reasons.

Our next post will address which marketing strategies are the most cost-effective.

If you aren't a Lawyers With Purpose member and want to learn more about joining our community, join us for a FREE Having The Time To Have It All Webinar Monday at 8:00 EST 

Roslyn Drotar, Internet Marketing Strategist, Lawyers With Purpose

 

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Time Equals Money In Networking

Do you sometimes feel like you're in a rut when it comes to networking and working your Relationship Management System?  If so, I hope you joined me along with special guest Dr. Ivan Misner on our past Marketing Roundtable and got a shot in the arm to pump up your RMS.  

Welcome Dr. Misner for a follow up Special Guest Blog on "Time Equals Money In Networking" which is based on the study he talked about on the Roundtable on how effective your time is spent on networking.

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Dr. Ivan Misner:

The secret to getting more business through networking is . . . spend more time doing it! OK, well, it’s a little more complicated than that because you have to spend time doing the right things.  However, based on the Referral Institute study on business networking, we finally have a definitive answer about how the amount of time spent networking impacts the amount of business that is generated.

The most dramatic statistic I have found shows that people who said “networking played a role” in their success spent an average of 6.5 hours a week participating in networking activities. On the other hand, the majority of people who claimed that “networking did NOT play a role” in their success spent only 2 hours or less per week developing their network.

UntitledWhat does this mean? It means there is a direct correlation between the amount of time you devote to the networking process and the degree of success that you realize from it. To illustrate this further, the graph to the left demonstrates the “average” percentage of business generated from someone’s networking efforts in comparison with the amount of time spent on networking activities.  Here you can clearly see that people who are spending between five to nine hours a week networking are generating (on average) 50 percent of their total business from this activity. 

People who spend, on average, more than 20 hours a week networking are getting almost 70 percent of their business through referrals.

Based on this study, it is clear that people who devote six hours a week or more to networking are generating a large percentage of their business through their efforts. So, it’s time to ask yourself . . . how much time are you spending developing your personal network and what kind of results are you starting to see?

Ivan Misner, Ph.D., Founder & Chief Visionary Officer www.bni.com

I would like to personally thank Dr. Misner for taking the time to join us and sharing with us his insights on networking like a professional to grow your practice.

Roslyn Drotar – Lawyers With Purpose, Internet Marketing Specialist

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Where Are The Lawyers? What We Can Do About The Proposed 3 Year Look Back!

The Veterans Administration issued proposed changes to regulations imposing a three-year look back for gifts of any kind – gifts to charity, gifts to churches, gifts to children who have medical or financial crisis — when a Veteran is applying for Improved Pension, to include aid and attendance. Penalties would also apply to financial transactions wherein the Veteran uses his own money to create a guaranteed income stream to pay for his own care, but still seeking assistance from the VA to fill in the shortfall.

Bigstock-Honor-And-Valor-1883321The look-back and associated penalties are not the only changes to the regulations. The VA also intends to completely exclude the costs of independent living facilities as medical expenses, unless the facility provides 24/7 custodial care supervision or assistance with two activities of daily living (or directly contracts with a third party, professional care provider to do so).  This will eliminate anyone who is housebound needing to live in a safe environment due to physical or cognitive limitations. Moreover, the VA wants to arbitrarily cap the amount of deductible home health care expenses to an hourly rate of $21, which was the national average rate in 2012, which means that 50% of home health care recipients already pay more than that.

The public can respond to these proposed changes by March 24, 2015.  As of March 5, 2015, there have been 144 comments published on the www.regulations.gov website, the mass majority opposing the changes.  What is interesting is that of the 144 submissions, there are fewer than 10 identifiable as lawyers or other professionals who assist and advocate for Veterans. 

We, as professionals, have the greatest ability to articulate the legal reasons why these proposed regulations should not pass as proposed. While it is necessary to hear from individuals who are receiving the benefit, and of the harm to them if the benefits were terminated, it is just as necessary to hear from professional advocates, especially lawyers.  In our capacity, we can point out the following:

  • Only Congress has authority to impose look-backs and penalties for transfers per statutory requirements
  • An administrative agency, when making permissible changes to regulations, must still follow the expressed intent of Congress and must not make changes that are arbitrary and capricious
  • The proposed changes, specifically in how the penalty divisor for transfers, would penalize widows almost twice as harshly as Veterans
  • The proposed changes will eliminate the Veteran from choosing the least restrictive environment to receive care because independent living facilities will not be an option
  • The proposed changes will limit the Veteran’s ability to hire quality home health care if the expense is above $21 per hour
  • The proposed changes would force a Veteran to sell his property if it exceeds 2 acres, seriously affecting our rural Veterans
  • The proposed changes would penalize any Veteran who has engaged in solid estate and elder care planning because they used trusts and/or annuities that would assist in paying for their care.

 

Perhaps you, the lawyer, are still crafting your well-articulated response and intend to file it before March 24, 2015.  If so, I applaud you.  Perhaps you are not sure what to write.  If so, I encourage you to attend the upcoming webinar on March 10, 2015, presented by the National Academy of Elder Law Attorneys, for guidance.

I also encourage you to read the proposed changes and comments made by others, found at www.regulations.gov by searching RIN 2900-AO73.  Perhaps you are spending your time connecting with your Congressman and your local community to raise awareness.  If so, I commend you. However, this is not enough.  Public comment must be made so that the reviewing authorities know how you feel about the changes and have solid legal arguments to review and respond to. You can submit your response directly to www.regulations.gov

Much like the proposed regulations placing limitations on benefits for wartime veterans and their surviving spouses, we have LIMITED time to respond. Please submit your formal responses by the deadline of March 24, 2015 and help make a difference for our nation’s wartime heroes.

Victoria L. Collier, Veteran of the United States Air Force, 1989-1995 and United States Army Reserves, 2001-2004.  Victoria is a Certified Elder Law Attorney through the National Elder Law Foundation, Chari of the National Academy of Elder Law Attorney’s VA Task Force, Author of 47 Secret Veterans Benefits for Seniors, Author of Paying for Long Term Care: Financial Help for Wartime Veterans: The VA Aid & Attendance Benefit, Founder of The Elder & Disability Law Firm of Victoria L. Collier, PC, Co-Founder of Lawyers for Wartime Veterans, Co-Founder of Veterans Advocate Group of America.

 

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Rules For Networking Like A Pro – Special Guest Dr. Ivan Misner, Founder of BNI Joins Our Marketing Roundtable!

Join our Marketing Roundtable Friday, March 13th. at 12 EST with SPECIAL GUEST Dr. Ivan Misner, Founder & Chief Visionary Officer of BNI, the world’s largest business networking organization. Dr. Misner is a New York Times Bestselling author who has written 20 books including his latest release: Who’s In Your Room?.  He is also a columnist for Entrepreneur.com and Fox Business News.

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Dr. Misner will talk about how to “Network Like A Pro!” and turn your contacts into connections.  We will also have a live Q&A session at the end of our call so you can get your questions answered about networking and how to deepen the relationship with your own power partners.

You don't want to miss this presentation and the ability to get your questions answered by what CNN calls the “Father of Modern Networking” and one of the “Top Networking Experts to Watch” by Forbes.  Dr. Misner is considered one of the world’s leading experts on business networking!

For registration information please contact me directly at rdrotar@lawyerswithpurpose.com.

We can't wait to see you then!

Roslyn Drotar – Coaching, Consulting & Implementation / Marketing & Social Strategist for Lawyers With Purpose

 

 

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Congratulations To Sergio A. White, Lawyers With Purpose Member Of The Month

What is the greatest success you’ve had since joining Lawyers With Purpose?

Thanks to the Lawyers With Purpose systems and processes, our biggest success has been being able to get up to speed very quickly in an area of law that is so important.  The support from Lawyers With Purpose in the form of the Live ListServ for any practice related questions; and and the webinars designed to keep us abreast of changes in the area of elder law and estate planning have made the transition back into full time practice smooth for me and beneficial for my clients.

Serg promo photoWhat is your favorite Lawyers With Purpose tool?

My Favorite Lawyers With Purpose tool is by far the LWP-CCS (estate planning drafting software).  I really enjoy sitting down in front of the computer and punching in the numbers to help come up with a Medicaid-Qualification strategy for my clients.  Then going through the client questionnaire to build the trust and other estate documents is also something I enjoy doing very much.

How has being part of Lawyers With Purpose impacted your team and your practice?

Being a part of the Lawyers With Purpose team for me has been transformative.  Having returned to practicing law after several years in education,  I have found in Lawyers With Purpose a family of likeminded individuals who truly care about the work they are doing and the clients they serve.  It is very satisfying to me to be able to help a family in crisis preserve the legacy that they worked so hard to build, and ensure that it will be there for their family.  Through Lawyers With Purpose, I have met and befriended many people who will be part of my life for many years to come.    

 

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GUEST BLOG: Are You Referring To High Integrity Financial Advisors?

We would like to welcome David A. Weintraub of Strockbroker Litigation as our guest blogger:

How well do you really know the Financial Advisors that you are referring to?  Well enough to know that you are not at risk for being sued for making a negligent referral?  If you are not really sure, you owe it to yourself and your clients to review the Financial Advisor’s CRD.  Obtaining a CRD is easy, and free.  After obtaining the broker’s CRD number from FINRA’s website, one can download a redacted version of the CRD. 

Lwp-weintraub2The redacted version of the CRD differs in several respects from an unredacted version.  First, the redacted version does not provide the name of the investors who have complained about the broker.  Second, the redacted version will not reflect bankruptcies that occurred more than ten years ago.  It will only reflect recent bankruptcies.  Third, the redacted version will not reflect whether the broker ever failed licensing exams.  The easiest way to obtain an unredacted CRD is through the Florida Office of Financial Regulation.  One can send an email to electronic_licensing@fldfs.com or Samantha.chambers@flofr.com .  In the email, request the broker’s entire CRD, including a full legacy report. 

If all this is too much trouble, I will be happy to obtain the CRD for you. For my article, Use Care When Referring Clients to Professionals, go to http://www.stockbrokerlitigation.com/wp-content/uploads/2013/05/DAW-Article.pdf .

David A. Weintraub, Securities Arbitration Lawyer, Strockbroker Litigation

 

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GUEST BLOG: Live From Sick Bed….

We'd like to welcome Nicole Wipp's LWP-ListServ post as an impromptu guest blog for Lawyers With Purpose:
 
Some – probably many – of you know that I have been pretty sick in the last month.  In fact, I've spent 27 out of the last 32 days in the hospital.  I'm home now, and hope to stay out of the hospital for a good long time to come.  I want to thank Dave, Molly, Victoria, Roz and all the staff over at Lawyers With Purpose for the encouragement and kind emails I've received.  
 
And the best yet, the "get well" video from my fellow LWP'ers at the retreat (so awesome!!!!!!!!).  Its just a testament to the kind of organization Lawyers With Purpose is – one with heart. (click the photo below to play the video)…
 
Screen Shot 2015-02-17 at 8.35.30 AMThat being said, the other, very real message I'd like to share is the absolute importance of getting the systems Lawyers With Purpose has for your firm into place.  I know it is hard to make it happen.  Believe me, I know this.  But imagine yourself literally unable to go into your firm for over a month.  You didn't prepare for this to happen.  Would your business survive, even thrive?  

I worked very hard to get my systems in place in the last two years.  Despite being a Kolbe very high Quick Start and low Follow Through, I was almost fanatical about it because I knew I wouldn't be able to make things work if I didn't!  We had things running like a pretty well-oiled machine, I have to say.  Some bumps, but nothing is ever perfect.

That being said, I never would have imagined that I'd be out for almost a month and a half with no preparation and that despite this, my office would continue to run, and be profitable.  I could not have even conceptualized this, to be honest.  Yet it did!

 
My staff, with the systems in place, was able to manage our caseload and continue to bring clients in the door.  It wasn't the best month we ever had, but it also wasn't the worst either.  Even now, there are still clients coming in from our systematic approach to both referral and retail marketing, and with some minor tweaks we are able to bring them in with my involvement being relatively minimal. It is truly amazing.

I share this because I know how hard it is, at times, to make the changes necessary and pushed through Coaching, Consulting & Implementation.  But seriously – I can't imagine how I would be able to stay home and recover at this point if we hadn't done the necessary work to get those systems in place and keep my staff independent enough to continue to bring in business and pay the bills.  

 
If you're struggling with implementation I hope this gives you new incentive to make it work.  Do it for yourself and your family.  It is worth it!!!!!!!!
 
Nicole Wipp, Family & Aging Law Center
 
 
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First Four Memberships FREE For Joining This DocuBank Webinar!

Sign up for this exclusive LWP webinar to learn about how you can enhance your firm and protect your clients with DocuBank.  

6a019b000cafc8970b01a73dd558f5970d-320wiWhen you attend this webinar, your first four memberships will be FREE. Lawyers With Purpose members enjoy a substantial discount, waived setup fee, and turnkey implementation thanks to LWP software integration. 

DocuBank is the leading document-access solution utilized by thousands of estate planning professionals across the country. Clients receive an Emergency Card for 24/7/365 access to their advance directives and an online SAFE for convenient access to their entire estate plan. 

You'll also learn about the numerous integrated marketing features for your firm including ongoing touches with your clients that help solidify your lasting client relationships.

Join us Tuesday, February 17th at 2:00 EST.  Click here to register now.

Roslyn Drotar, Coaching, Consulting & Implementation – Lawyers With Purpose

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Congratulations To Frank McClure, LWP Member Of The Month

What is the greatest success you’ve had since joining LWP?

The greatest success we have had is implementing the entire LWP system. We all know what has happened in the past, we go to a program or seminar and come back to the office on Monday morning and dump the binders on the desk where they sit. With LWP the key is follow through and accountability which our Team is now able to provide to each other through our coaching calls and implementation calls. Are we 100% where we want/need to be? No, but we also realize that it is progress and not perfection.  We finished 2014 with consistently hitting our monthly goals and we look forward to 2015! 

GroupWhat is your favorite LWP tool?

All of the tools together is what makes LWP so beneficial to our practice. The system and processes guide our team in the day to day operations of our law firm.  If we have a question or if there is something that just doesn’t seem to be running smoothly there is a system or process within the process that can provide the answer.

How has being a part of LWP impacted your team and your practice?

The Tri-Annual Retreats, Implementation Calls and Coaching Calls have impacted our team on a level that we never thought possible. Through LWP all team members are on the same page and speak the same LWP language.  We can truly say that our law firm is a TEAM and all members of our team are needed for the firm to run smoothly and for us to reach our goals. LWP provides the systems and processes to make this happen.