lawyers in their small group . This shared knowledge is unparalleled in its potential to help each member grow exponentially . In a robust Mastermind group fast-track growth is possible because each member is able to leverage the strengths of the other members in their group . They are able to fast track their law firm ’ s growth because they build on the backs of each other ’ s knowledge and experiences . This dynamic is not possible in a Mass Mastermind setting with 30 , 50 or 100 people . It isn ’ t possible in a Coaching setting where participants hear the coach ’ s ideas rather than the ideas of all the other lawyers in the room . And this level of sharing isn ’ t possible in a webinar , podcast , or large-scale conference .
I currently have 5 active Mastermind groups . Each group meets for two days , three times per year . This format is intentional because I want each and every member to have a seat at the table , and the opportunity to share their best strategies from the previous quarter . I also want them to have the opportunity to pose questions about any potential problems , issues , or new ventures they may be contemplating with the group at large .
Despite some misconceptions about Classic Mastermind groups , they are neither kumbaya groups nor bitch sessions where everyone commiserates about their similar struggles . A Classic Mastermind group is about sharing strategies and problem solving , not bitching , complaining , or commiserating . Each attendee has one primary purpose : to grow their businesses . Each member recognizes that drawing on the experiences and perspectives of other business owners will help them achieve their business goals faster and with greater success .
In the classic Mastermind model membership is not automatic . It isn ’ t a simple matter of filling out a form and that ’ s it . Ideally , members are carefully placed in the specific group that will give each member the greatest opportunity for growth . This doesn ’ t happen by chance or accident . For example , as the facilitator for PILMMA ’ s Mastermind groups , I spend a significant amount of time carefully putting together each group . Market exclusivity is the first criteria but by no means the last that I evaluate when making placement decisions . I want to make sure that each Mastermind member gets the most out of the experience as possible . That ’ s why I carefully consider the applicant ’ s level of experience and areas of expertise , as well as the size of their firm and the amount of revenue they currently generate . All these factors are relevant to ensuring that each applicant is placed in the correct group , where they will be able to learn and grow while also bringing the highest value to the other members of the group .
Ideally , each member of the Mastermind group should be similarly situated , in terms of the size of their practice , number of cases and the revenues they generate . Why does this matter ? Because the size of the firm typically determines the specific types of challenges and concerns that are relevant to the members of the group . Small firm owners have different marketing concerns than large firms . They have differing marketing budgets and vastly differing management challenges . The hurdles , obstacles , and strategies needed vary greatly depending upon the size of the law practice . The basic needs and opportunities for growth and the relevancy of the sharing of information from the members are highly contingent upon the dynamics within the group .
34 x The Trial Lawyer
Law firm owners generating over 10 million dollars in annual revenue need to be at the table with other similarly situated law firm owners . Small firm owners should be grouped with other successful firms of a similar size , because they share similar challenges . When members of a Mastermind group are unequally yoked , the results are stymied ; Some members end up doing nothing but sharing what they already know , without the opportunity to learn new strategies . They end up giving but not being able to take as much away from the experience . When Masterminds operate as they should , each member of the group is both a giver and a taker , and everyone present is positioned to learn from one another .
Although the Mass Mastermind and the Coaching Mastermind models don ’ t take these factors into account , I believe they are essential to ensuring that Members get the most out of their groups . I make a conscious decision and evaluation of each member so that I can place them in the group that is the best fit for them and the other members already in the group .
As a facilitator , it is up to me to orchestrate each group so that every member has the best shot at the “ Mastermind effect ” exponential growth . When someone applies to join one of my Mastermind groups , for example , I interview them extensively . I want to assess the size of their firm , and their level of knowledge and experience . I want to determine their strengths as well as their weaknesses when it comes to law firm ownership . Are they strong marketers ? Or are they weak in marketing knowledge but strong in management skills ?
Every participant in these powerful small-group meetings brings their unique experiences , knowledge , and strengths to the table . I strive to build each group intentionally , considering each member ’ s strengths and weaknesses . Some lawyers are very good at systems , infrastructure , processes , and procedures . They are able to share these strengths with the group . Other Mastermind members may be weak in management skills , but are savvy marketers , who think outside the box and are always trying new things . They are able to share their marketing knowledge , expertise , and strategies with the group as well . Some members are strong leaders , and some are good managers . Some members are fantastic number crunchers , and extremely data-driven , continually analyzing their Key Performance Indicators ( KPIs ), and looking for opportunities to cut expenses and increase profits . This rich diversity helps to create robust and highly effective Mastermind experiences for all the members of the group .
Law firm growth requires both effective and innovative management and marketing . Either one without the other impedes growth . Joining a robust Mastermind group where members are similarly situated , and that leverages the diverse strengths of all the members gives each participant access to great ideas and strategies they would otherwise miss out on . They are able to access other members ’ strengths and add them to their own so that each member is able to propel their firm forward faster than they could ever do on their own . This synergy is what I call the “ Mastermind Effect .”
Not every Mastermind group has the potential and capacity to provide its members with the “ Mastermind Effect .” Understanding the various models in operation today will help you choose the group that will give you the greatest opportunity for dramatic law firm growth and success .