Luis Scott is the Managing Partner at Bader Scott Injury Lawyers, where he represents people who have been injured or disabled in severe accidents. He is also the Owner of 8 Figure Firm, which provides consulting services and insider knowledge to national law firms. As Bader Scott’s managing attorney, he handles over 150 employees and contractors and has led the firm to be recognized by the Atlanta Business Chronicle as one of the fastest-growing businesses in Georgia.
Luis has received numerous awards and accolades, including Super Lawyers’ “Rising Star,” The National Trial Lawyers Association’s “Top 40 Lawyers Under 40,” and the American Institute of Legal Counsel’s “10 Best Attorneys in 2017” for workers’ compensation.
Here’s a glimpse of what you’ll learn:
- The importance of creating a predictable business model
- How to develop your company’s vision, mission, and values
- Luis Scott’s brand-building and messaging strategies
- What are the secrets to driving conversions and retaining clients?
- Profitability and consistency: the final step in building an eight-figure firm
In this episode…
Is your business unpredictable? Do you manage your daily operations worrying about whether you’ll reach your revenue goals or if your team will remain for the long term? Discover proven principles for developing a predictable eight-figure company.
Self-proclaimed growth king Luis Scott has a three-tiered system for cultivating predictability and attaining personal financial freedom. It involves building the foundation, communicating your intention, and transforming your business. The foundation is built on your values, vision, mission, and service standards, creating a message that determines your brand-building and marketing strategies. Delivering this message to your target audience generates predictable leads, and establishing a bonafide customer experience drives conversions, leading to retention, profitability, and consistency.
On this episode of The Guts and Glory Show, host Luis Scott shares his secrets for building an eight-figure business. He addresses the evolving employee landscape, peoples’ simultaneous predictable and unpredictable natures, and how to create a consistent business model.
Resources mentioned in this episode:
- Luis Scott: Website | LinkedIn
- 8 Figure Firm
- Bader Scott Injury Lawyers
- The King of Growth: How to Dominate Your Market, Increase Predictability, and Unleash the Power of Your Law Firm for Personal and Financial Freedom by Luis Raul Scott, JR
Sponsor for this episode…
This episode is brought to you by 8 Figure Firm.
After their own law firm scaled from $3.5 million to $30 million in annual revenue in just two years, Luis and Seth started 8 Figure Firm to share their strategies and help other law firms achieve exponential growth.
Visit www.8figurefirm.com to receive a consult call and start scaling your business today.
Get ready to be amazed. Get ready to be transformed. Get ready to believe it is possible. You’re entering the growth zone, on The Guts and Glory Show with your host Luis Scott.
Luis Scott 0:17
Hey guys, welcome to The Guts and Glory Show. My name is Luis, I’m your host, I’m excited that you’re here. excited that you are here to listen to me, which is a special honor. You don’t ever take it for granted. I was talking to a friend of mine recently, and we were just talking about employees. And he was telling me about how employees they just don’t care anymore and how they are so entitled and how, you know, he that he remembered when back in the day, you were just scared to lose your job. And the reality is we just don’t live in that environment anymore. I mean, people have options. I heard Gary Vee recently say that people can go and get on tick tock and figure out how to dance and in a year be super successful. And one of my favorite, if you want to check out a tick tock er that I just absolutely love is corporate Natalie, so I don’t get anything for endorsing her big corporate Natalie is one of my favorite tech talkers and content creators, she just kind of makes, you know, fun of the corporate world, and so forth, and Gen Z years, and etc. It’s funny, I mean, some of it feels true sometimes. But most of it’s not. But the thing is, I think she was on, she was one of the creators that said that she’s now making a full time living off, just creating content and being, you know, tick tock celebrity. So people have options nowadays. And they, they’re not going to just submit to whatever you want, whatever you say, and so we have to treat people better, we have to be better employers, we have to be better at treating them. And, and the point of what I’m saying is that, you know, I always say, treat your employees like it’s an honor for them to work for you treat treat your employees, like it’s a blessing for them to work for you treat your employees like it is you know, you It is a privilege for them to work for him. His reality is they’re giving up their life for you. They’re giving up their life for you they are when they spend 4050 hours working for you, or 4050 hours working for you plus travel and spending time away from their family, they’re giving up their life for you their actual physical time here on Earth, their precious seconds and moments, their precious breath, they’re giving it over you. And so you have to be more thankful for that. And so I say that to say I’m very thankful, very honored, very blessed that you would sit here and listen to me speak and sometimes ramble about different topics. But I want to talk to you about building the eight-figure business, the 8 Figure Firm. And you know, what’s interesting is that the 8 Figure Firm is there originally, my concept for 8 Figure Firm was was a consulting business for law firms. And what I’ve realized is that it works for anybody, you don’t have to be a law firm, you don’t have to be, you know, committed to a particular service, you don’t have to be committed to a particular product, the principles work, no matter who you are. And I’ve employed these principles. When I originally launched my barber shop, I employ these principles, and we got to a point where we were on track for a million dollars in revenue. And then, you know, I saw my interest and, and it’s kind of like, retreated back. Because the thing is, if you don’t maintain the principles and grow the business, and that’s what’s gonna happen, but still still good business. And in my my business partner, ex business partner at the time is running a great operation shot. But here’s the thing, if you want to grow any kind of business, whether it’s a law firm, whether it’s a consulting firm, whether it’s a a planning, event planning business, whether it’s a tax, or accounting, business, whatever, whatever the business is, there are some principles that are tried and true, that will lead you to ultimate success. And by this, I don’t mean that it’s cookie cutter, because there’s a lot of there’s a lot of variables, especially when it comes to people. And then people manage because people are like the most unpredictable part of business despite the fact that I believe that people are predictable. In fact, I, I haven’t done a podcast on the predictability of people I’m going to but the thing is that people are super predictable, but yet unpredictable in the individual reminds me of the the movie Men in Black, where it’s like, you know, a person is smart, but people are dumb. And so, at scale, people are predictable, like we travel around the same time we go to the hotels around the same time, we go on vacation around the same time and, and so forth, but the individual is unpredictable, you know, they may have a bad day, and they may have a bad day and be in a bad mood they may have they may be having difficulty at home with a spouse or maybe a child and so that creates a lot of predictability or in lack of predictability in building your business. So that is the hardest part so but the thing is that predictability brings peace and I’ve said this before it’s a you don’t want necessarily just a profitable business. You want a predictable business because if you turn if you turn a profit but there’s no predictability in next year is a grind again, right? Imagine a scenario where you turn a million dollars profit this year, but next year, you don’t know you don’t know who’s gonna sign up. And how much money are you going to make and How many people are going to come? Because there’s no predictability in your funnel. And so if you find yourself in a position where you are scared of the lack of predictability in your business, or you’re scared of the lack of predictability for the future, and you want to create more predictability, I’m going to show you how to build the eight figure firm of your dreams that creates predictability that starts at the beginning of the funnel. But I’m not going to go into the funnel today, because it really requires a more of a like a like a webinar style presentation, I’m just going to walk you through how you develop a predictable eight figure business. And hopefully you use some of these strategies to build your own a figure business, whatever that may be, whether again, it’s a consulting, or a law firm, and so forth. And this comes out of my book, The King of Growth. And let me just make one comment about The King of Growth. When I came up with the title, it was actually a friend of mine, who we were playing back and forth with the title and, and he said, Use something somewhat provocative that makes people like questions they’d be asked, you’re not The King of Growth, but then some people, you know, intrigued by it. But the subtitle was how to dominate your market and increase predictability and unleash the power of your firm for personal and financial freedom. So like, the whole point was, like, how do I dominate this market? How do I create a marketing presence where I am a key component of it? How do I create predictability? How do I use the power of my business, for personal financial freedom, because there’s nothing worse than not having personal and financial freedom and having a business that consumes you and makes you an employee. So if you’re out there right now, feeling like your business consumes you makes you an employee. That’s not what we want. We want a predictable business. It’s funny, because I created a predictable business in my law firm. Then I started a consulting business, which brought me back into like the employee state. And so I’m in the process of creating another predictable business. But the other day, someone said, you know, that because I’m in my office that apparently I don’t have a predictable business, and because I still have to be there watching people, I don’t watch anybody. I don’t even know who’s here. In fact, this this morning, I was, uh, I saw somebody in the hallway. And I asked one of the workers that I’ve known for a little while, who was that? And they were like, only work in this department so forth. I don’t know who I don’t know who works here. I don’t know. I do. I knew that know, the leaders. Do I have an executive meeting, of course, I mean, it would be negligent, to completely step away, and not have a couple of meetings here and there. But this business runs on its own, and I can take vacation, and I can be off. And that’s the beauty of of having a predictable business, is that you truly, truly have something that runs without you. This
show has been brought to you by 8 Figure Firm Consulting, at 8 Figure Firm, we help law firms turn into law businesses. Stop wasting your time with gurus who’ve never built a successful business at 8 Figure Firm will show you how to unleash the power of your law firm for personal and financial freedom. For more information, go to 8figurefirm.com. Welcome back to The Guts and Glory Show with your host, Luis Scott.
Luis Scott 7:56
So today, I’m gonna talk about how do you develop the eight figure firm that’s predictable. And it comes out of my book, chapter one, in fact, so you’d rather read it, read much of it. And if you want to find my book, you can find on Amazon, The King of Growth, I’m in the process of writing a second edition right now where I’m gonna be updating some of the information, and also expanding on some of the information because some of the information needed a little bit more to it. And so I’m going to be focusing on the second edition, it should be coming out at the beginning of 2024. But it’s going to be super relevant to the times in there seven points that I want to highlight on page 32 of chapter one of the book of King of Growth, that I want to explain it, so don’t just go rushing to to, to watch, excuse me, don’t go rushing to just read the book. But the first thing is that if you want to create a predictable business, you have to have what I call the foundation, and the foundation of your business is the vision mission values in the standards. Now, this is what’s interesting, we have a three part system in the eight-figure firm system. And it’s it’s the the foundation of the intention of the transformation. And each part has a different subsection of the business. And each part has a different requirement for your for your business and the actions that you have to take to create this predictability. But if without a foundation, you’re not going to be able to really have something big you know, I’m in a skyscraper right now, I guess this would be considered a mid level building, because it’s only less than 10 storeys that I’m in a building and I’m on the ninth floor of this building right now. And there is a foundation there’s a strong foundation on this building. And I would be scared to find out if there wasn’t a strong foundation, because the height of the building is determined by the strength of its of its foundation. And in the same way your business will be determined by the strength of your foundation and your foundation is your vision mission values and service standards. The vision which is where you going and mission, how you’re going to accomplish it the values. What do you expect from your or employees in terms of their conduct, and then the service standards, what is the deliverable expectation for your individual clients like that is what makes up the foundation of your business. And so I added two additional things for predictability, and that is vision mission standards value standards, your unique selling proposition and your goals, your company goals, is what’s going to equal your message. So that’s your message. That’s how we communicate our message. So when I think about 8 Figure Firm Consulting, and I think about our vision to be the leading authority and law firm building, and our mission to help 100 law firms reach eight figures and predictable revenue, and our core values, extreme generosity, unshakable faith, leading a life of significance, the courage to make decisions when I think about our core values, and I think about our service standards where we don’t cancel meetings on employees where we deliver, deliver the highest level value that we possibly can, where we give more and ask for less when, and when I think about the standards that we live by, and then the unique selling proposition, I’m a lawyer who’s actually built an eight figure business. That’s the unique selling proposition that I think about our goals, which is to become the greatest educational tool available to law firm growth. That is my message. So that’s what I communicate to the masses. When I’m on social media, when I’m on the show, when I’m on stage, I am communicating those key things that becomes the message that should come through in every show that should come through, and every video that should come through, and every email that should come through, and every communication and every speech is that this is our vision, this is our mission, this is our core values is what we stand for, this is what we’re going to deliver, this is what makes me unique. And then these are the goals that we have for the future, that’s going to create your message. And your message is going to drive the types of marketing you do, and the in the frequency that you communicate, and how you deliver that message to your client. And so that’s number one, then what’s the brand the brand is that message that we just delivered. So this is, this is the second thing. So number one is the foundation, plus USP plus your goals becomes your message. Number two is you meaning you as an individual plus your message equals your brand. So I have a business partner in the law firm. And we have the exact same vision mission values, quartz values, service standard, we have a USP, which is we’re both we’re both lawyers, we’re both you know, urgent, and, and, and so forth. And we have goals. That’s the message. But that message communicated by him is different than the message communicated by me because we’re different people. And the message communicated by him creates a brand in the message created by me creates another brand. So that’s the brand, the brand is your message plus you. Now, here’s the interesting thing. If you have a message for one business, and you that’s one brand, but if you have a message for another business and you that’s a different brand. So for instance, vision mission values of Starbucks, is it plus the owner is one brand. But if that owner owned a different business, probably Elon Musk is a better example of this. He has multiple brands, right? So you have Elon Musk, the individual, and then you have his message for Tesla, and then you have his message for his his CyberLink. And then you have his message for his rocket ship. You have his message for X, formerly known as Twitter, I always laugh at that like now instead of it say being called Twitter, it’s x, formerly known as Twitter, like that’s the full name of that anywhere you read it. If you go online, anytime you read anything about something that someone said on X, Hill, we say, such as I said this on X, formerly known as Twitter, like now that’s become the full name. But that is a different brand. It’s a different brand, and maybe the same person, but it’s them plus, the message of the business becomes its own brand. So that becomes your brand. Now, how do you create predictable leads, because that’s what we’re gonna, that’s what we’re shooting for. Right? Right. We want to create predictable messaging predictable awareness, a predictable brand. How do we create predictable leads, I believe that when you take your brand, which is the message plus you, and you multiply by by 25% of last year’s revenue, you are going to create predictable leads. Now what do I mean by that? If your revenue last year was a million dollars, and you spent $250,000, in the New Year marketing, that same business, you’re going to create predictable leads. Now, I’m not going to get into how you create those leads. And now because that goes into the marketing plan, and I have an entire talk that I can do on that. But just know when you spend money in marketing and you create awareness of your message and your brand, you’re gonna get free credit, you will get predictable leads. It works in every industry, it doesn’t. Now, if your product sucks, that’s a different story. If your service sucks, that’s a different story. I’m talking about a person who has a bonafide product bonafide service, who is selling something that is legitimately needed in the marketplace. If you put out enough awareness about that product, if you put out enough content about that product, if you send enough emails if you make enough calls if you make enough offers about that product. You You will be create leads, period, end of story. And there’s no argument. There’s no i People tell me all the time. Well, marketing is hard marketing is not hard. Marketing is hard. What happens is you don’t know your audience, you don’t know what you’re actually delivering, you don’t know your message, you don’t know your brand. And you don’t spend the money. That’s it. Because when you become clear on your message, and you become clear on your customer, and your client, and you become clear on your brand, and you spend the money, you will take this to the bank, attract people into your business, you will attract people into your business. I’m always surprised, believe it or not, when we find out that we just signed a new law firm, 8 Figure Firm Consulting, someone I’d never heard of before, they never really weren’t part of a network, how did they hear about me, maybe they received my book in the mail, because we sent our book in the mail, maybe they saw us on social media, we have a couple of those. Maybe, maybe they were at my webinar that I do on LinkedIn, if you create enough awareness, you will reach out to the people, but you gotta have a business. And you have to have a product that doesn’t suck, right. So like, that’s really, really important. And so that’s number three. Number four is that if you take those leads, and you have a sales team, that can actually convert, you’re gonna have conversions, which means you’re gonna have product that’s being sold. Now. So in the product business, you sell the product, you make money in the service business, you sell the contract, and then you have to deliver on a service to make the money. But in either way, if you develop predictable leads, and you have a sales team, you’re going to create predictable work, you’re going to create predictable conversions. That’s step number four. So now you have your foundation, and USP and goals equals your message, your message and you equals your brand, your brand times 25% will equal leads. And if you have correct sales, you’re gonna get conversions, conversions plus people plus client retention equals revenue, because that’s the other thing, you got to retain clients, you have to retain clients, it’s like one of the hardest parts of having a service business is retaining clients. And the way you set up your customer journey, the way you communicate with the clients, the expectations that you set, the delivers, that you have, will determine if you retain clients. You know, recently I took my car to the dealership, and I wanted to get some work I have I have my my work, I call it my work vehicle, like that’s not my play play car or whatever. But my work vehicle has 170,000 miles and I still take it to the dealer. And they told me that like their, their maintenance plan only goes up to 150,000. So that like they’ve reset it. So they’re starting as if my car only has 10,000 miles or checking certain things, it’s great vehicle. Now I will tell you the brand, because then I don’t want to cause any any drama with them or anything like that. But the the they do a terrible job of retention, terrible job at retention, their customer service is not great. It’s frankly, I can’t communicate with them, they have a text line that nobody responds to when I call the the number it goes straight to voicemail, nobody calls you back on several occasions over the last two or three years that I’ve been going to the dealer. On several occasions, I’ve had a drive to the dealership just to get a response from somebody. And every time they sent me out a survey I complained about and they said they’re going to take care of it escalate to manager, nothing ever happens like literally. So they’re doing a terrible job of retention, but I have no place to go. Because I want to go to this car dealer, it’s just a couple of miles from my house. It’s the dealer. As my car gets older, I want to make sure that I’m you know, having the people who work on these cars the most just doing the inspections, and so forth. But here’s the thing, when when outside of that particular scenario, meaning outside of the scenario where they have no other option, people do have options, people have a lot of options. And if you don’t treat them, right, they’re going to exercise their right to go to another option. And so you want to make sure that once you get that conversion, you have the right people and the right client retention strategy, and that’s gonna lead you to revenue. Yes, when you when they sign the contract, they pay you, that leads to money. But if you want long term predictable, you want to make sure that that you’re they’re paying you for the full service, not just for part of the service, and you want to make sure that they’re they’re leaving you good reviews, and they’re getting you referrals and so forth. So then you go and you have revenue. So number step number six is revenue, minus your payroll and overhead. So the people, the marketing the operations is going to be your profit. So there’s four primary categories. In your business, you have your payroll, your marketing, your ops, and then you have what’s called to be the total owners benefit or the profit. And so once you’ve, once you’ve done that, you’re going to create profit. And then when you do this formula, step number seven over an extended period of time, you’re going to create consistency in your business. So let me take you through this again. And again, if you want to see this in paper, you can buy my book page 32 chapter one, and if you buy the second edition, I can’t promise you it’s gonna be the same page but currently in the first edition, it’s at the end of chapter one page 32. And it’s this simple Vision Plus mission plus values plus standard plus USP plus goals equals your message to the foundation, plus the USPS and your goals equals your message your message plus you equals your brand. Your Brand multiplied by 25% of last year’s revenue creates predictable leads predictable leads by a conversion process or a sales process. Excuse me, we’ll create conversions, conversions plus the people to manage the services. And client retention strategy equals revenue, revenue minus payroll and overhead marketing and so forth equals profit. And consistency over time, leads to a predictable business. So that’s how you create the eight-figure business. That’s how you create predictability. And, yes, there’s gonna be some objections to this, like I, I’ve tried this, I would be, I would, I would be willing to challenge anyone, that if that if they did this process, they didn’t create a business that they were proud of, because the process works if you work the process. I heard this recently by Les Brown, he said that plugging into the system is important. But being consistency in the system is even more important. And almost any system will work as long as you work the system. And I truly, truly believe that. And this is how you can build the eight-figure firm. It’s just one of the steps. There’s other information in this book. Again, this is only chapter one, I wrote a bunch of chapters on how to grow a predictable business. But I’ve done it multiple times. I’m doing it again, I’ve helped 15 firms do this in their businesses. And I think that it’s absolutely possible if you’re willing to work the system. And so I hope that this was helpful. And thank you again, as always for listening to The Guts and Glory Show.
You’ve been listening to The Guts and Glory Show for more. And to learn more about Luis hit the website at LuisScottjr.com for consulting opportunities 8Figurefirm.com. That’s the number 8figurefirm.com We hope you’ve enjoyed the show. Make sure to like rate and review and we’ll see you next time on The Guts and Glory Show