Are you a new lawyer, starting a new firm, or simply struggling to find new avenues to grow your network and your firm? If you find yourself in any of these situations, a lawyer mastermind group might be the jump start you need to help expand your network, accomplish your goals, and gain valuable experience.
Below we have provided information on mastermind groups as wells as tips for leveraging a mastermind group to benefit your legal practice.
What is a Lawyer Mastermind Group?
The idea of a mastermind group was first introduced in Napoleon Hill’s book, Think and Grow Rich. Hill was heavily influenced by his conversations with Andrew Carnegie, the highly successful businessman who attributed his significant success to a mastermind group.
At its simplest, a mastermind is a group of individuals who gather together to provide feedback, support, and input on each other’s businesses and goals.
There are several keys to structuring a successful mastermind, including:
- Size: The ideal size will vary depending on the goals of the group, but it is important that the group remain small enough to allow each individual sufficient time to discuss their issues. Avoid joining a group that is too large, as this may devolve into a pure networking group rather than a true mastermind.
- Structure: As much as possible, the group should keep to a regular schedule. This will keep all members engaged and actively focused on the mastermind. One to two hours is normally a good meeting length. As a group, you should settle on a frequency and meeting length that is long enough to accomplish robust discussion while not veering off track.
- Commitment: The success of the group is directly correlated to the commitment of the members. Make sure each member is committed to focusing fully on the mastermind during your scheduled meetings.
- Safety: Members should not be direct competitors. While all members of a lawyer mastermind will be legal practitioners, avoid joining a mastermind with an attorney who directly competes in your geography and practice area. The safer the space, the more individuals can share sensitive business information that will be critical to receiving valuable input.
Once you have found a core group of individuals to be involved in your mastermind, you all should work together to decide the content and goals of the meetings. Depending on your preference, you can find a group that meets in-person or one that meets virtually.
While the format of any mastermind should vary to suit the needs of the group, some ideas to consider include:
- Starting the meeting with members’ wins and losses since the last meeting;
- Setting a theme for each meeting, such as marketing or networking;
- Assigning each member to lead a meeting, discussing their obstacles and seeking input from the group; and
- Having each member set a short term and long term goal and using a portion of the meeting to check-in on goal status.
Still on the fence about whether a mastermind sounds right for you? Consider the fact that Bill Gates and Warren Buffet have both participated in masterminds.
Maximize Your Mastermind Involvement
If you have decided to take the plunge and join an attorney mastermind group, you should take some time to plan how to get the most out of your time investment. A few suggestions include:
- Networking: Joining a legal mastermind will introduce you to others in your field who you may not have crossed paths with otherwise. Assuming the lawyers in your group are from different practice areas, they may provide valuable opportunities for referrals. If you choose to join a mastermind not exclusively focused on the legal field, you may meet individuals in other fields who can provide you valuable services, such as finance or marketing.
- Talent Sourcing: As your law firm grows, you may have need to hire new talent. Contacts in your mastermind may prove to be great future hires or may have recommendations for others in their network. Hiring based on the recommendation of someone you have grown to trust provides much more confidence in their skill.
- Goal Setting: Opening a new firm means you will certainly be juggling a variety of priorities. The first priority to fall to the way side will likely be long term goal setting. Involvement in a mastermind will ensure you continue to develop your long term plan personally and professionally.
- Everyone in a mastermind group will come to the table with different skill sets. You can lean on these peers to supplement your business acumen in areas like marketing, staffing, accounting, and cash flow.
- Community: If you are a solo practitioner or newly starting a firm, you may not have established a peer support network. The legal practice is a stressful one, and a mastermind allows you to learn from others mistakes and provides you a group to lean-on when you need additional support.
In the midst of a busy and hectic career, a mastermind allows you an opportunity to simultaneously prioritize your personal development as well as the development of your firm. A true win-win, it is worth the time and energy you will need to invest to get started.
To find an in-person mastermind group near you, consider reaching out to your local bar association to see if any mastermind groups currently exist. If not, they may be willing to do the leg work to get one started. If a virtual mastermind group is more up your alley, join the free Lawyers Mastermind Network for Growing and Managing Your Firm.
Contact Market My Market For Support
While a legal mastermind group is a great start to launching your firm, you will likely uncover additional areas where you will require support, including marketing. Market My Market is here to help. We have a team composed of former in-house marketing directors for law firms as well as industry experts – all dedicated to helping our customers transform their practices to build scalable marketing systems.
Contact us today to find out how we can help your firm maximize its potential.