Podcast Summary: "Future-Proofing Your Law Firm with Brian Mittman"
Podcast Information:
- Title: Maximum Lawyer
- Host/Author: Tyson Mutrux
- Episode: Future-Proofing Your Law Firm with Brian Mittman
- Release Date: March 11, 2025
Introduction
In this engaging episode of Maximum Lawyer, host Tyson Mutrux sits down with Brian Mittman, a seasoned attorney and law firm owner, to discuss strategies for future-proofing a law firm. The conversation dives deep into Brian's recent acquisition of a law firm on Long Island, the emotional and logistical challenges he faced, and his insights on scaling a legal practice sustainably. Brian shares valuable experiences on integrating new teams, adopting innovative business practices, and planning for long-term growth.
1. The Acquisition Journey
Brian's Decision to Acquire a Firm
Brian begins by detailing his decision to acquire a solo practice specializing in workers' compensation and Social Security cases. Based in Westchester and New York City, Brian had a serendipitous encounter with a colleague contemplating retirement. This chance meeting led to negotiations that culminated in the acquisition of her firm.
"We’ll be acquiring the name, acquiring clients. Well, they have to sign up with us type of thing, but they're really her clients and it's really exciting."
— Brian Mittman [01:43]
Emotional Challenges of Acquisition
Transitioning through an acquisition is not just a business maneuver but an emotional journey. Brian reflects on his initial reluctance due to past negative experiences with partnerships, particularly a lawsuit with a former partner.
"And I'm like, I'm never doing this crap again, you know, with a partner."
— Brian Mittman [04:36]
Despite these reservations, Brian acknowledges the importance of fairness and the need for control in business partnerships. His approach this time was more structured, involving clear agreements and the hiring of a fractional general counsel to navigate legal complexities.
2. Enhancing Legal Operations with a Fractional General Counsel
Hiring a Fractional Legal Expert
Understanding the necessity of expert legal guidance, Brian hired Hayley, a fractional general counsel, to manage the intricacies of the acquisition and ongoing legal matters.
"Having a real general counsel available is huge. And it's a mistake I've made in the past where I try to negotiate or do things."
— Brian Mittman [08:05]
Benefits of Professional Legal Assistance
Brian highlights the efficiency and peace of mind that came with having a dedicated legal professional. Hayley’s proactive approach ensured that agreements were meticulously crafted and executed, preventing potential pitfalls.
"She responded, not a problem. I'm working a couple hours a day... I had this little agreement and her analysis of the little agreement, and I got it all signed off, got it all taken care of before the end of the year."
— Brian Mittman [07:05]
3. Merging Cultures and Building a Unified Team
Integrating Teams Post-Acquisition
One of the significant challenges Brian faced was merging the existing culture of his firm with that of the newly acquired practice. He emphasizes the importance of maintaining an arm’s length transaction to avoid personal biases and ensure a smooth integration.
"This was an arm’s length transaction compared to in the past. You know, Mike, my buddy who had passed away, we over time, he was a consultant for us for years... Just doesn't work."
— Brian Mittman [11:17]
To foster collaboration, Brian facilitated meetings between the existing team and the new members, allowing them to interact in a natural environment without the pressure of constant oversight.
"I had my whole team come in. She came in for the day. And even though I kind of led the initial meeting, I found some good excuses to get up and leave, like constantly."
— Brian Mittman [17:18]
Overcoming Cultural Clashes
Brian acknowledges that blending different work cultures requires patience and clear communication. He shares strategies such as using DISC assessments and job scorecards to ensure new hires align with the firm’s values and operational style.
"We've made some job scorecards and we're actually building some assessments of what we think is the right employee for that job role. And then we're going to take the potential new hires disk and compare it to that one."
— Brian Mittman [58:35]
4. Financial Management and Process Optimization
Implementing Robust Financial Systems
Brian stresses the importance of fiscal health and process optimization in reducing stress and enhancing operational efficiency. By bringing on a fractional CFO and utilizing online bookkeeping services, he has streamlined the firm's financial management.
"Getting the fiscal health in order, particularly the processes and the systems. That hands down. It doesn't take away the need to have to make the donuts. But, knowing what's going on and getting even more insight into it now."
— Brian Mittman [45:25]
Monitoring Key Financial Metrics
The firm employs a dashboard to track critical financial metrics such as annual revenue goals, burn rate, debt-to-equity ratio, and liquidity. This proactive approach allows Brian to make informed decisions swiftly.
"The main numbers that we look at is we have an annual revenue goal and we look at it as annual revenue goal. Current revenue and the percentage against where we should be for the year."
— Brian Mittman [46:39]
Profitability Over Revenue
Brian prioritizes profitability over mere revenue growth, ensuring that the firm's financial strategies align with sustainable and beneficial growth.
"You'll realize what number is not really reasonable, or my number is way too low and I need to be thinking about it at a much higher number."
— Brian Mittman [66:52]
5. Branding and Marketing Strategies
Evolution of the Firm’s Branding
Brian shares the evolution of his firm's branding, from complex logos to a more relatable and memorable mascot, "Ted," a construction worker with a broken arm. This shift has made the brand more approachable and easily identifiable.
"We ended up with Ted... Our little guy who's a construction worker with the broken arm."
— Brian Mittman [73:13]
Community Engagement and Sponsorships
Looking forward, Brian aims to enhance brand visibility through community engagement and sponsorships, particularly in adaptive sports and events related to the firm's specialty in disability law.
"We are leaning heavily towards Paralympics and some disability related because we are the disability guys, after all."
— Brian Mittman [72:23]
6. People Management and Organizational Culture
Addressing Toxicity and Encouraging Positive Behavior
Brian discusses the challenges of managing long-tenured employees resistant to change. He emphasizes the importance of clear communication, setting expectations, and implementing behavioral assessments to maintain a positive organizational culture.
"You need to account for that to know how well you really are doing... You can say, let's sit down. These are the five things you agreed to. You're killing it on numbers 1, 3, and 4. What's going on with 2 and 5?"
— Brian Mittman [59:50]
Implementing Behavior Assessments
Utilizing tools like DISC assessments helps Brian's firm align new hires with the existing team dynamics, ensuring compatibility and reducing friction.
"We're now kind of, we have a potential hire now... Let's compare that person to this new person's disc because if it's close enough then we're going to get somebody more like him as opposed to somebody like this other person."
— Brian Mittman [56:46]
7. Future Growth and Strategic Planning
Vision for National Expansion
Brian outlines his vision for expanding his firm nationally through regional growth models, potentially utilizing franchise systems. He also plans to sponsor sports teams aligned with the firm's focus on disability law, enhancing brand recognition on a larger scale.
"In the right way too... sponsoring at least a sports team somewhere. We are leaning heavily towards Paralympics and some disability related because we are the disability guys, after all."
— Brian Mittman [71:56]
Succession Planning and Leadership Development
Preparing for the future, Brian is focused on succession planning, envisioning a leadership structure where he serves as the board chairman, guiding the firm's strategic direction while delegating operational responsibilities to a capable team.
"I do vision my son coming into the business... But getting the right people that have the energy and the drive to want to make this happen."
— Brian Mittman [75:05]
Conclusion
In this insightful episode, Brian Mittman shares his comprehensive approach to future-proofing a law firm through strategic acquisitions, robust financial management, effective people management, and visionary branding. His experiences highlight the importance of adaptability, clear communication, and strategic planning in navigating the complexities of running a modern legal practice. Listeners gain valuable lessons on sustaining growth, integrating new teams, and maintaining a positive organizational culture, all essential for building a resilient and prosperous law firm in the ever-evolving legal landscape.
Notable Quotes:
- "Having a real general counsel available is huge." — Brian Mittman [08:05]
- "We’re taking suggestions for what type of big ass party we should have." — Brian Mittman [48:10]
- "Profit matters is really what matters." — Tyson Mutrux [66:37]
- "Beneficial, profitable growth. That is our driving strategy." — Brian Mittman [70:43]
Key Takeaways:
- Strategic Acquisitions: Carefully planning and executing firm acquisitions can significantly boost growth and diversify practice areas.
- Professional Legal Support: Hiring fractional legal experts can streamline complex transactions and safeguard business interests.
- Cultural Integration: Successfully merging different organizational cultures requires structured interactions and clear communication.
- Financial Discipline: Robust financial management practices, including monitoring key metrics, are crucial for sustainable growth.
- Effective Branding: Developing a memorable and relatable brand enhances client recognition and trust.
- People Management: Implementing behavioral assessments and clear expectations fosters a positive and productive work environment.
- Forward-Thinking Growth: Visionary planning and succession strategies are essential for long-term success and expansion.
Brian Mittman's journey offers a roadmap for law firm owners aiming to scale their practices while maintaining operational excellence and a strong organizational culture.