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How to Hire 20 Lawyers and Add $12M in Revenue — Transcript · YTtoTranscript

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How to Hire 20 Lawyers and Add $12M in Revenue

MoreMozi · 1,732 words · 9 min read · EN

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Below is the complete, readable transcript of How to Hire 20 Lawyers and Add $12M in Revenue by MoreMozi on YouTube. Read the full text, copy any part you need, or generate a transcript for any video with our free tool.

I own a law firm. We do real estate and business litigation primarily. Our niche practice though is representing homeowners against bad HOAs. >> Mhm. >> Our revenue is rough right around 15 million. >> And >> Uh we That sounds amazing. I feel like everybody loves you. >> Right? I had to come up with some

number. >> No, it's great. >> And I don't want to say a hundred. Um >> No, I meant not that. I meant everybody hates their HOA. >> That's >> Oh, yeah. No. No, we have an we have an endless market. So, no, it's been great. Uh what's stopping us from scaling currently though is I would say talent

acquisition. Um you know, running a law firm, having lawyers, it's all A talent. There's no B talent or C talent. >> Yeah, I'm familiar with the model. >> So, >> If you see my business, yeah. >> Yeah. So, that's our biggest constraint right now. >> So, right now you have more more um

more demand than you can deal with. >> Yes. >> Right? And so, manpower would be your constraint. Okay. So, what do you do right now to get people? >> Right. >> No, I'm asking. What do you do right now? >> So, right now we have recruiters, several recruiters. We leverage Indeed, ZipRecruiter, all the platforms.

Uh we go into LinkedIn. We try to poach from competitors. I mean, pretty much everything that you can do, we do. I think one of the biggest uh >> How many people do you hire a week? >> Um it's not really on a week, maybe a quarter. We probably bring on another attorney

every two attorneys a quarter, I would say. >> Okay. >> We're at 31 lawyers total. >> What's a uh What's an attorney worth to you in gross profit per year? >> Uh we typically have a three times multiplier. So, they make us three times their salary. >> But what is it What is it What Just give

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me the absolute. >> Uh 600 grand. >> Okay, so they make you 600k? >> Yep. >> And so, you pay them 200? >> Right around there, yeah. >> Okay, cool. So, they make 800 total, 600 gross profit. Okay, got it. Is that correct? >> Yep. >> Okay. Um so, what do you pay

uh the to to recruit somebody? What's your cost of talent acquisition? >> Uh typically 30%. >> Okay. So, 60k? >> It sounds about right. >> Somewhere in there. Okay. So, what was uh what was profit last year? >> Uh profit came in at about 4 million. >> Okay. So, what stops you How many How many

people would you need to hire in order to get to maximum uh capacity? Basically, how do you meet your demand? >> Yeah, saturation. Um I would say we could probably bring on another 20 lawyers. 10 in each state. >> Okay, so right now at your current rate, you do eight a year. So, you're like 2

and 1/2 years behind at your current rate in terms of matching demand. Right. >> Okay. And so, for you to get these 20 guys, it would cost you 1.2 million, right? >> Yep. >> And that would generate you 12 million dollars. Right? >> Yeah. >> And then, what were margins in the business again? You said 15 and four, so

>> It's about 4 million. >> 30 30-ish percent or like a little less than that. Okay. And so, um I'll say that we we'd add another you know, 4 million-ish to the bottom line here. And what are multiples in the business for for your space? >> Uh >> Like eight? >> Say around eight.

>> Yeah, okay. So, when I'm in your situation, I just see this and this. >> Okay. >> And so, I think like So, when I pointed originally, what stops you from doing more? >> Well, >> cuz you're doing all the stuff, but obviously there's more than two attorneys a quarter that are getting

hired in the marketplace. >> Yeah, I I think it's just a lot comes from sort of our bar. I mean, we can bring in low lower level lawyers pretty easily, but at our caliber and what we do, it's very hard to get that type of talent. >> Yeah. >> So, we interview a lot. I mean, we meet

a lot of people. We go through a lot of resumes, but just the the funnel is a challenge to make it through the funnel. >> Yeah. I mean, it sounds like you just need to 3x the amount of volume that you're doing right now on the recruiting front. >> Just being super real.

>> So, it's like if you have two recruiters, it's like why not get 10? >> Yeah. >> Like being like just being real. Like so, it's like, "Okay, we're we're doing How much out outreach do you do?" >> Um in terms of >> Like if you do outbound towards uh legal people. >> Um

>> That's That's That's the >> Yeah, I don't have a metric on outbound, to be honest, but um in terms of the recruitment side of things, I mean, daily. You we're constantly reaching out when we find the right candidate. So, it might be through LinkedIn, it might be through >> Yeah. >> competition, it might be

>> Do you have an in-house recruiter? >> Uh we do. >> Okay. So, fundamentally, and like I'd say, like, "What's stopping us from doing more?" The first answer would be metrics cuz you don't have any outreaches you're doing. Um but beyond that, like, uh do you have kids? >> I do. >> Okay. So,

uh boy girl? >> Two boys, two girls. >> Sweet. Okay. So, imagine all four are going to disappear in 30 days unless you get 20 attorneys that are at the caliber that you want. >> That's fair. >> Right? Aggressive, I know. >> yeah. >> Yeah. I know. Alex is dark today. >> Yeah, no, I can I can tell.

>> Um No, but real, what would you actually do? >> I'd probably 10x it, like you said. So. >> I mean, the real talk is like if this would be a more complex issue if you had big cash flow issues cuz then I'd be like, "All right, we have to look at the

model, we have to look at pricing, we have to change the out Like we'd have to do four other steps before getting here." If you have $4 million in profit and you can put 1.2 in and get $32 million in tax-free enterprise value. >> Yeah, no, it's not on economics, it's simply uh talent pool, but I hear what

you're saying. >> Right. Yeah, so it's like we have two recruiters or three recruiters. Like we had um one of our one of our portfolio companies, we had to spin up a team of 50 activated and good sales people. So, we ended up hiring 90 in 12 weeks. >> Wow. >> And we're spending a lot, you know,

few hundred thousand a day in traffic to make sure that, you know, like that we don't like every day that they're not productive, we're losing multiple hundreds of thousands a day. And so, you have to have a bar. You have to make sure that they're, you know, productive and all that kind of stuff. But, what we

did was we hired 15 different recruiting firms and we did bulk wholesale deals with them saying like, "Give us five people. We'll get a discounted rate cuz we want five. The terms of that is like if they don't work out for a little bit extended than from their normal thing, you can replace them."

Um and I understand that the difficulty of of of high-touch talent. But, you just probably need to go up market in terms of the level of recruiter that you're going after like recruiting firm that you're going after. Like you can get recruiters all the way up to, you know, million dollar a year recruiters.

>> Right. >> Um and so, when I see this is this is a pure resource issue. Like, spin up three times the recruiters. Whatever your outbound is. It's like right now you're like, "Well, when we find somebody, we do a reach out." It's like, "Yeah, but it's like, okay, well then how do we do

10 or 20 times the reach outs?" And then, once we have that in place, then we're kind of good to go. >> Got you. >> That's how I tackle these problems. >> No, I like that. So, thank you. >> Just violence. >> I like violence. So, thank you. >> Appreciate you. >> Thank you.

>> If you are a business owner and you are not growing as fast as you'd like, I'd like to give you a free gift. So, my team and I put together the $100 million scaling road map, which is basically 200 hours of us looking over all the portfolio companies we've had and what

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what to do for each of functions of business across product, marketing, sales, customer success, recruiting, IT, human resources, and finance. And so, no matter what you're struggling with, someone else has already struggled with it and solved it. And so, I'd like to give you this thing absolutely free. You can go to acquisition.com/roadmap,

plug in your business information, and if you want us to actually help you de-constrain the business and you're trying to scale, we'd love to help you out. On the thank you page, you can just book a call with my team, and we will look at the business, see if we can help, and if we can, we'll invite you

out to Vegas, and we'll do this in person live.