Luis Scott is the Owner of 8 Figure Firm, which provides consulting services and insider knowledge to national law firms. He has helped hundreds of law firms in the US reach multiple seven figures in revenue in less than two years. As a former lawyer, 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:
- [1:19] Applying the Pareto principle to law firm marketing
- [3:09] How to build your company to generate passive income
- [4:44] The growth potential in the e-commerce industry
- [7:55] Luis Scott’s method for creating a predictable business model
In this episode…
When it comes to building and growing a business, a few tried and true principles stand out. Marketing, predictability, and systems are all crucial for scaling them from seven to eight figures. How can you grow your business using these core strategies?
Professionals ranging from law firm marketers to e-commerce business owners have discovered how to dominate the market in their industries. Bo Royal maintains that 20% of marketing efforts yield 80% of the results, so law firms must allocate their budgets to invest in bottom-funnel tactics like retargeting campaigns. Business consultant Dean Inniss advises extracting yourself from your business through automation and talent optimization to generate passive income. Will Basta notes the e-commerce industry’s explosive growth potential, emphasizing the value of expanding to markets outside the US. After implementing operational processes, Chad Clements noticed a positive impact on his business, while Luis Scott says that a strong foundation with a mission, vision, and values promotes consistency and predictability.
In this special episode of The Guts and Glory Show, Luis Scott reflects on some of his most insightful episodes. Featuring guests from diverse industries, including Bo Royal, Dean Inniss, Chad Clements, and Will Basta, Luis explores the benefits of building an e-commerce company, how to generate passive income in your business, and the value of business coaching.
Resources mentioned in this episode:
- Luis Scott: Website | LinkedIn
- 8 Figure Firm
- Will Basta: Website
- Bo Royal on LinkedIn
- Pareto Legal
- Dat Band
- Dat Band on: Instagram | Facebook
- Chad Clements on LinkedIn
- Dean Inniss on LinkedIn | Instagram | Facebook
- Your Best Life Now
Quotable Moments:
- “Money is a tool, not the thing. I won’t coach you if it’s all about the money.”
- “eCommerce is in its infancy stages. We’re so early in terms of where it’s going.”
- “Create a company as if you’re planning to sell it; build everything into the company.”
- “The height of your business is determined by the strength of your foundation.”
- “20% of your marketing efforts are driving 80% of your cases.”
Action Steps:
- Prioritize effective marketing strategies: Focus on identifying and investing in 20% of the marketing efforts that deliver 80% of your results. This approach helps law firms avoid spreading resources thinly over ineffective channels and instead concentrate on high-impact areas like digital advertising and SEO.
- Transition from operator to owner: Learn how to create passive income streams and step away from trading time for money by developing systems within your business. This shift allows you to build a self-sustaining business model, ensuring your firm can thrive independently without your constant input.
- Explore global e-commerce opportunities: Consider expanding into emerging e-commerce markets outside the US, such as Amazon Dubai or Mercado Libre. This strategy opens doors to new growth avenues and leverages the infancy stage of global e-commerce.
- Build a strong business foundation: Establish a firm foundation by clearly defining your vision, mission, values, and service standards. This foundational clarity aligns your team and operations, ensuring your business can scale and handle future challenges effectively.
- Systemize for scalability: Implement systematic processes in your business to ensure scalability and predictability. This reduces hurdles and obstacles, making your business model more robust and able to handle growth.
Sponsor for this episode…
This episode is brought to you by 8 Figure Firm.
Founded by Luis Scott, 8 Figure Firm helps transform your law firm into a seven-figure or even eight-figure firm.
After spending years searching for the ideal law firm consulting program, Luis started 8 Figure Firm to use his hands-on experience to help other law firms achieve exponential growth.
Visit www.8figurefirm.com to receive a consultation call and start scaling your business today.
Episode Transcript
Intro 0:00
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 0:22
Hi guys. Welcome to The Guts and Glory Show, a show dedicated to helping you learn just a little more so you can be bigger and better than you were before. In this special episode, we’ll take a look back at some of our favorite conversations from previous shows. It’s brought to you by 8 Figure Firm. Consulting at 8 Figure Firm, we help law firms take their business from seven figures to eight figures by helping lawyers do the parts of the business they hate so that they can make the impacts they love. I remember when I started my career, I was working 70 to 80 hours a week to make partner. After that, I finally started my own firm. I wish I had someone walking me through all the steps to growth at 8 Figure Firm, we can show you how to develop a business that works for you instead of you working for it. Turn your law firm into a law business by going to 8figurefirm.com. Now let’s listen to parts of some of our favorite episodes. Enjoy
Bo Royal 1:19
diving first into the Pareto Principle, for the viewers that aren’t aware with it, aware of it, really that concept is about 20% of the inputs yield 80% of the outputs. So if you and this concept applies to everything from business, marketing, agriculture, like it’s kind of a law of the universe, if you will. And so when we apply it to marketing for law firms, specifically, if you were to look at the cases that your law firm is generating from your marketing efforts, about 20% of your marketing efforts are driving 80% of your your cases right. And in the the context of law firms specifically, there are a few key areas that law firms need to focus on if they want to unlock that 8020 growth. The first would be budget allocations. So something I commonly see law firms make a lot of mistakes with is they get shiny object syndrome and they think, Oh, my competitors are running billboards. I need to run a billboard campaign. Oh, my competitors are running TV ads, I need to run a TV campaign. Those are very top of funnel awareness driving tactics that most law firms, like small to medium sized law firms, should not be dipping their toes in yet, until they get a proper foundation in place. The proper foundation would be first advertising digitally, specifically on bottom of funnel tactics. So this is these are tactics like retargeting campaigns. These are tactics like going after non brand injury, lawyer, law firm keywords, optimizing their Google business profiles so that they show up in the local results and then doing what needs to be done from an SEO perspective, so that people can find their sites organically. That’s like square one implementation foundation for law firms. One
Dean Inniss 3:09
of the things we teach in finance is money is a tool, not the thing. And so the first thing I tell people, I won’t coach you if it’s all about the money, right? But I do understand that money is a tool. So what you want to do is you want to exercise your skills, whatever they may be, in a way that gives you the ability to generate income. Now, early in the careers, most people have to generate that income the old fashioned way, right? It’s trading hours for dollars, yep. But what we try and teach people is, how can you create passive income streams? How can you become an owner instead of an operator? How can you extract yourself as the talent in your business and be the operator so that your business can either generate passive income or you can sell it right and it’s worth more because the talents built into it with standard operating procedures and all of that, that’s where the executive coaching model comes in. I understand how to build a company from day one to create a company so that you could sell it, you may never sell it, but if you create a company as if you’re planning to sell it, you build everything into the company so it’s self sustaining, not reliant on Dean or Luis, right? And so that it becomes automated. So the more you automate, the faster you automate, the more because of passive income stream, which does, what gives you more time e commerce
Will Basta 4:44
in general, if we just look at where it’s going and how it’s it’s just, you know, obviously the US build consumerism, right? We are, are huge. You know, when it comes down to Amazon and all this, we’re buying, buying and buying, and people start to forget about. Okay, well, you’re making money. And I was on, I was speaking to someone on a podcast last week about this. It’s like, you have successful sellers in the US, right, where it’s their side thing. You could be a lawyer, you could be whatever, and you have a successful Amazon business. But it becomes, becomes the plot. It becomes plateauing, where it’s like, okay, well, what am I going to do next year? Because I’d like to take this to the next level. And historically, people are always thinking of, how do I expand my product? I’ll just give a new product line. I’ll do this, etc. These days, at least, how we look at things in our organization is that, but also, what markets can I go into outside of the US now? Because Amazon Dubai, for example, started around 2000 18,019, it’s like Amazon in the US, around 2015 right? There are these markets of which you have stability, because you know the platform, and they’re growing at a rate that is so substantial. But you have the benefit of the fact that you’ve seen it up in in another market, like the US. And to me, that’s super, exciting to be able to always see that there’s we’re not even we are in the infant stages of E commerce. Like people don’t think that Well, we are so early on right now in terms of where it’s going and and honestly, what markets it’s going to go into, what platforms are still to, still to come up into place. Because, you know, there’s, everyone thinks Amazon. But you’ve got your, you know, your Chinese platforms. There’s a bunch of them. I can name all of them. You have Mercado Libre in Latin America, which is essentially the Amazon of South America, which is huge, right? You have Tiktok shop, social commerce. I mean, I can go on forever. I’ll stop there, but I think you get the gist of where I’m going with it. It’s big on the global front. To me, it’s super exciting. I
Chad Clements 6:41
tell you, what is his approach to business is one that we really from day one, just immediately aligned with. Because from our standpoint, it’s all about systemization. When we figured out that what we were doing with that band was very much scalable. We knew that we needed a little help to kind of push through some of the obstacles and challenges that we knew were on the horizon, and the way that Lewis and his whole team has laid out the program has just made it very easy for, you know, for us as kind of outsiders, outside the legal world. It’s funny. Every time we have a group call, or, you know, we’re at a mastermind conference, it’s like, we go around the room, make an introduction. It’s like, lawyer, lawyer lawyer lawyer, Fan Guy, lawyer, lawyer, lawyer. That’s funny, but, but, yeah, what it’s taught me is that good business is good business. And no matter how it’s applied, or what industry it’s applied in, it just makes sense that you do it right and you do it right from you want
Luis Scott 7:52
to create a predictable business, you have to have what I call, call the foundation. And the foundation of your business is the vision, mission, values and the standards. Now this is what’s interesting. We have a three part system in the 8 Figure Firm system, and it’s, it’s the the foundation, the intention and 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 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 stories. But 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 the 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 are you going and mission, how you’re going to accomplish it, the values, what do you expect from your employees in terms of 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.
Outro 9:17
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, hit 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 you.
