Becoming a Deep Expert of Law and Running a Business ft. Michael Whelan ML108
In this episode, Jim and Tyson interview Michael Whelan. Michael runs his own law firm, organizes a lawyer conference and is writing a book about running a law business. They will go over his background, the conference and the book; it’s main principles about being a solo practitioner, deep expertise and legal supply chain.
“Law is not a business plan, it’s a product, it’s a monetization strategy. It’s how we turn knowledge in to cash so that we can live. How we do that is really up to us.”
3 main ideas:
1. Financial capital is not a good play for specially solo attorneys, but social capital is highly available, and should be the leverage point for people trying to run their own law firms.
2. The 2 most valuable pieces of any transaction are the relationship and deep expertise.
3. People should connect on a legal supply chain. A different way to structure human capital.
Hacking’s hack: Jim’s been listening to James Schramko (https://www.superfastbusiness.com/about/) and he said something that really struck a nerve with him.
“I create content when I have something to say.”
Michael’s tip: A daily task app that is fantastic and it’s gamified. Great to use with your kids.
Tyson’s tip: A tool to manage social media.
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