Michael Carroll: [00:00:00] ultimately you're going to have to make a decision.
What do I like to do? Do I want to run the law firm and hire other lawyers to litigate or do I love litigation that much? I'm going to hire someone. To run my law firm, a true, competent, empowered law firm administrator, a true COO, a true someone who can make that thing go and make everyone accountable.
That's when we jump into being true business owners.
Introduction and Welcome
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MPS: Hey, law firm owners. Welcome to the Your Practice Mastered podcast. We're your hosts. I'm MPS.
Richard James: Hey MPS, and I'm Richard James.
Guest Introduction: Michael Carroll
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Richard James: And I'm excited to be here today, my friend, because I've got somebody that I consider a friend. We've been in and out of our world now for almost a decade, probably real close to it. And he has helped a number of our clients through the years, see the truth about what's an important protection side of their business.
And he works only with law firms [00:01:00] and knows their story inside or out. So Michael Carroll, I'm super happy to have you here today, not only as a friend, but somebody, I think it brings some real wisdom to that lawyer who's listening out there, maybe struggling with what they're going through and give them a little light at the end of the tunnel.
Michael Carroll: Amen. Yeah, it has been a good 10 years. We've had a great run.
The Importance of Insurance for Law Firms
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Michael Carroll: But most importantly, that law firm owners, insurance can be an extremely confusing or pain in the neck item. We're here to share today. It's not that difficult. There are systems and workflows to make it very easy, yet a little affordable. But thanks for having me.
Hopefully I'll share some very useful and exciting, or at least as exciting as insurance can be.
Richard James: Well, You're a lot more exciting than your topic may lend itself to. So Michael, I'll let you, drive the bus. MPS, see where we go from here.
MPS: Yeah. Michael, why don't you, kick us off, break the ice a little bit? What's something that maybe not everybody knows about you?
Michael Carroll: So, terms of who I am and what, I look at what made our relationship so good between Richard and me is the fact that, we talked [00:02:00] about that when you've heard me say this many times before, a great chef does not make a great restaurant owner. And it doesn't matter what kind of business you're in, whether it's in the law business, the insurance business, whatever.
If you don't understand the fundamentals of what it is it takes to run that said business, you're going to fail. One of my favorite shows is Bar Rescue. Jon Taffer, if you're familiar with that show, he's a wild man. He's a maniac, but he gets in your face. I don't think, any of our styles are quite that aggressive, but it drives home point. It's great entertainment. If you don't know what you're doing, you're going to fail. You could be terrific at technical wizard as all lawyers are coming out of law school, incredibly intelligent people, but running a law firm is something that takes, you need someone to lead you out of that. And I play a small part of that in the insurance portion of it.
And I'll, add this, when I have through the years interview with thousands of law firm owners. And I say to them, what's your biggest pain point? And you think the answer would be [00:03:00] lower my premiums, better protection. Those things are all important, but you know what they say?
Streamlining the Insurance Process
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Michael Carroll: I hate that damn application.
Every year, I've got to fill up that doggone application. What a pain in the neck. I can't stand it. Well, We've streamlined it. So, it's so much more user friendly. So, you don't have to go through the repetitive cycle of 1983 technology with 84 copies of the same application that have been scanned and then you have to print it, you have to complete it in hand. That is nonsense. It's confusing, it's frustrating. And it actually opens you up for a potential claim down the road. We've changed all that. We make it easy for you, easy to understand, and we go from there. So, that's where kind of the cliff notes version of what it is I do and we can get at a specifics of what law firm owners need to to really keep an eye on that will keep them properly protected.
Richard James: Michael, my name is Richard James, and I hate filling out applications. I will admit I,
MPS: Agreed.
Michael Carroll: Oh, amen.
Richard James: I, you know, It's funny. I had an insurance story. I had a [00:04:00] good friend, high school friend, right? So good friend. And he's in the insurance business and wanted to sell me a disability policy. And it made all the right sense for all the right reasons.
And I said, yeah, go ahead. Let's rock and roll. And he goes, okay, I sent you all the paperwork from the said underwriting company that was going to do it. And it was a PDF that was going to have to print out.
Michael Carroll: Ha. There it is.
Richard James: I know. 27 pages whatever. Right. And he's texting me and emailing me, Hey, did you get to that?
And finally, like four months in, I go, dude, I love you, but I'm not filling out this one.
Michael Carroll: There it is.
Richard James: I said, so I don't know what to tell you. And he's
like, yeah, my hands are tied. This is the only way they, whatever. And that was his answer. And I don't know that was his best answer.
And I don't know if that time that was his only answer, you know, he lost the fundamental commission because of that, because I didn't want to deal with it. And so, pause right there.
Client Journey and Customer Experience
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Richard James: So, let's look at that through the lens of the law firm [00:05:00] owner. Law firm owners and their legal staff oftentimes view their position in a way that, Hey listen, you have this problem you need to solve, and I'm here to help you solve it.
And I'll solve this really difficult life problem that you have. And boy, they do God's work. God bless him. But they look at the client and they go, I don't understand why you're not just getting me everything that I need. And they don't think about boy, how could they just take the time to make what you have to get from the client easier to acquire. There's lots of software out there, there's processes, there's customer service stuff. There's all sorts of things. And usually, the way that it goes is client hires, law firm, law firm says, client email, law firm starts calling client, bugging them for information that they didn't send them. Client gets aggravated because they're frustrated.
They don't know how to give them what they want. Client calls law firm. Can't get anybody on the phone. Client fires law firm and leaves bad review, right? This is part of the [00:06:00] process. And it's oftentimes because the lawyers who own law firms, a lot of times, not all the time, those of you that do this well, good on you. But for those of you that don't even think about this, I inspire you to think about it.
A lot of times, law firm owners never even stop to consider what the client journey should be like. And the fact that you opened up with that, Michael, is so telling about who you are and who your company is and how you think about the customer journey.
Michael Carroll's Unique Approach
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Richard James: I remember Michael, the first time we were introduced to one another. I made a whole program around this, by the way. I ethically swiped and deployed this story. But you sent me a box. We had one interaction and you sent me a box. And I got this big box and it was about, I don't know, 18 inches tall and 12 inches wide or something like that. I'm like, who the heck? And I opened this up and out floats a balloon. And on the bottom of that balloon was popcorn.
Michael Carroll: [00:07:00] That's right.
Richard James: If I remember correctly.
Michael Carroll: Flavored popcorn.
Richard James: And on the bottom of the popcorn was an envelope from you that was like, confidential, must open, whatever. Had a copy of your book and all this stuff.
You made an impression on me forever. Because you started thinking about the client journey we were going to have together from the very first interaction.
Michael Carroll: That's right.
Richard James: MPS, I don't know if that leads to another question for you, but that was Michael Carroll's in my first introduction.
Michael Carroll: Oh, absolutely. I mean, Let's face it. Whatever. We all believe, we're the best at what we do. At least we should. Right? But at the end of the day, it's like the movie Dumb and Dumber. The great Dan Kennedy talks about the inbred marketing. you know, The old days, I'm dating myself. But go back to the old days before the internet, the phone book, the ads were identical. And they got generationally dumber as the years went on because, Hey, the Smith law firm, who's been in business since 1923, this is 1980.
Let's say, what [00:08:00] was going on in 1923 is decidedly different in 1983. But if they've been doing it, it must work. That's not necessarily true. So, it's the same idea that if we don't come in and with a story and have a wow factor, we're going to just be one of the same. Then you become a commodity and it becomes, maybe this law firm only charges 300 an hour. This insurance premium is only 5,000 year, 2,000 year, name that tune. I can name it in five notes, four notes, a three note. Again, I'm dating myself with old game shows, but what it comes down to is, if we just position ourselves as a commodity, we'll be treated as such and rightfully. so. So we get, we reap what we sow and you need to come in, you need to catch that attention. Because at the end of the day, everyone watching this from a law firm owner, to Rich and Michael, your business to my business, we're in the infotainment business. Whether we want to be or not, whether we like to sit in front of a camera and say, man, I look older, tired today or whatever, we're all [00:09:00] going to age. That's all in your own head.
At the end of the day, he is interesting and as entertaining as possible, while delivering value. And that's ultimately the key. But we're going to assume that a great law firm owner is technically proficient. They can do the job, whether he or she, whatever area of practice it is. But you've got to stand out from the crowd. Otherwise, it becomes a commodity driven type thing. And you described a process that every business, rich, the sad, ugly tales that far too many businesses experience and they wonder why they're failing. You just nailed it. That's why, but yeah, stand out. We're in the infotainment business. And Richard, you do a tremendous job with that. And you know, you do. mean, You just come off as good every single time. And please take this in all due respect that I speak with you. I feel better about being alive. I mean, You're just that kind of a guy. I can see it with Maria. I see it now with your son. I mean That sincerely.
When I brought Nick right now, who does the life insurance in our office, he was like, why this guy is, like, he's [00:10:00] inspirational, man. I really liked this guy. And my sons, and this is true, my oldest and my youngest son, both, know, they've seen I've had a nice life. And I make, I do well and I thought for sure they want to take over my business.
Oh no. Coming to your events, they wanna be law firm owners. My oldest is a lawyers, I shared. And my youngest is just got accepted to law school. They said, I won't be like those people because you transformed their lives. You see happy lawyers. You see Lawyers that are full of joy, that are really living their dreams.
They're not stuck in mediocrity and this misery loves company. You know, We're in this horrible business. You know, Everyone's like this and like that. They're vibrant. Their life is good. And you've been a big part of that. I mean that sincerely, you should take great pride in what you do. 'Cause your clients behind the scenes, when they talked to me, they said, you still keep up with Rich? And I said, you better believe I do.
I mean, COVID kind of changed the world a little bit. The events slowed down. But I said, of course, I follow, I [00:11:00] watch this and that. Obviously, they still think and hold you in the highest regard as your the protégés of yours, is what I'll call it.
So yeah, it's been, it's, very fun to watch and it's been a great journey over the last decade.
Richard James: That's kind of you and I, received that. And we work harder at that around here, for sure. But at the end of the day, they have to take whatever they get here and they have to put it to work. And so. whoever of those are successful or inspired or better humans, they get the credit for implementing because talk to a multiple of people, more than those who decide to act, and those who decide to act are a part of the few, not a part of the many. And it's fun to watch the few, and it's sad to watch the many suffer.
So is. MPS, where do you want to go?
Challenges and Opportunities for Law Firm Owners
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MPS: Michael, I'm curious. So, as you look at your entrepreneurial journey as a law firm owner, Is there one particular point in that journey that you could point to and say, you know, this was a bit of a low point, but [00:12:00] you took something from it. And you're speaking here to the law firm owners that are going through this right now, potentially, but what did that look like?
Michael Carroll: So, You'll see it when you talk about, in my experience with the law firm owners, you can tell who comes in you know, with a, they're beat up, they're damaged. And you can see that. And they'll be looking to me, the highest compliment they could pay me is when they say, I'd really like to learn your marketing.
That's when you start to see, as you talk about Richard, you know, the many they're becoming the few that want to change, because they realized that it is more than just, I gotta buy insurance. Mike Carroll was recommended his company. I gotta you know, learn this. It's they start to say, I want to be like Mike.
Remember the old, you know, I think it's a Gatorade commercial, Michael Jordan. You know, I want to be like Mike. Who doesn't want to emulate the winners? We all do. That's why famous people are famous because they have success. And it is true. The greatest form of flattery is to copy someone and what have you.
So, it's [00:13:00] one of those deals where, when I see a law firm owner who is just going through the motions and when they're struggling to do certain things, that's when I step in. And I'll jump ahead of everyone in my office and I'll say, have a heart to heart. And I'll try to get them fired up. And I'll suggest if it isn't through a channel like yours coming through that way, if it's just they found this on the internet or what have you, just like I shared with my son, someday he says, I want a little offering.
How do I do it, Pop? And I'm like, well, I can help you with certain things, but you've got to go to Richard James. You've got to go to all the different entities he has. Those are the people that understand your business, specifically. Plus with father and son, familiarity breeds to town, take out the trash.
I don't have to, the ball game, Bob, they fall asleep. I got to take the trash out at 6am, you know, when they're teenagers. So, it's best that someone else, I'll help support them and this and that, but let the people do it best. You do it.
It's no different than a law firm. You don't go to a personal injury lawyer if you've got [00:14:00] a family law issue, you go to a family lawyer and vice versa, but generalist lawyers, that's a whole nother thing. And there's some firms that are so big, they've got a lot of different bases covered, but you want to be with a specialist, just like in medicine, you don't go to an orthopedic surgeon because you have a heart issue and vice versa. so, But that's it, I hope, does that answer your question, Michael, I hope.
or,
MPS: Yeah, no, no, no. I appreciate that. And so, when working with, law firms from a tactical perspective, what is something that you see as an initial opportunity? They might be a firm that's stuck kind of in the mud right now, or a firm that's a little bit newer. Where do you see that initial opportunity to implement something on a tactical basis?
Michael Carroll: well, so,
Mentorship and Systems for Success
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Michael Carroll: I'm going to say, I'll be, same thing, to this very day, the Richard James of the insurance business is a guy named Michael McLean, MCLean,
McLean, Michael McLean. Look him up on the internet. He's been my mentor, my coach for 20 years. He's a crazy Canadian, he's got a [00:15:00] group of like minded businessmen, I mean he's a character, go watch his videos, you will love it. He's a true hockey guy, you know, a real butt kicking, that kind of a guy, but a good, a great father, a great husband, a great Christian, just a straight up good guy, the kind of guy you'd want your sister to marry.
But he tells me what I need to hear to this day. I mean, I've got a lot of success. I've done well and what have you, but he'll still say, let me see your email. Let me see this. Just things that you're marketing days to set little tricks of the trade. And that's the first thing I want every law firm owner, I will suggest highly because how that benefits me is a successful law firm owner, is a happy law firm owner who understands the importance of workflows and system.
And that's really what everything begins with. If you're any type of a sports fan, if you want to know how athletes or coaches are successful, study Bill Belichick, study Nick Saban, study Lou Holt, study Tom Brady, study Michael Jordan, [00:16:00] study kobe, the great late Kobe Bryant. Those folks worked, they had a system. They were rigid, but it wasn't a 70 hours. And I did that in my visit. I was just gonna work every month. I was in my 20s. I mean, I'm 60 now. I could work 70, 80 hours a week.
I thought I was being a great dad and a great husband, at some level I was, but I could burn an old fence because we're young like that. But ultimately, you start to realize, there's got to be more to life than just grinding. It isn't that I want to, the 5 hour work week, there's a book that's actually out that's you know, called that. That's, come on, that's, horse rubbish. That's fantasy sold as reality. But to get into a balanced life, and let's face it, if we want to be you know, super successful, we got to be imbalanced to the side to get balanced to that side. But ultimately you want to get back to the middle there.
So, I would suggest the first thing I always suggest, join, watch a video, join someone like Richard James. That is where you're going to begin it. Then where do I fit in? I share, I'll send them my book. And they're like, your book was actually entertaining. You [00:17:00] know, That wasn't what I expected. I thought it'd be a technical bore and this and that.
And I said, well, it's not much of a standard. I have to overcome anything other than an insurance manual. That's going to look like, it was an interest that could be made into a Oscar winning movie. But my point is, it's one of those things where, when you get a successful lawyer that is being mentored and coached, like I am again to this very day by McLean, you're going to have someone who just gets it, who wants to be a part of who's in the game, who loves the action, who loves the game of business.
And that's really what it's all about. It's loving the game of business and wanting to be the master of your own domain, the king of the castle, one that you know, when the king rises, the kingdom rises. It's all about controlling your destiny, and relying on those that are going to assist you along the way.
So, that's what's worked for me. And I hope that answers your question.
The Importance of Having a Coach
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Richard James: plus one on that, Michael, you know, so you basically, tactically, what you want them to do is to plug in to have a coach, right? You're suggesting that the best players in the world [00:18:00] have great coaches. The best systems in the world have great coaches. And while I appreciate the nod to us, at the end of the day, I don't care where you get a coach.
And there are different types of coaches for different things, right? So, I have a coach for my head. They call him a therapist these days, right? got a coach for my golf game. There are lots of coaches for law firm specialties now. turn of covid has changed the landscape. So, where there was maybe 5 of us, now there's 500 of us. right Now, they're not all great, but find somebody that you can relate to, find somebody who's speaking truth and who has evidence, and then go learn from them. And there's so much information available to you for free that you could start learning.
Learning from Other Industries
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Richard James: Even about business, as a law firm owner, if you can get out of the idea, well, I own a law firm so that heating and air conditioning company isn't the same as what I do. If you can get away from that, as Dan Kennedy would call stinking thinking, right? That is not the way to think about it.
Rather, look at this and go, you know what? Maybe, I watched this [00:19:00] video about a coach who coaches HVAC companies. But I bet you there's a parallel there that could be true to law firms. And just how to take one nugget at a time and implement it and just be on this path of growth.
you know,
Admitting Mistakes and Embracing Business Ownership
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Richard James: We were interviewing somebody else and they mentioned that lawyers don't like to admit that they're wrong and they don't know something. For obvious reasons, right? There are malpractice issues.
They were also, they've been told their whole life. They're the smartest person in the room, or they're always right. Or they're always looked to as an advisor because of their status in the community, from their education, and I get all of that. But if you're going to be a business owner, and by the way, the moment you decide to open up your own firm, you are a business owner, whether you realize it or not.
So if you're listening to this, all you want to do is try to get out of your own way as a lawyer. Like Stop being the lawyer for a second and start thinking at this as a business owner. I know it's not simple because you've been [00:20:00] trained to think a certain way. But if you can get there, you could be.
Success Stories: Transforming into a Business Owner
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Richard James: We just had an entrepreneurial attorney of the year contest.
One of the members, James Hansen was doing $7,000 a month in revenue when we met in November of 2021. April of 2024, he did $140,000 about 2 years later. Now, did that happen because James Hansen was an incredible attorney? No, it happened because James James Hansen became a incredible small business owner, right?
We just had a non-attorney owner. So a non-attorney law firm owner in Arizona, they allow that now. And one of the first ones that came out after the law was passed and they could apply for that application, they put the application in, and now he owns a law firm. And he is growing at breakneck speed and growing well because he came into this with a perspective of owning a business, not being a lawyer.
And I asked him, I said, do you think that gave you an advantage? And he [00:21:00] said, undoubtedly, it gave me an advantage. Because I'm not stuck working in the weeds with the clients as a lawyer. And so, I spent all my time thinking about client journeys. I think about all my time about client experience. I think it's about spending all my time about creating culture in our firm and creating a great place for our employees. And I spent no time trying to figure out the law.
Balancing Lawyer Duties and Business Management
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Richard James: Now, a lot of lawyers listening to this don't have that opportunity because they still have to be a lawyer in the circumstance that they're in right now.
And I'm not asking them to change overnight, but your point is right. If we could get them to open up their mind, to just start to learn a different way, start to think about it differently, even if it's just 20 minutes a day. They're going to start to see positive movement in the right direction.
And what does positive movement mean? It means instead of having to work 70 hours a week, weekends and Sundays, not getting home in time for dinner, and not being able to take a vacation without your cell phone or your laptop, or not [00:22:00] having enough money for retirement and thinking you're going to have to do this until you're 85, if you live that long.
Or not wondering how to cut the learning curve because you're not getting self-educated. You could change all of that by just investing a little bit of time doing what you told them to do. And that is start investing in learning from those who've already been there before you, start building those frameworks.
And I think that's great advice. Michael.
I think, if I could add, when you see a law firm owner, we're taught is when we own a business, you hear the cliche, the client is always right. I'm not going to contradict that and say, the client isn't always right. What I will say is the client is the client But there are some clients, not all clients are created equally.
Firing Clients for Better Efficiency
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Michael Carroll: And sometimes, you have to let certain clients go kind of the Pareto principle.
That might be the very first thing you need to do, which is counterproductive. We changed the workflow in our office. It was back in 2006. We went to what is called the service center model for our first [00:23:00] alliance clients. When I began my career after the NBA said, no, you're a little too slow and a little too short.
I said, well, I don't want to go to Europe or play. That time, it was called the CBA, it's now the G League. So, let me get on with my life and I had a pretty girl I liked and I ended up marrying her and having a bunch of kids, but it was the right decision. But I began my career writing a lot of purse lines.
I was a generalist because I didn't know what I was doing. Began my career with Allstate, won every award, saw the whole world. It was fun. But ultimately, when I became an independent agent, I became the guy who didn't know what he was doing. I only had one child at the time. I could afford to work a lot and infant sleeps a lot, and all that. But ultimately, what it came down to is when we, this now jump ahead 15 years later, 20 years later, when we go to the service center model, that was for the personalized book that 20% of our clients were causing 80% of the work.
A lot of times, retired folks want to come in and chat with me. Everyone watching this today can say, that Caroll guy can talk. Oh, I can [00:24:00] talk, my law firm owns. No, talk with Joni, don't talk with money. Mike's going to talk to you about the playoffs. You know, The Red Sox can't hit, but they could be, I'm full of it, man. That's the Irish in me.
But ultimately, we lost 22% of our clients, which is, that was a lot of revenue, but our profits went up 27%. So, there's your answer right there. So if you're a lawyer watching it, the law firm owner, and you want to free up some time, I guarantee you, just like any business, you've got some clients that abuse you, not because they're bad people are abusive in the harsh sense of the word, but they take advantage of you and you're not building them every hour. Because half the time, they're chewing the fat about their kids or grandkids or sports teams or life in general.
Don't get started on politics. Oh my goodness. I mean, It can go on and on. But the point is, you need to back some of those people out, so then you can take the time to create the fundamentals because as you said, if you need to be the CFO and the COO and [00:25:00] practice law, that's what you got to do in the beginning, but ultimately, you're going to have to make a decision.
What do I like to do? Do I want to run the law firm and hire other lawyers to litigate, or do I love litigation that much? I'm going to hire someone to run my law firm, a true, competent, empowered law firm administrator, a true COO, a true someone who can make that thing go and make everyone accountable.
That's when we jump into being true business owners. And like I said, no business owner successful likes to admit they're wrong. We all have egos. We're all driven people. We all have that Gusto we want to go. But you do need to be able to look in the mirror and say, most of us watch the Brady Rose. They were sitting Belichick.
You guys Foxborough. Hi, I can find a quarterback better than you Brady at Foxborough. Hi, you stink. And I'm using the RadioG version of language those fellas use. But my point is, that's the kind of feedback when I stink and I've got to be held accountable. McLean's, that guy in my world I use outside of my business because [00:26:00] everyone in the office, you know, I'm physically a big guy, you know, I'm not going to, it's a yes man thing.
Everyone's going to tell, you're the best. Yes sir, whatever you say, sir. I don't need that. I need someone to tell me. I'm not looking to beat myself up constantly. I just need to be told the truth. So again, a law firm owner, there's easy ways to get rid of these things so you can free your time.
It'll be the greatest feeling in the world to say, what's the worst thing that can happen? I lose this account. I was successful in life before this client, I'll be successful after this client. And that's such a freeing feeling. You're like, life goes on, even if it's it, you hate to lose a client. You somehow just lost it, someone blew it, or their kid became a lawyer or someone joined the church or country club, they just left you. It's going to be okay. You'll be all right. You'll free that time up, and you'll come back better and stronger.
So, hopefully that inspires a lot of law firm owners that it isn't the end of the world when we lose a client. And it's even healthy to sometimes fire a client. You'll know right [00:27:00] away who that list is and it'll be the best thing you'll ever do.
It was for me, So
Richard James: Great advice.
Michael Carroll: Thanks
MPS: Very much. so.
Personal Reflections and Inspirations
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MPS: I'm curious, Michael, what's, got you fired up and excited today? Could be personal, could be business, could be both?
Michael Carroll: You know, I mean, Personally, I'm a big family guy, you know, being Irish and Italian, America is the greatest country on earth. I've got my folks are alive at 98, 84, got a beautiful bride who supports me. She's a great partner in life. She's just tremendous. My children are all healthy and successful grandchildren.
That's where I tend to go. You know,
I, have a relationship with God. I'm not going to run from that. That's a big deal to me, say my prayers every day to know that even though things don't always go the way we hope, I lost my oldest dog, it'll be 5 weeks ago today, big Brady. Brady was a big boy, 95 pound Labrador, he was 12 and a half, he had lived a great life. For us dog lovers, that's a sad day.
And it's one of those things where God gets to sue those things. Otherwise, I'd be a basket case. Did I shed a [00:28:00] tear? Of course, I did, but I wasn't despondent. I wasn't hitting the bottle. I wasn't woe is me or F this, or you know, life stinks or all that. It's just you know, having faith that this too shall pass.
And that's been a big thing for me and not to make this into a revival meeting or anything, but there is something greater than me out there. And to have a relationship with God, it just to pray every morning and say thanks at night, it's been a big relief. And it's business owners, it's easy to hit the floor, get on that cell phone, check emails, and not get into a healthy routine in the morning to just take that first half an hour and that's at least, and then you can expand on that, with some reading, you know, I like to read. I'm a big reader. I love reading books. 30 pages a day. I'll get you 40 books a year. It can be spiritual, it can be business, it can be biographies, but that's to start my day with some prayer and meditation to just set the tone for the day, drink some water, who likes water?
I don't, I'd rather [00:29:00] drink Gatorade or Kool Aid, but water is good for you. and,
uh, and go out and walk the dogs and really just start the day with some movement, quiet. I don't need to listen to music. I love music. I'm an old, school rock and roll guy, not heavy metal. I like the band.
I like that kind of from the 60s. Born in 63. I like the 60s and 70s. The Guess Who? The Who, the Rolling Stones. I'm the middle of that. But my point is, not when I walk. I wanna be the one with nature of my dog, and just get quiet. And that's where a lot of great ideas come in.
So, if that can help fellow business owners, guys and gals listening to this, please take advantage of these are tricks that are taught to me by McLeen, because I was love music. I was at the headphones. You see Athletes all the time listening, and I get that too, but look at J.J. McCarthy in Michigan, if you're a college football fan. He would sit in front of goalposts and he'd meditate, and then he had a song that he liked. I forget what it was. It's irrelevant. But that's important stuff and it really works. It's worked for me. And I'm a pretty, as you can see, I'm a hype guy. You know, I don't drink [00:30:00] coffee. This is natural. you know, I'm just trying to stay away from sugar. If I had sugar, I'd be up and then I'd be falling asleep. you know, My point is, that's what gets me up.
And lastly, business, of course is the action. People, in my age, I'm getting offered to get my business bought on the regular and it's flattering, but what am I gonna do?
Who cares multimillions I get? I'm gonna be bored outta my door. I love golf too, Rich. I've been to as low as a 3 in my, prime. I'm like an 1112 today. 'Cause I was busy being a dad and chasing around the combines. College football, Saturdays and all that. But my point is, I love the action of business and I want everyone watching this, especially law firm owners, my favorite people who have made my life the way it is to have that same excitement that like you want to keep going, you've got an asset that's going to be worth a lot when you want to sell it, to be excited that your feet hit the floor after you suck your day and you're ready to conquer the world.
So, you're asking a guy that's going to rah, rah, I'm a cheerleader for life, man. And I'll the unbelief. [00:31:00] So, sorry to be so corny, but that's who I am, man. You asked.
Richard James: That's not corny at all. Yeah, God first, family second, business third. And, And you make a lot more money at an 11 and a half than you do at a 3 on the golf course.
Michael Carroll: That's great. Amen.
Richard James: Gotta give a lot of strokes as a three. I'm happy being a 10 and a half. Sweet spot.
for
Michael Carroll: Exactly.
Richard James: As my buddy says, never make a putt, you don't have to. so anyway, let's say, Hey, Michael, this has been great. We've got a clock that's working against us, but we could talk for hours. I think you are not only wildly entertaining, but you're full of inspiration and gifts that you've been given by others and you're willing to share. If anybody wanted to learn more about you and your company, where would they go to do that?
Michael Carroll: So I'll turn here. I've got my book, get a free copy of my book. This is actual archive. I'll send it to you for free. You'll get a cool box. It'll be anything you'll learn some marketing, a little better view there, but anyway, InsuringLawyer.com. Just like it sounds, insuring lawyer, singular, not lawyers, InsuringLawyer.com.[00:32:00]
You'll get to see me back when I had dark hair and not gray hair. My videos are about 7, 8 years old on there, it's a little thinner too. But my point is, you can find out a lot about our company there.
Insurance Essentials for Law Firms
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Michael Carroll: The biggest things I want to take away, applications don't have to be this pain in the neck.
It's very simple. There is a better way. Professional liability and cyber liability is a big deal today. Those are the two that every law firm should have. The other three components of insurance are going to be your office. Business insurance, because there's advertising liability and driving liability on that.
Workers comp in 46 of the 50 states. Don't sleep on that, because you don't want to be compliant. States like New York will get fined tens of thousands. Be careful. Florida could be a little weird. Texas to California, the big states demographically, could be weird on that stuff.
And the last thing, for those of you that are growing and have 5, 6 lawyers, a staff of 10, the employment practices, which is sexual harassment, unfair termination, [00:33:00] and discrimination, even though no one watching this, whatever, willfully do that or put up with that, it could be between a client, a potential applicant, a lawyer you're going to hire, it didn't work out, it's worth exploring, but these are all the things that's a proper way to protect your law firm. And hopefully that helps, and you can do it at one stop shopping with me.
There's other great professionals like I'm out there, not many but there, and I don't say that critically or to be flippant, but there are others that as long as you've got those five tenants, from an insurance perspective protection perspective, you'll be just fine. But I'm always happy to talk with a lot from owners You know to advise them, if it's your kid brother, or your sister, your cousin, Jimmy or whoever, and you can't move it I get it, but I don't want to see a law firm go out of business because the kid brother is a scratched offer. He doesn't really pay attention to the intricacies of introns, so usually for the advice, it's all in the book, it's written in story format, [00:34:00] and all that stuff.
And I appreciate you for inviting me today.
Final Thoughts and Gratitude
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Michael Carroll: This has been, like I say, I always feel better about life after speak with you, Rich.
I mean, you're just here. I consider you a friend. You've always been like I said, a beacon of light and your sun shines the same way, your beautiful bribery is the same way. And I mean, I really appreciate you all. You're doing great work out there. And if I can say so, I believe you're doing God's work because when you help business owners out, it helps their family, their kids, their grandkids and society as a whole, successful business owners. So, those of us that are small business owners, are really the backbone of America. And that's why I take such great, I have so much gratitude to be involved in the work with people like you. And hopefully, I can give back some of that too.
So, thanks for having me on today. Truly appreciate it from the bottom of my heart.
Richard James: Oh, you're welcome, Michael. I appreciate you being here again, as I love that you share with everybody. MPS wrap us up.
MPS: Yeah. Thank you, Michael. Really appreciate your time. And to the law firm owner listening to this, if this isn't your first time listening or watching and you [00:35:00] got some value today, which there was plenty to get, make sure you hit that subscribe or follow button, turn those bell notifications on, and show Michael some love down in the comments.
Let us know if you've got any questions, but we appreciate you investing your time and being here today. But Michael, thank you again. We appreciate your time.
Michael Carroll: Thank you.
Richard James: Absolutely. Make sure you go get a free copy of Michael's book, and that's the pod.