When most people think of graduating law school, they probably picture getting a secure job with a firm that will allow you to eventually climb the corporate ladder to financial freedom. However, many don’t realize that path is fraught with challenges, especially for women in law who also want to start a family. It was these challenges that inspired Ally Lozano to transform her career as a lawyer into a more entrepreneurial path. Early in her career as a young lawyer, she made a decision to quit her firm and launch a solo practice.
While it started small with Ally earning just $40,000 per year (not nearly enough to pay for a law degree), it all changed when she realized she needed to see herself as a CEO of her own company instead of simply an attorney. She immersed herself into a self-education journey that honed new talents in marketing, scaling a company and becoming a leader. Within several months, her practice was earning six figures. Two years later, she had scaled her business to the million dollar mark.
Today, not only has Ally grown her business to eight figures in revenue, she has also become a mentor and coach to other female lawyers starting their own practice. In fact, she has helped many of them reach the six and seven figure mark themselves. It’s made her one of the leading coaches in the legal industry. We sat down with Ally to get some of her wisdom for aspiring female entrepreneurs, whether it be in law or any other field.
For someone who has a professional skill (ie. a lawyer, accountant, consultant, etc) how do they know whether they should take the risk of starting their own business around that skill?
Ally Lozano: If you have a professional skill and you are working for someone else, then you essentially have a “price on your head.” You are bound by how much they determine you are worth. You cannot grow and scale to see what you can truly achieve. If you have found yourself saying, “I think I can do this better,” then maybe you could. It is a big leap, but it can be a very worthwhile one.
The most important thing to know is that you are building a business. You will have a legal business that does law, rather than being a lawyer who practices law and happens to have a law firm through which you can do it. This is the key.
What separates those who make a living selling their skill versus those who scale it into a 7 or 8 figure company?
AL: The key is that you must view your business as a business, and you must be the CEO. Many professionals believe that because they are skilled at their profession that it is enough to make their firms work. This is where I see so many professionals struggling with underearning. They cannot separate themselves from the work that they do and step into the role of the CEO.
If you want to get to 7 or 8 figures, you must quickly become a business person first, and a skilled professional second. While many professionals believe that they are the only ones who can do the skill that they do, they are wrong. Establish a company with your vision, morals, and passion. Make it the fabric of your company. Then hire professionals who can continue to upload your mission through their work while you step up as CEO.
How did you acquire your first client and since then how has your client acquisition strategy evolved to scale?
AL: Most professionals believe that you can only build a business through referrals and that marketing is somehow “dirty.” However, if you do not market, you cannot scale. Referrals are not enough. I am a huge believer in social media- Facebook, Instagram, and Tiktok, plus weekly emails and texts to my lists, and more. I also host free clinics via Uberconference.
I now believe that if you do not market and only rely on your referrals, then you are under-serving the clients and customers who need your great work.
It seems many professionals like coaches or consultants stumble when it comes time to jump from 6 to 7 figures. Why do you think that is?
AL: The number one way to build to 6, 7, and 8 figures is consistency. You must, must, must show up consistently in your marketing and social media. You need to release memes and videos every day. You need to go live to engage with your audience. These things are requirements to continue to build your business, and consistency is the secret formula.
What is the area of your business that you have gotten the most value from systemizing?
AL: The most important thing to systemize in your business is your client interactions. One of the values of my firm is “Overcommunication,” meaning that we go to all lengths to over-communicate with our clients about their cases. We provide nearly automated monthly updates via email and text, plus calls and texts in between. A client loses satisfaction with your services if you are not communicative. Keep clients / customers up to date with automating all of these updates.
What tools should every entrepreneur be using to scale?
AL: Social media is the most important tool in everyone’s toolbox. If you want to grow, and you want to grow big, you need to need to be everywhere on social media. From there, you have to have tight systems to be able to keep up with all the work.
Any parting thoughts on overcoming the fear of risk taking that is inherent in scaling a venture that is already providing a comfortable living?
AL: Fear is part of success. It is impossible to grow, to scale, and to have the highest levels of success without fear. However, you have to push right through that fear and keep going anyway. One of the best ways to do this is with a team of trusted advisors who can help guide you in your decisions.
The last thing that I ever want is to feel comfortable. Comfortable is boring. There is a thrill with looking fear in the face and saying, “Yep, I am going to do this anyway.” Embrace the thrill and the excitement of all that is yet to come.
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