23. Andrew Finkelstein — Building The Law Firm of the Future

The Game Changing Attorney Podcast with Michael Mogill

Michael Mogill

Management, Business, Marketing, Entrepreneurship

5.0 • 540 Ratings

🗓️ 1 September 2020

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

"The future of law is a consolidation, and I think people ought to prepare for that." - Andrew Finkelstein How do law, business, tech, and consumer advocacy go hand in hand? Can you detect toxic company culture before going into business with a firm? Why are the busiest people oftentimes the worst procrastinators? Are client surveys really still relevant for the law firm of the future? Andrew Finkelstein and the Business of Law: Four Firms and Counting In 1991, Andrew Finkelstein joined his father’s firm in Orange County, New York by literally getting himself a seat at the table — he didn't even have his own desk! His career has been characterized by his ability to carve himself a unique niche that sits astride law, business, technology, and consumer advocacy. Now heading up four law firms, Finkelstein joins us to share his game changing story and vision for where the legal industry is headed. Technology and the Human Factor: Is This the Future of Law Firms? Early on, Finkelstein knew that technology was vital to running future-proof firms. Right from the get-go, he viewed the firm as a business — a software company that just happened to practice law. Today, over 70% of his business comes from existing and prior clients. Finkelstein credits his success to the winning formula of investments in technology, incessant dedication to customer service, and constant self-analysis. He explains why every law firm needs to develop a client-centric approach, and why the future of law firms is consolidation. When Mergers Go Sideways: Why Company Culture Still Rules With an MBA and a formidable track record, you'd think that every merger Andrew Finkelstein is involved with is an instant success. He shares with us the story of the one he had to walk away from. This firm ticked all the boxes, from inventory and business opportunity to its ability to withstand a transition period. So what went wrong? Two words: company culture. Finkelstein explains the cultural conflict and misalignment that was unacceptable to him, how he came to the realization that the merger wasn't viable, and why purported rockstar firms — or employees — sometimes aren't what they seem. Key takeaways: Compassion first. When dealing with clients, the human factor is what will set you apart from your competitors. If you see law as a service industry, then your competitors should be world class organizations: Amazon, Apple, Netflix. Don't underestimate surveys. Whether it's from your staff or clients, the only way to find out how you're really doing from a human perspective is to collect anonymous feedback. Sometimes it might sting, but knowledge is a superpower that opens the door to real growth. Procrastination is the antithesis of success. Sometimes the busiest people are the biggest procrastinators out there, whether it's conscious or subliminal. Tackle that pile of difficult or uncomfortable work head on, and the rest will be smooth sailing. Links And Resources The Game Changing Attorney Podcast Michael Mogill Facebook Michael Mogill Twitter Michael Mogill Instagram Michael Mogill LinkedIn Crisp Video Website Crisp Video Facebook Crisp Video Group Twitter Crisp Video Instagram Crisp Video LinkedIn Finkelstein & Partners Website Andrew Finkelstein LinkedIn

Transcript

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0:00.0	I have over 300 lawyers and I don't know how many law firms it is that send me all of their catastrophic cases.
0:10.6	That's Andrew Finkelstein, managing partner of Finkelstein and Partners, renowned consumer activist and accomplished litigator.
0:16.8	The reason why they send the work to me is because I asked.
0:22.9	It just doesn't drop out of the sky.
0:25.2	You got to go out and hustle.
0:31.3	I'm Michael Mogul, founder and CEO of Crisp Video, the nation's number one law firm growth company.
0:36.9	I've built my business through practice, not theory. Crisp started with just $500 to my name and has grown to over eight figures in revenue over the last few years, earning a spot on the Inc 500 list of the fastest growing private companies in America. Our approach has been to take everything we've learned about generating massive growth within our own organization and help the country's most ambitious and committed law firm owners do the same for theirs.
0:58.2	In each episode of this podcast, I sit down with innovative market leaders from the legal industry
1:02.3	and beyond to learn from those who thrive in the face of adversity, challenge the status quo,
1:07.3	and define what it means to be a true game changer.
1:10.7	Today, I sat down with Andrew Finkelstein to talk about how he runs his four, yes, four law firms.
1:16.7	We covered everything he's learned over his decades of experience from how to treat your
1:20.3	employees to how to source new cases and where he sees the future of the legal industry going.
1:25.3	The future of law is a consolidation. That's how I view it.
1:28.6	And I think people ought to prepare for that.
1:31.9	That's coming up on the Game Changing Attorney podcast.
1:40.8	Practicing law has been in Andrew Finkelstein's blood from an early age.
1:47.0	And he's seen it all in the 60 years since his firm's founding. I wanted to hear about the inception of the practice. Where did it all begin?
1:51.0	Well, began with my dad. He started the law firm back in 1959. He graduated from Brooklyn Law School and was working in the city, working hard, and the city practice was
2:03.8	tough. My grandfather lived up in Orange County, which is about an hour north of New York City,
2:09.6	and at that time, there were a lot of farms up here. There was a nice population, but it was not
2:15.8	like very rural. Let's put it that way. And he would come up here
	...

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