Debra L. Bruce, JD, PCC.
Mastermind groups are a small group of colleagues who meet regularly and can provide support, accountability, solution brainstorming and a sense of community in your law practice. Mastermind partners usually share experience and resources. They can also offer crucial reality checks that keep you from launching bad ideas.
You can create your own support and referral group that can be particularly helpful for your law business. It is called the “Circle of 8,” so named because it shouldn’t have more than eight members. It is a hybrid of a mastermind group and a business networking group. It consists of a limited number of select entrepreneurs in related, but non-competitive businesses. Besides the masterminding aspect, the Circle of 8 differs from traditional networking or leads generation groups because (i) the number is limited, (ii) all the participants serve a similar target audience, and (iii) the members are handpicked.
Circle of 8 Benefits
A Circle of 8 delivers value in many ways. As a result of the shared target audience, the members jointly have a 360 degree view of their market, with which they can educate and support each other. Your circle members may come into contact with someone needing your services before you do, so they can be good referral sources. You’ll be able to provide better service to your clients by confidently introducing them to reliable resources for their non-legal needs. Circle members may hear opinions expressed by your potential clients about what they really appreciate in legal services, or dislike about other lawyers, giving you an edge on your competition. They may be able to give you valuable feedback about your own services that your clients don’t tell you. Participants may collaborate to put on seminars or other marketing events, thereby introducing you to their customer databases and expanding your reach, while at the same time reducing your event costs. Read more «“Circle of 8”»