In the latest episode of The Roadmap, host Ted Jenkin speaks with Scott Monge, founder and CEO of Monge & Associates law firm, about the ins and outs of running a successful business. Monge shares tips on effective marketing, smart hiring, and the future of the business world. His advice isn’t just for lawyers—it’s for anyone looking to improve their business strategy.
Monge earned his Bachelor’s degree in political science from Eastern Illinois University. From there, he graduated with a Juris Doctorate, cum laude, from Southern Illinois University School of Law. For 30 years, his high-powered personal injury law firm, Monge & Associates, has been devoted to helping people through their most challenging times. Monge & Associates is based in Atlanta, Georgia, with additional locations in Alabama, Tennessee, and South Carolina.
Key takeaways:
1.Monge emphasizes the trial-and-error nature of marketing. A major part of his strategy involves continuously measuring ROI (return on investment) versus branding. He draws on historical innovators like Thomas Edison to demonstrate that failure is an integral part of understanding what marketing strategies work.
2. Monge & Associates employ a weekly “vision meeting” where key leaders discuss and assess strategies. They monitor metrics such as acquisition cost and the cost per client, ensuring efficient use of resources and avoiding wasted expenditures.
3. Monge explains how his business operates on a contingency fee model, where fees are charged only if the case is won. This model not only helps clients who might not afford legal representation but also challenges the firm to carefully select and invest in cases they believe in.
4. In a tight labor market and a changing work landscape due to COVID-19, retaining and finding talent remains a challenge. Monge looks for two core values: positivity and productivity. He also references Angela Duckworth’s concept of “grit” as a defining quality of success.
5. Jenkin and Monge touch upon the changing dynamics in the legal field, where traditionally only lawyers could own law firms. Now, non-lawyers can own firms in certain jurisdictions. This potentially opens doors to a wider talent pool and brings diverse business strategies to the industry.
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