When Stephen Hegedus earned his law degree in 2014, job opportunities were scarce. He began volunteering and soon decided to create his own career path by launching a solo practice. His journey took a pivotal turn when he collaborated on a case with Mount Holly, NC’s well-known attorney Jim Stancil, who offered him office space within his firm in late 2014.
Having built an esteemed reputation and clientele, Jim Stancil was concerned about his practice’s future. Recognizing that many solo and small law firms lack a succession plan, Jim proposed a unique idea to Stephen in 2017: Stephen would start managing Jim’s new clients and learn the ropes of running the established firm, ensuring its continuity even after Jim’s retirement.
Stephen embraced the proposal without hesitation, seeing it as a chance to increase people’s access to legal services in Mount Holly and disrupt the entrenched “old boys’ club.” To realize this vision, he invited attorney Hailey Hawkins to join him. Despite being nine months pregnant, Hailey shared Stephen’s enthusiasm and left her previous firm to take on this new challenge.
Thus, on January 1, 2018, Hegedus, Hawkins & Stancil, PLLC was established. Starting modestly with Stephen, Hailey, and a part-time paralegal, the firm quickly faced the unpredictable challenges of rapid growth.
Lessons for Aspiring Law Firms
Hailey advises new solo or small law firms to invest time, energy, and resources into their practice, as this commitment invariably yields returns. Stephen emphasizes setting adaptable goals over rigid expectations to navigate the challenges of running (and building) a firm.
From Bare Minimum to Strategic Excellence
Initially, their marketing was limited to their website. Budget constraints led them to focus on networking within the legal community, which became their primary referral source. Their meticulous attention to client satisfaction helped them build a solid reputation, which fueled their growth throughout 2019.
In 2020, they partnered with Spotlight Branding, which transformed their marketing approach. The firm significantly improved with a revamped website, regular newsletters, and engaging social media and video content. They had worked to establish a network, and these marketing tools allowed them to maintain and keep these contacts. Stephen acknowledges that their marketing efforts could have been more present before Spotlight Branding. Now, their marketing generates leads and builds crucial name recognition in their community.
Strategic Growth and Unexpected Opportunities
With their enhanced marketing strategy, the firm saw increased visibility and expanded its services. By the end of 2020, they had grown to a team of three attorneys and five paralegals, operating from two locations (albeit remotely due to the pandemic). This growth attracted the attention of a prominent county law firm, leading to an unexpected merger offer.
One of the components that most firms miss is that there are ways to increase revenue outside of gaining more clients. For example, you can increase your rates with a stronger brand. In this instance, Stephen and Hailey experienced a massive increase through merging with an established firm.
Insights on Mergers
Hailey and Stephen highlight the challenges of merging firms, noting that it’s a lengthy and complex process. Hailey stresses the importance of patience and being prepared for tough conversations. Stephen adds that maintaining core values and moving sustainably is crucial.
The merger brought together Hegedus, Hawkins & Stancil, PLLC, with the historic firm Stott, Hollowell, Palmer & Windham LLP, creating Stott, Hollowell, Windham & Stancil, PLLC. Despite criticism for not including their names in the firm’s title, Stephen and Hailey honored the legacy and respect the firm represents.
Managing a larger team across three offices has been challenging, but the merger is a significant step toward achieving the firm’s original goals. The firm’s success in navigating these changes demonstrates its resilience and commitment to its vision.
Future Aspirations
Stephen and Hailey are optimistic about the future and confident in their strengthened position and enhanced capabilities. Their journey underscores the importance of perseverance, strategic planning, and adapting and growing through challenges. Stott, Hollowell, Windham & Stancil, PLLC now stands as a testament to their hard work and dedication. They provide enhanced legal services and set a new standard for excellence in their community.
Spotlight Branding
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