Bob Weltman has given Weltman, Weinberg & Reis 50 years of success

Bob Weltman, senior partner, Weltman, Weinberg & Reis Co.

As a 26-year-old with long hair and sideburns that merged into a mustache, Bob Weltman asked his father if he could be put in charge of the collection department of his law firm. His father trusted his son’s work ethic and belief that he could run the department much better than it had been, so he said, “Yes.”

From that day on, Weltman has been leading people by example at Weltman, Weinberg & Reis Co., a law firm with more than 1,200 employees and annual revenue of more than $100 million. He has always prided himself on working harder and longer than anyone else to stay on top.

“My leadership style is one by example,” Weltman says. “I never ask my employees to do anything that I could not do. I always got to work before my employees. I always worked as hard as my employees and I always worked longer than my employees. I was totally dedicated to my job.”

Ever since Weltman held a job bagging groceries as a youngster, he has maintained his work-hard-to-be-successful attitude throughout college and into his professional career.

“My background in working hard was something that I adopted a long time ago,” Weltman says. “If you’re going to accept the responsibility, do it with all your energy and give it all the time that’s necessary to succeed.”

Today, Weltman has lost the long hair and his sideburns, but the mustache and work ethic remain strong. Here is what Weltman has learned in his 50 years of business.

What have been some of your biggest challenges over your career?

The challenge of running a business — profitability. That is always a challenge. Even though we’re in the service business and we’re lawyers, making a profit at the end of the day is a challenge. When you attend any meeting in this law firm and you didn’t know what we were, you would think we manufactured widgets. The meetings we have are all business-driven with business ideas.

I don’t know how you can exist in today’s world in business without taking business courses. If you’re thinking of being a doctor or a lawyer, a businessman, an accountant or anything in the business world, you’ve got to take business classes.

No. 2 is the management of people. Everybody who works here has their own set of problems. You’re trying to merge together a whole bunch of different people with a whole bunch of different problems into one and to motivate them to give their job the best.

If you get too involved in an employee’s personal problems, it can drag you down and distract from what your primary focus is. So being able to merge together people from all different types of backgrounds into one is very, very important.

You have to try to create a team effort. A team is only as good as the weakest link. You’ve got to set the bar high. Saying it can’t be done is not acceptable. I’d rather you try something and fail than say it can’t be done. Don’t be afraid to fail. When you decide to make a decision, measure the chance of success versus the chance of failure.

Don’t do something that can be fatal to the organization. If there is a higher degree of success than there is failure, measure what happens if there is failure because if the failure is detrimental to the organization, then you don’t want to make the decision. You have to learn from those failures.

You take the failures that you have had and try to build them into something that is positive. You want to teach your employees to also take some degree of risk to what they’re doing.

Throughout 50 years, what are the biggest changes you’ve seen in business?

I was a very, very rough employer. I demanded perfection. Even though I knew perfection could not be obtained, I demanded it. I was very rough on the people who worked with me. Some stuck around, and others went other ways.

I remember that I ran into a friend of mine who worked for me at one time and had left. We were reminiscing about the old days, and he told me a story about something I did to him that interfered with his personal life. I knew he was going out one night, and I gave him a stack of files to work and have ready to review the next day.

I don’t remember if I did it intentionally, but he said he had to skip his social event to work on them. I went back to the office and told my son the story. My son said, ‘You know what I would have done? I would have quit.’

There has been a shift from the job meaning everything to you to balance in life. We went from people who worked because they had to work to put food on the table to a period of time where people started making more money and a balance of life became almost as important to being dedicated to the job.

Another change in the industry has been what the clients focus on. Originally, clients came to you because you could give them the best results. Giving good service to the client along with good results used to be the motivating factor.

After 9/11, the client’s focus became security. Now we have security badges, security entrances. In some of our offices, we have security cameras. The clients became very security conscious.

More recently, since the 2008 recession, compliance is bigger. Now they want to know the procedures you’re following to keep us out of trouble. Now the focus isn’t so much on performance; it is how well you’re treating the customer. The emphasis has gone from performance to security to compliance, and those organizations that will be in compliance will get a higher rating than those organizations that have better performance quantitatively.

How important has relationship building been to you?

I feel that when a client comes to me with a problem, they’re coming to me for help. I feel honored to represent a client and help them, and I want to give them something back in return.

I treat clients like friends. I try to establish a personal relationship with them and make a connection with them and a bond so that they can come to me for help, and I’ll drop whatever I’m doing to help them. Once they come to me for help, I want to work my hardest to make sure I achieve a result.

You have to make the connection and gain the confidence of that person. You’ve got to get the client or the person to believe that what you’re doing is in their best interest. You’ve got to put their welfare ahead of any other selfish or personal motivation that you may have. You have to give the client the impression that you’re working for them to achieve the best result and that making money is secondary.

I’ve said many times to a client when they come to me with a challenging collection problem and they say, ‘How much are you going to charge me?’ I say to them, ‘I don’t want what I’m going to charge you to stand in the way of me getting you the best result. Pay me what you think I’m worth when it’s done.’

You have to let them know that money and the profit motive is not the main motivation of why you’re doing it.

When clients come and present me with their problem, I tell them, ‘You’ve now given me this problem. You have to walk out of this room and dismiss it from your mind, because if two of us worry about the problem, there’s too much energy being wasted at solving the problem. Once you come to me with a problem, I want you to divorce yourself from that problem and allow me to handle it and try to get you a solution.’

Where did your hard work ethic come from?

There was a book called ‘Bounce,’ and it was the question as to whether greatness is genetic or something you have to work hard to achieve. The theme of that book was that hard work is what makes you good at what you do. I worked very, very hard at what I do, and I still work very hard.

My day starts at night when I take home boxes of files, which I work on until 10 at night. I get to work at 6:30 in the morning, so my day is 6:30 a.m. to 10 p.m. In order to be good at what you do, you have to put a lot of hours in. It’s not something that just comes your way. It’s something that you got to devote a lot of hard work and a lot of time to.

With all your great athletes, people say they were born with greatness, but from LeBron James to Jimmy Brown, they worked very hard at what they did. Mark Spitz didn’t just jump in a pool and win gold medals. He worked endless hours to achieve greatness. You have to stay focused.

I’m always focused on the job. I have blinders as to anything else that’s going on around me. It’s like a sporting event — when you’re on the basketball court, you have to be able to separate yourself from the rest of the world. Or it’s like a relief pitcher in baseball — when you give up a hit or give up a home run, you’ve got to go out on the mound and separate yourself from what happened in the past because you can’t let it be the driver for what happens in the future.

What have you done to keep up with the industry as it has grown? 

Reading, listening and attending lectures is very important. When I attend seminars, I don’t necessarily go there to learn what the message of the seminar is; I go there to learn what the problems are in the industry. I try to figure out solutions for those problems. As a result, that created different departments in our firm and different ways of handling things.

If you don’t do these things, you’re missing out. When I read a newspaper, I look at what’s in that article that can help further the organization. Is that a marketing opportunity? Is that an opportunity for business? I try to always transfer what I see and hear and read into how I can incorporate that at our firm to make the firm a better organization.

I’m big on sports, so I’ll look to sports to see how management decisions are made. I look at how players are treated and the education of players and how they learn what the game is all about. It’s all about the ‘Bounce’ theory — are you given the job at the time that’s necessary to be the best at what you can do?

What have been some keys to keeping the firm a leader in its industry?

I’ve been a visionary in running the firm. We were one of the first law firms in our field to have more than one office. We were the first law firm to have a probate collection department.

I like to be the first at what we’re doing, and the reason why is if you’re the first, there is no measure of competition. If everybody is talking about it, then it’s too late. That’s why, when you go to conferences, you listen to what the underlying message is and not what is being said.

I’m also the kind of person that when I come up with an idea, I want to implement it immediately and get started on it. All of us are very busy and none of us are sitting here waiting for the client to call us or walk in the door, but when you’re presented with something new, you have to be able to start working on that problem immediately without losing any concentration on what your daily task is. A lot of people are very slow at appropriating something new. When you think of something to do, you have to start it.

How to reach: Weltman, Weinberg & Reis Co. LPA, (216) 685-1000 or www.weltman.com

Takeaways

– Give 100 percent to your current job.

– Build relationships with your clients.

– Be a leader and focus on solving problems.

The Weltman File

Bob Weltman

Senior partner

Weltman, Weinberg and Reis Co. LPA

Born: Cleveland, Ohio

Education: Received a BBA and a master’s in finance from the The Ohio State University and a JD from the Case Western Reserve University School of Law

What was your very first job and what did you take away from that experience?

I got a job working in a grocery store. I used to bag groceries and take them to people’s cars and then run back to beat the others in line. The average tip was a quarter. That was one of the first experiences where I realized how easy it was to be successful; you just had to work hard.

Who is someone you look up to?

My favorite baseball player is Lou Gehrig. He never missed a day of work.

What are a few of your favorite sports memories?

I went to Cal Ripken night when he set the record for most consecutive games. I was there for the Indians game when Kenny Lofton scored from second base on a passed ball. I attended the Ohio State championship game against Miami where it went into overtime at the Fiesta Bowl. I attended the World Series in 1995 and 1997 for the Indians.

What has been one of your proudest moments over your 50-year career?

It was going to my father and asking him if I could run the collection department and him having enough confidence in me to do it.

If you could invite three people to dinner, who would invite?

George Steinbrenner, Bill Gates and Thomas Edison. Innovative, creative people.