Billionaire Lawyer spills his $250M side hustles (pick one) - My First Million Recap

Podcast: My First Million

Published: 2025-12-10

Duration: 1 hr 17 min

Guests: John Morgan

Summary

John Morgan reveals how he leveraged his entrepreneurial instincts beyond his law firm empire, building side businesses in attractions, technology, and branding that generate millions annually.

What Happened

John Morgan, founder of Morgan & Morgan and America's richest lawyer, shared his journey from humble beginnings to building a legal empire while also creating a portfolio of lucrative side hustles. Morgan's law firm operates at an unprecedented scale, generating $2 billion annually, and he attributes much of his success to being an early adopter of advertising in the legal field, despite industry stigma at the time. He emphasized the importance of hiring top legal talent to secure massive trial verdicts, including a recent $500 million victory against Google.

Morgan also discussed his side businesses, which include WonderWorks, an interactive science center housed in upside-down buildings, and Alcatraz East, a crime and punishment museum in Pigeon Forge, Tennessee. WonderWorks generates $33 million in EBITDA annually, and Alcatraz East brings in $5 million in profit each year, showcasing his focus on location-based entertainment and maximizing customer experience.

He shared his philosophy of testing ideas with “bullets before bombs,” explaining how he experiments with smaller-scale investments before scaling them up. This approach helped him turn an initial $13-14 million investment into profitable attractions, despite early failures, such as a misstep in Washington, D.C., with the National Museum of Crime and Punishment.

Morgan revealed his newest project: Santa's Chocolate Factory, a year-round Christmas-themed attraction that combines retail, interactive experiences, and theatrical elements. He described plans for a unique retail concept where customers might even pay to enter the store, inspired by Willy Wonka and Disney-level spectacle.

The episode also explored Morgan’s philosophy on entrepreneurship, branding, and scaling businesses. He advocates for creating memorable brands that resonate with customers, citing his law firm’s slogan “For the People” as an example.

In addition to his attractions, Morgan discussed his ventures into technology, such as Litify, a software platform for lawyers built on Salesforce, which he sold to Besmer for a significant stake while retaining influence in its operations. He also mentioned his former ad agency for lawyers, Practice Made Perfect, which he sold for $18 million after it became logistically challenging.

Morgan’s insights extended to broader economic and social topics. He reflected on his success advocating for medical marijuana legalization and raising Florida's minimum wage to $15/hour through constitutional amendments, demonstrating his belief in using wealth to drive change. He also shared his thoughts on luck and entrepreneurship, emphasizing the importance of spotting opportunities early and relentlessly pursuing them.

The conversation concluded with Morgan’s thoughts on the potential of AI and service industries for young entrepreneurs, citing plumbing, electrical, and HVAC businesses as ripe for disruption through scalability and strong branding.

Key Insights

• Morgan & Morgan generates $2 billion annually, largely by ignoring early stigma around legal advertising. John Morgan bought TV and billboard ads when competitors refused, realizing first-mover advantage matters more than peer approval in taboo industries.
• WonderWorks, an interactive science center housed in upside-down buildings, earns $33 million in annual EBITDA. Its success hinges on turning odd architecture into a marketing hook, proving that a bold physical design can drive foot traffic and profits.
• John Morgan tests business ideas with 'bullets before bombs,' starting with small-scale investments to minimize risk. This approach turned a $13-14 million experiment into profitable attractions like Alcatraz East, despite setbacks like a failed D.C. museum.
• Morgan believes plumbing, electrical, and HVAC businesses are ripe for disruption by applying scalability and strong branding. While tech grabs headlines, he sees blue-collar industries as overlooked opportunities for young entrepreneurs.

Key Questions Answered

What is John Morgan's approach to side hustles as discussed on My First Million?

John Morgan focuses on high-margin, scalable side businesses like WonderWorks and Alcatraz East, emphasizing location, customer experience, and iterative testing through his 'bullets before bombs' strategy.

How did John Morgan revolutionize legal advertising through Morgan & Morgan?

Morgan & Morgan became the largest personal injury law firm in America by adopting aggressive advertising early, building a national brand, and reinvesting profits to scale operations.

What is the concept behind John Morgan's Santa's Chocolate Factory project?

Inspired by Willy Wonka and Disney, Santa's Chocolate Factory combines retail, interactive elements, and theatrical experiences, potentially charging customers to enter a spectacularly designed space.