Even if you don’t realize it, you already have a business model for your law practice. You inherited the “traditional law practice model” when you graduated law school and joined the ranks of hundreds of thousands of lawyers who are doing things the way they’ve always been done. But, since you’re here reading this article, I’m willing to bet that you’ve since become aware that you cannot build a sustainable and fulfilling law practice using the traditional law practice model.
You wouldn’t be reading this if you didn’t want to make a change in your life and law practice. Yet, I’m guessing that you haven’t yet taken many actions to make that change. Am I right? Or, maybe you have made some changes, but you want to make more…Of course you do! The traditional law practice model we were all taught is simply not conducive to having a life you love. And, it doesn’t even allow you to serve your clients in the highest and best way possible. You know it. They know it. But few people know what to do about … Continue reading
Welcome back to day 2 of our Leap Into a Law Practice You Truly Love series. If you missed the first part of the series, you can read it here. I never wanted to be an entrepreneur. I thought that working for a big law firm, earning a 6-figure paycheck was the jackpot I had worked so hard to win. What I didn’t realize is how little control I would have over my schedule, the work I was doing, the clients I did work for and how out of place I would feel working at a big law firm. I … Continue reading
Last week I explained how, for the entrepreneur, the “plateau” is natural and unavoidable. You might say this is especially true for the legal entrepreneur, since if you are starting a solo practice you are likely going to be a one-man or one-woman show for a while. However, whatever the size or structure of your firm/business, the characteristics I described are universal… The common thread being you will get (extremely) close to burnout and quitting! I also offered you the first 5 steps to get yourself OUT of the plateau… which mainly revolve around knowing your “numbers” inside out. I … Continue reading
Like death and taxes, there is one thing about being a legal entrepreneur that is predictable… Your business will plateau. It will become overwhelming, lose its joy, and make you less money. Basic economics. When you grow, you have to spend more money to add “capacity” to serve the business you’re earning. That capacity reduces profit, and possibly your salary. You wonder, “Is it worth it?!” You find you’re working nonstop. You’re exhausted. Your team is in outright rebellion (or if your team is you, you’re hating your boss!). If tempers are flaring, moods falling, it doesn’t matter what your … Continue reading
Waaaay back, I wrote a post on making the transition from being a cog in the wheel of commerce to being the engine of your own law practice. Since then, I’ve encountered more and more data on how terrifying, how thrilling it is to be an entrepreneur. One of my side jobs is coaching other attorneys in making this transition from cog (employee) to entrepreneur. Like me, they hit barriers to their success almost daily—both within and without. Some give up. Some don’t. Here’s what they’ve taught me about getting through those barriers: 1. When in doubt, reach out. Lawyers … Continue reading
The world is changing, shifting like quicksand under our feet. Lifelong employment is gone, job security too. There will be a day, very soon possibly, when we all are independent contractors… When we all are entrepreneurs. Colleagues often ask me what it takes to start your own business and have the courage to be an entrepreneur. Naturally, I hang out with a lot of entrepreneurs and I’ve noticed they either have certain traits or, lacking them, cultivate them consciously. Here a few of those traits… Entrepreneurs: 1. Have an intimate relationship with risk. Some people believe that being an entrepreneur … Continue reading