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.
There is a reason most law practices fail, even those that appear to be successful for the lawyers that own them. It’s not bankruptcy. It’s not the sudden loss of a partner or leader. It’s not fraud or malfeasance. It doesn’t even look like a regular business failure. Failure, defined simply, is not accomplishing an aim or purpose. What was the dream law career that inspired you to study for the LSAT, apply to law schools, work your butt off through the three years of classes and exams, and then take and pass the Bar?
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
I went to law school and became a lawyer for a few reasons, one of which was so that I wouldn’t have to be an entrepreneur. My dad made the life of a small business owner seem mighty unappealing. He frequently told me that if he would have been raised right he would have been a lawyer. So, I went to law school, at least in part, to fulfill his dream. I graduated top of my class at Georgetown law at a time when the big law firms were paying fat bonuses to recruit the top students. Munger, Tolles & … Continue reading
I tend to be a perfectionist by nature. It is my natural instinct to keep working on a project until it is as good as it possibly can be. Maybe you can even relate to this yourself? Over the years as a business owner, I’ve learned that perfectionism is actually the #1 killer of fast business growth. In today’s tough business landscape, you have to be able to change and implement fast. And if you get stuck trying to make every single project perfect, you will generally only achieve a small fraction of what you could have accomplished during that … Continue reading
A few years ago, Jill Gregory was a door lawyer. What that meant is that she took any kind of case that came in the door. She thought she had to, in order to pay the bills. That also meant she had to work all the time because she really couldn’t build any systems. When every client that comes in wants something different, there’s not much to build a system around. And worst of all, Jill didn’t necessarily feel she was always doing her best lawyering that way. Because she was always needing to learn something new to serve each … Continue reading
You don’t have to love being a lawyer. There’s no requirement that you do. In fact, there’s no requirement that you continue practicing law. Think about that… You’re smart. You can accomplish whatever you put your mind to. After all, you made it through law school, passed the bar and started practicing. That’s worth celebrating. (I’m not joking.) Take a deep breath and congratulate yourself. You’re in an elite strata of society. You’re a do-er. You can do anything if you care enough. This is your new Point A. Wherever you find yourself right now. Just put yourself on the … Continue reading
We’ve seen some comments on various media streams lately that imply (or directly state) that… Being a lawyer requires a resignation to working too hard for too little money. Being “happy” isn’t part of the deal. Like, ever. Of course, if you know anything about us, we not only don’t believe that, we actively work against it. We believe you should not only love being a lawyer, but that you can. Of course that means different things to different people, so let’s just combine all those elements under that one loaded word: happy. In this article, you’ll see statistical evidence … Continue reading
What’s the best area of law to practice? That’s a tough question. However, I’ve been surveying lawyers for the past few months and asking deep questions like What’s Your Biggest Struggle? and What Would It Mean To Have A Law Business You Loved That Loves You Back? Over 300 lawyers have responded so far, and I definitely have compiled enough information to outline some standards that it must meet, in order to solve the big challenges and provide the foundation for a truly satisfying career life. Here are the few I’ve narrowed it down to so far: # 1 – … Continue reading
I’ve had the good fortune of getting to interview some of the most successful members of our training and coaching programs over the past couple of weeks and I’m beginning to sense a common denominator that I want to share with you. This common denominator is not common among lawyers, frankly. In fact, most lawyers I know and have worked with do NOT exhibit this trait. You might think what creates success is being really good at your practice, being really smart, or even having a lot money. Nope. That’s not what I see as the common denominator among the … Continue reading