It isn’t your fault. You bought the fairy-tale story that the law schools were selling.
You went to law school, probably with the intentions of joining a large firm, just like countless law students before you. You would make a great living and work on cases that garnered national attention.
However, when you graduated, you realized that reality was nothing like the fairy-tale you’d imagined.
If you went to a large firm, you probably were compensated better than your classmates. Yet if you compared what you were paid to the amount of hours you put in, you were making peanuts.
If you didn’t go to a large firm, your earnings likely suffered although you may have had a few more hours of the day to yourself. For those of you who are solo practitioners or partners in a small firm, the business of running a law practice is foreign and frustrating.
Law school didn’t teach you how to manage employees. Law school didn’t teach you how to market yourself in the sea of lawyers. Law school didn’t teach you how to run a business. The ONLY thing law school taught you how to analyze case law and statutes and nothing else.
Law school failed you. I know this because I bought into the fairy-tale as well.
About five years after graduating from a top twenty law school, I had worked for a couple mid-size law firms and was plodding along, practicing family law, trying to figure out how to make my own law firm work. I finally realized that I needed to do three things in order to turn my practice — and my life — around.
- I needed a mentor;
- I needed to spend money on marketing (even if I didn’t have it at the time) and
- I needed to start practicing law that I could love.
Around this time, I was turned on to the New Law Business Model (NLBM) and decided to use that as a starting place for my mentoring.
NLBM is a group of attorneys and support staff who helped me both with learning estate planning law as well as implementation of estate planning into my practice. The advice I received was invaluable in making the transition from family law to estate planning.
As part of signing up with NLBM, I also began marketing myself and my practice using a number of the ideas I received from NLBM.
Finally, I realized I could love my law practice and my life. My clients are low stress and excited about how I’m helping them.
I now have a thriving practice that I love.
Update: Geoff Hoatson, the author of this article, now has a million dollar law practice. And while we don’t believe that’s right for everyone, if it is right for you, you can create it. The best part is that with a new law business model, you get to choose the right size law practice for your life.
Learn how the New Law Business Model can help you start creating a life and practice you love: