Should You Start A Law Firm?
Written by Sam Abeysekera on Sept. 2nd 2020
Is opening a Law Practice a Viable Career for Me?
Your considerable dedication of time and money to practice law frankly makes anything possible.
If you're thinking about starting a law firm, here’s the good news: You're more than capable, and the earning potential is certainly there.
According to the Martindale-Avvo 2020, Attorney Compensation Report, solo and small firm lawyers take home an average of $192,000 in annual income, and an additional $46,000 when servicing businesses.
It means there is the potential to do much better, though some may do much worse.
However, lawyers are not trained to run businesses. Joining someone else's law firm or in-house practice often defines success.
Change is often daunting, especially with other responsibilities like mortgages, raising children, helping elders, and the balance of the golden handcuffs with what we really want to do with our lives.
Going upstream
For some who yearn for freedom from billable hours or layoffs, the ability to chart your path may feel like a lost wifi signal. It’s better to stick with T-Mobile, which is fine.
But for those with entrepreneurial flair, or those who are different, such as women in male-dominated areas, LGBTQ people, recent immigrants, or people too senior for career growth, the opportunity to take control in your own firm may be compelling.
So, if that is you, let’s dive in.
How do you get started?
Every type of lawyering has its nuances. But, like with any complicated endeavor, there are essential parts that form the building blocks to success.
For the most part, you will need the critical components summarized below. If each part is finely tuned, you will have a business that hums like a machine.
1. Service delivery strategy
● Select a clearly defined niche and client type to create either a subject matter expert (SME) law firm or a geographically tailored law firm.
● Identify your unique selling proposition.
● Define your business logistics and pricing model.
● Champion a client-centered business — never put your business model ahead of your clients’ interest. Upsell when possible e.g., business and chief legal counsel services.
2. Strategies for Client Attraction
● Master lead generation yourself. Learn how to farm relationships over short periods.
● Many lawyers pay for dead leads and endless networking. Seize the reigns. Say no to “hope” marketing.
● Instead, learn digital lead generation yourself. This strategy is simple. Just learn it and do the work.
● Leverage word-of-mouth through reviews and referrals.
3. Client Conversion Strategy
● Learn to sell, and you will never go hungry. If you cannot convert calls to clients, no amount of marketing can help.
● Be a real closer — address your client’s needs with empathy, and use playbooks.
● Remember that when people receive a hustle, all they hear is noise.
4. Manage Your Mindset, Focus, and Health
● Achieving goals comes down to mindset. You must grow into the person that can manifest your dreams.
● Be relentless in your focus.
● Cultivate your health to achieve what you want to do.
5. Strategy for Scale.
● Reach your goals quicker by scaling your business for growth with systems.
● Embrace accounting, taxes, and specific metrics to measure your success and improve your business.
The Next Step
The truth is that you can learn every step of creating a profitable law business. All it requires is a decision and then a commitment to learning how to make it happen.
Commitment without being open to learning will make the road hard, if not impossible. But if you're thinking about making the journey and prepared to learn what you need to know, you will make progress quickly...and find a path that becomes more than a career, but life-fulfilling!
Sam Abeysekera
Sam is dedicated to empowering female partners and founders in the legal industry to break through barriers and redefine success. As the lawyer's advocate, she equips her clients with strategies to become seasoned rainmakers and thrive within the dynamics of law firm culture, all while maintaining balance and authenticity.
