Are You Serious?
The purpose of a business is to create value for its shareholders. Public company or private company, if your business is “for profit” it exists to create value for the owners.
If you are a lawyer, you are a professional. This means you have an ethical code of conduct you must follow and you took an oath to do so.
But if you own your law firm, you must also live up to your obligation as a business owner – to create value for you and any other shareholders.
These two things, ethics and profitability, are never mutually exclusive. You can be profitable and ethical. In fact, the best lawyers and the best businesspeople are both profitable and ethical.
When I find someone who runs a profitable business in an ethical way, I consider them a serious businessperson.
Too often, the attorneys I meet fall short in one of these areas.
No. It’s not ethics.
The vast majority of attorneys I have encountered during my time as a consultant to the profession have been ethical. In fact, most of the attorneys I know go out of their way to adhere to all ethical guidelines.
The area where most attorneys fall short is in value creation for the owners of their law firm. Essentially they shortchange themselves.
For most attorneys, the business aspects of their law firm are foreign to them. They invested their time, money and attention in learning the law and the application of the law but they did not invest any time money or attention in the business of law.
Does this describe you?
Think about your business. Think about the value you are creating for your shareholders. Think about the money you are making.
If you have followed the rules governing your profession but yet you are not delivering value to your shareholders – you are not making the money you deserve – you are falling short in your ethical obligations to yourself.
I know they didn’t tell you this in law school but that’s why I’m here.
Your ethical obligations extend to yourself and your family.
Ethically deliver value and ethically increase the value of your law firm.
Need some ideas?
I am conducting a one day workshop in New York in July that will serve as an introduction to these tools.
I am offering you a special “early bird” investment which will be honored until the end of next week.
You can find more details here:
I like working with serious businesspeople. Are you one of them?
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