Do You Have What it Takes to Succeed in a Solo Law Firm?
In our attorney coaching practice we generally see three types of lawyers who go out on their own and start up a solo practice.
We are often retained by attorneys who work in large firms and have their sights set on going out on their own. These are some of my favorite clients because they are full of energy and enthusiasm. There is a sense of electricity in the air as they prepare to take a big step toward financial independence. They can’t wait to control their own destiny. It is almost as if they have been kept locked away in a dark room somewhere and they know they are about to see a beautiful spring morning for the first time.
The second type of new solo attorney is the one who was reluctantly thrust into a solo opportunity because he/she was laid off or fired from their last firm. Or maybe they quit because they couldn’t handle the politics of it. Or maybe they worked in a government role and they can’t take the high stress and low pay. These folks are more tentative about venturing out into the great unknown but they are motivated because they are anxious about the future.
Both types of solo start ups can be successful. The enthusiastic attorney will succeed because he/she is fired up and willing to do almost anything to make it work. The reluctant attorney will succeed because he/she has to feed his family and desperation is a great motivator.
The big questions come from folks who are “in the middle”. These are attorneys who are most likely doing well in a larger practice but feel that they could be doing better (financially) on their own. Often we find that they are billing upwards of $600,000 per year yet making only about one third of that. At some point their sense of fairness and greed (Gordon Gekko, the character played by Michael Douglas in Wall Street was right greed is good) motivates them to consider going out on their own.
All of these attorneys come to us with questions about the future. Since we can’t predict what will happen, we ask them a number of questions to see how they feel about themselves and about going out on their own. Self awareness is a huge component of business success.
So how do you know if you have what it takes to be successful in your own solo law practice?
There are ten personality traits that successful solo attorneys (and business owners) possess – at least to some degree. Here is the list. See how many of these questions you can answer “Yes” to:
Willingness to Sacrifice — Are you willing to accept the fact that you will be the last one to be paid? Are you willing to sacrifice your free time to your firm? Are you willing to give up vacations, holidays, time with the kids, ball games and birthday parties?
Service Orientation — Do you have what it takes to deal with suppliers, clients, employees, other lawyers, accountants, government officials, and everybody who calls on the phone and walks in the door? Are you willing to ask your clients for feedback and then adjust your practice based upon what they say? Are you willing to spend time with the last client of the day even if it means working after hours? Can you come to win-win agreements with everyone mentioned above?
Leadership Ability — Are you willing to be the “go to” person for your firm? Can you be the person who will lead a team to the promised land? Can you come up with the answers when others ask tough questions?
Business Intelligence and Creativity — Do you have street smarts and common sense? Can you make lemonade out of lemons? Can you anticipate problems before they arise and take preemptive steps to avoid them? Can you “rearrange” solutions you have discovered in other businesses to meet the demands of your clients?
Management Ability and Organization — Do you have what it takes to manage relationships with your clients, with your employees, with your suppliers, with your accountant and with other lawyers, with your banker, and with your family? Can you manage all of them at once….when you tired and hungry and when you are worried about something else? Can you keep track of everything that’s going on in your practice? Can you set priorities and get things done? Can you develop systems to automate the repetitive tasks in your practice?
Optimism — Can you see the silver lining in each dark cloud? Can you keep your family and employees “pumped up” about your firm and your ideas? Will you start each day looking for the possibility that it could be the best day you’ve ever had?
Persistence – Can you keep coming back for more even after you have had several setbacks? Do you believe that each time you attempt something you learn and grow? Is it in your nature to come back over and over again until you get what you want?
Competitive Nature – Do you have to win? Are you the kind of person who needs to be the best at everything? Does competition bring out the best in your creative ability?
Sales Orientation – Can you sell yourself to others? You are your law firm. Can you convince others to work with you, buy from you and help spread the word about your practice? Nothing happens in business until somebody sells something. As an entrepreneur and a solo law practitioner that somebody is you. Are you comfortable with that?
Confidence – Do you believe that risk is placing your future in the hands of someone else? Can you take on a difficult challenge head-on with the feeling that you will be successful? When the going gets tough do you instinctively feel that you will become stronger from the experience?
If one or more of these traits is not second nature to you, don’t worry. During the next few weeks we will be discussing each of them in detail. We’ll talk about ways to leverage your current skills, knowledge and experience to make up for a lack of strength in one or more of these areas.
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