Happy New Year 2021- Another Orbit around the Sun!
Happy New Year!
Earth orbiting the sun at ~65K MPH. Image courtesy of NASA
A year ago we launched insight blogs to share the key lessons learned and unique insights gained in helping solo attorneys and small firms. Every attorney who starts their own law firm wants to build a successful profitable law practice, however there are significant gaps in how the business of the law practiced.
On average 40% of attorneys time is spent on non-value added administrative activities, and more than 60% of Solo law firms close without recognizing the potential value in their law practice (single generation). As attorneys we are trained in legal theory, and hopefully a little bit in the practice of law. However, most attorneys do not receive training, and more importantly, the practice of mentoring on the entrepreneurship and the operational skills necessary in starting and running a financially sustainable business, which is what every law practice is. That leaves solo and small practice lawyers to face the challenge of becoming a successful entrepreneur, more or less on their own.
The 2020 pandemic has forced the world to pause, to reassess, to adapt, and to innovate toward a new path. 2020 reminded us of Heraclitus quote “Change is the only constant in life.”
2020 Insights for solo and boutique law firms
Our first insight objective was on estate planning for your law practice. To inspire you to imagine, create, enhance, recognize and preserve the intrinsic value in your law business, throughout the journey of practicing law, and as a entrepreneur, student, mentor and leader.
Insight #1: Estate Planning for Your Law Practice - What's your end Game?
“Imagination is everything. It is the preview of life's coming attractions.” - Albert Einstein
Insight #2: Measuring the Health of a Law Firm
“Most people use statistics like a drunk man uses a lamppost; more for support than illumination” -Mark Twain
Insight #5 The Golden Age to Start - Reboot Your Law Practice
“It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of Light, it was the season of Darkness, it was the spring of hope, it was the winter of despair, we had everything before us, we had nothing before us.” -Charles Dickens 1812 – 1870
Stabilize - Reset Your Law Practice
We are all faced with unprecedented events in our world these days. Unforeseen events are mandating changes in the way we interact with others and how we conduct business.
What Matters Most for You Today
Imagine you’re on a airplane and the flight attendant instructs you to put your oxygen mask on first, before helping others. Because if you run out of oxygen, you can't help anyone else with their oxygen mask. To sustain life on the pressurized airplane we must follow the Life Support Instructions. Dean Ornish, M.D insights on the other half of the equation: how to enhance your immune system.
2020 has forced the world to pause, to reimagine, to adapt, and to innovate toward a new normal.
~Enjoy the journey.