Insight #5 The Golden Age to Start - Reboot Your Law Practice

November 25, 2020 Privy Counsel

INSIGHT #5 OBJECTIVE

To bring awareness and share insight on how 2020 has accelerated trends, creating a generational opportunity for new startups and legacy solo and small law firm to start and reboot-If they seize the day!

INSIGHT

It’s never been easier and more affordable to start or reboot to adapt and operate a financially sustainable solo and small law practice. Incentives are aligned for a Win-Win for digital new solo attorneys helping to transform legacy analog firms and adapt and rebirth.

Think about all of the reasons that you decided to get into law. Was it for the love of structure the law provides? Was it for the desire to live in a country that is governed by a uniform rule of law? Now imagine the satisfaction of building your own practice from the ground up. Has this thought ever crossed your mind? If so, then we have some good news for you. There has never been a more perfect time to start your own law practice with minimal risk. Here are a few reasons why.

Security

As we’ve seen with the emergence of COVID-19 we are still living in a completely unpredictable world. This surprise pandemic pushed roughly 21 million people out of work and sent the unemployment rate to approximately 15%. COVID-19 has impacted so many, whether or not you were personally impacted, COVID-19 has unkindly reminded all of us that we live in a unpredictable world. There are number of circumstances in this unpredictable world that can lead you to losing your job. One way to provide security for yourself and put power back in your hands is to open your own practice. This way, you’ll be the master of your own fate. You’ll never worry about getting laid off because all of the power will be in your hands. If things aren’t going well, you have the ability to change your work ethic or strategy and improve them.

Flexibility over your life

In today’s world, people want flexibility. There is really no reason that you should be required to show up to an office building each day and work for a full 8 hours. By opening up your own practice you can significantly improve the flexibility of your schedule (and life). If you can work effectively and get your work done in 5 hours instead of 8 then you’re free to pat yourself on the back and head home.

Modern digital tools make it much easier

Modern tools have made launching a new venture significantly easier. You can get instant alerts to your smartphone or work remotely anywhere there is a wifi signal. This means if you’re contemplating launching your own practice, you’ll have a much easier time than people have in the past.

For example starting your own law practice would have required tens of thousands of dollars of capital and hundreds of hours of your time. Today in a few hours you can service clients or work as contract attorney by leveraging the digital subscription pay as you go model for enterprise class technology for less than $100.

Contract attorney and partnerships

It has never been easier to create a Win-Win opportunity by partnering with a legacy solo firm. Partnering with an established law firm vastly improves the probability of success for you and the firm by uniting new and innovating thinking and processing into an established business infrastructure. The Win-Win occurs when a new, more robust business models emerge where both innovative and traditional processes merge to form a thriving sustainable law practice. The process of mentoring the next generation becomes a natural byproduct of the merger and ushers in a fruitful and satisfying career journey toward the next chapter…

It’s lucrative

There won’t be any more sitting and waiting for a raise. This is what inspires many lawyers to set off on their own. In addition to the profits, you’ll get the satisfaction of building something from scratch that you can call your own. There is no more rewarding feeling than spending years of your life committed to working at something, nurturing it and watching it develop and grow and grow. Just imagine, in just a few short years the building that you work at could have your name on the side of it, and one day you will be mentoring the next generation to take over your practice. Insight #1 What’s your end game?

Coronavirus Pandemic Yields Largest Increase in American Entrepreneurship Ever

https://www.growthink.com/content/coronavirus-study

Seize the day…of a changing business environment

If there was ever a time the world was going through a business reboot, it’s right now. Most businesses are redesigning the way they will run fundamentally and are looking for new solutions to their problems. As a law professional, this can be the perfect time to reboot your business.

Reach out to existing connections and networks to maintain relationships as you're going through your law journey.
Do a bottom-up assessment of your business and create a new zero-based budget that focuses only on the essentials.
Consider expanding into new areas of law.
Consider specializing even further into your most profitable area.
Have a look at a few of our insight blogs

INSIGHT #5 OBJECTIVE

INSIGHT

We hope that you found this insight article valuable in understanding why the timing is ideal to start or reboot your law practice. We encourage you to Contact us with any questions or for help in all aspects of starting or rebooting your law practice. Start your free trial.

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INSIGHTS TO help IMPROVE YOUR LAW PRACTICE:

Insight #4 State Bar Rules and Compliance for Client Communication

Insight #3 Efforts to Improve the Bar Exam for Law Students

Insight #2 Measuring the Health of a Law Firm

Insight #1 Imagine The Next Chapter. What’s your end game?

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