Posted by Jay Kamlet on Oct 27, 2016
Does the business of law suit you?
Many successful independent lawyers admit that it’s a lot of hard work owning and operating their own practices, but they wouldn’t trade it for the world. However, not everyone is cut out to be an entrepreneur, which is precisely what you are when you open and run your own law firm.
To run and lead a small law practice, you need:
Regardless of what type of law firm you work for, you must overcome failure daily. As an independent practitioner, you’ll need even more resiliency. When you don’t have partners or staff, all responsibility falls to you.
As a lawyer, you’re probably attracted to the black-and-white, wrong-and-right aspects of the law. However, as a business owner, it’s also important to be curious and seek new information. Running a business is not always black and white and curiosity helps.
As an attorney, you must act quickly and gracefully when taking care of client needs, managing budgets, preparing for court and more. You must know the law, but you must also manage your business.
On your own, you’re bound to have a smaller budget than if you were working with a large firm. There are a lot of rewards that come with working for yourself, however, and your resourcefulness can pay off.
When faced with problems, roadblocks, breakdowns and disappointments, which are inevitable, how you react is crucial to your success. As Thomas Edison said, “Many of life’s failures are people who did not realize how close they were to success when they gave up.”
Nobody said being an independent lawyer is easy. However, with these characteristics, running a law business is somewhat easier.
If you are launching or growing an independent law practice in Denver, contact us. We offer affordable and flexible office and co-working options at two locations.