Successful law firm founders share these characteristics

Entrepreneurship requires a certain set of personal qualities. Do you have these traits shared by successful law firm founders? If so, you could launch and grow your own law firm.

1. Vision

Any successful new business needs a vision. Whether you plan to operate as a solo law firm or hire immediately, you need a clear guiding picture that includes:

  • Who you plan to serve and in which practice area(s)
  • How you plan to deliver those services
  • Your ideal firm culture (you will be in charge of creating it)
  • A long-term growth strategy
  • How you plan to partner with others to achieve results

As Lawyerist notes, your vision should focus on your firm’s future:

“With a clear vision, it’s easy to make business decisions based on what takes you closer to your end goal—instead of what pulls you away…Running a business comes with many ups and downs. As you grow, there may be moments where your vision is the only thing you have to keep your fire burning.”

People describe the most effective leaders as “visionary” for a reason. Successful enterprises must rise to the challenge of meeting current needs and anticipating future changes.

2. Self-motivation

Nobody will create your success for you. You must have a strong sense of purpose and motivation to get up each day and do the hard work.

Building and sustaining a business requires an innate ability to push through the hard days – and there will be hard days. On those days, reminding yourself of your vision and the bigger picture will help you chip away at the tasks in front of you.

3. Business Acumen

Working as a law firm founder requires a completely new set of skills. You might rank as the top lawyer in your practice area, but al the law experience in the world won’t prepare you to run a business.

As a business owner, you must oversee not only the core work, but marketing, accounting, staffing, human resources, technology decisions and much more. If you know you lack certain business skills, find ways to outsource or hire to meet those needs.

Finally, surround yourself with fellow law firm founders and business owners, and seek out learning opportunities that will help you develop your business acumen.

4. Tenacity

This trait builds on your self-motivation and carries it through the long-haul. Tenacious leaders stick to their goals and develop daily and weekly habits to achieve them. They weather setbacks and learn from them, but don’t lose sight of their vision along the way.

As this Forbes contributor writes:

“Being tenacious is not something you learn in an M.B.A. program or wish for and it happens. It is an attitude and philosophy that you develop over time. And, those are the key words here: ‘over time.’ It will take time to develop your career or business to the level you perceive as success.”

Tenacity requires assertiveness and self-control, two key components of emotional intelligence.

5. Flexibility

Finally, your ability to shift, adapt and expand will help you succeed as a law firm founder. Flexibility prevents tenacity from morphing into bull-headedness. It allows you to change course when needed and leaves you open to new ideas – both yours and others’.

At its heart, entrepreneurship requires letting go of traditional models and the status quo. Innovative thinking and delivery will set your law firm apart from the competition, and remaining flexible will allow you to notice opportunities as they arise.

The pandemic has forced business owners and leaders to embrace flexibility in several facets of their work. If you already embody the trait of flexibility, it will serve you well in meeting the changing needs of clients, employees, business partners and more.

Do you have what it takes to launch a successful law firm? When you are ready to hang your shingle, reach out to us. We offer flexible office solutions and coworking for lawyers at three locations in Denver.