How to improve your law firm by seeking mentors and advisors

Seeking out diverse perspectives can help inform business and client service decisions. Small law firms and independent lawyers often don’t have the luxury of hiring to fill this need, so where can you find people who can offer business insight that will improve your law firm?

How diverse thinking improves business

As an independent lawyer and small law firm owner, you likely have the drive and ambition to succeed. However, no successful business can operate well on the power of one. You can be the top lawyer in your practice area and have the best ideas for meeting client needs, but you will eventually need the help – and ideas – of others.

Inc. points to the benefits of seeking diverse perspectives in this recent article:

“No matter the discipline, every business leader knows that innovation is key to surviving the ever-changing landscape businesses operate in these days. One of the most effective ways of fostering new ideas is to discover new perspectives. In fact, according to Forbes, research shows that companies that embrace diversity are 1.7 times more innovative.”

If you have reached a stage of business growth that allows you to hire, look for people who fit your firm culture, but not people who match your work and thinking style exactly. You don’t need another you. You need people who can help you uncover new opportunities and see business challenges through a different lens.

Business strategy firm Herrmann expands on this idea:

“…cognitive diversity done well can have tangible effects on team productivity, idea generation, project execution, change management, resiliency, and problem-solving. These effects can be measured, especially with a baseline comparing how your organization performed before and after cognitive diversity-related efforts.”

In short, want to grow your firm? Look for people who challenge your assumptions and help you look at strategy from a different angle.

Where to find small law firm advisors

One option for gathering sound advice and business expertise is through the creation of an informal advisory board.

Sarah Feingold, writing for Above the Law, emphasizes that an informal advisory board should include people with a variety of backgrounds:

“Generally, each advisory board member will bring a mix of excellent communication skills, strategic planning aptitude, industry and business expertise, a strong network, and credibility. A member must also be aligned with the company’s vision, values, and goals, while also being willing to challenge assumptions. Ideally, each person will bring a unique background and offer specific and tangible expertise evidenced by their work history. A board should not be a homogenous collection of VCs or ex-CEOs.”

She goes on to write that the best advisory boards will provide both industry and adjacent industry expertise and advice. For law business owners, tapping into others’ skills in accounting, marketing, finance and more can fill in knowledge gaps about running a successful business – not just a law firm.

How to create an informal support network

If an advisory board structure doesn’t fit your current needs, you can still cultivate a network of mentors and advisors to improve your law firm.

You can find people for your support network in a variety of places, including:

  • Former colleagues and classmates
  • Bar associations events
  • Legal industry conferences
  • Business associations
  • Conferences for industries your firm serves
  • Shared office and coworking communities

Then, when you meet someone you think would offer a great perspective on a business challenge, you need to ask them for help. While it can feel awkward at first, approach people with an intent to offer value in exchange. Think first about how you can help that person, by offering advice or business referrals, and then ask for their input on your question.

The U.S. Chamber compiled this advice for making an ask. Follow these steps:

  • Be clear that you are asking for help or advice
  • Ask for something specific
  • Craft an ask within reasonable parameters based on the person’s time and availability
  • Communicate how their help will support your business growth and effectiveness

Remember that businesses of all sizes had to start somewhere. The business leaders and experts you ask for help have each received help from others along the way. Do your best to pass on the favor when someone approaches you for advice or support.

Ready to grow your small law firm alongside a community of likeminded law business owners? Reach out today to tour one of our shared office communities for lawyers in Denver or Las Vegas.