LawBank Participates in “How Young Lawyers Can Survive and Build a Business in a Recession” Seminar
On May 13, 2020, LawBank partnered with the Young Lawyers Division of the Denver Bar Association to present a seminar on surviving and building a business in a recession as a young lawyer. Jay F. Kamlet, an owner of LawBank, has been a top commercial real estate lawyer in Colorado for many years. His work with LawBank helping independent lawyers develop their practice has earned him recognition as an entrepreneur from the Denver Business Journal’s Power Book and from Law Week Colorado. Jay was pleased to share his insight with this audience of younger lawyers that might be looking at a career transition this year. The presentation discussed lessons for young lawyers from the previous recessions, tips for remarketing themselves, networking priorities, and how to develop business in a down economy.
Lessons Learned from 2008
In the 2008 recession, all areas of law were hit hard, with layoffs, mergers, furloughs, pay-cuts, and closures being widespread. The practices that thrived were those in essential areas: civil litigation, bankruptcy, labor and employment, white-collar crime, bankruptcy, foreclosure, and family law.
Regardless of where lawyers are in their career, there is much to be learned from the recession of 2008. Attorneys need to understand that a legal practice is a business. Attention to finances and a clear set of goals can help young lawyers maintain growth. Willingness to learn by paying attention to everyday occurrences and opportunities help young lawyers develop skills and an attitude that will set them apart from their peers. Finding a mentor is particularly helpful in this process and also helpful in times of a recession to reveal new opportunities.
New Lawyers Starting a Law Practice Out of Law School
There were many entrepreneurial attorneys in attendance and Jay encouraged them to decide early whether they would prefer to work for themselves or with a firm. Whether they are lawyers seeking to start their own practice, or ascend in their firms, they should all be familiar with business development techniques. Jay encouraged the audience to maintain their own contact database, engage with peers and colleagues, and establish a personal and meaningful connection with all contacts.
Information regarding building and expanding skill sets through volunteering for opportunities and being self-driven was also shared. Staying relevant in one’s specialties and seeking out leadership opportunities can help cement a lawyer’s position and reputation and earn them recognition as a promising legal professional. Networking helps young lawyers build connections and expand their referral base.
Jay closed the presentation with an example business checklist for young lawyers, including a variety of small networking tasks, reputation management, colleague interaction, and professional development ideas.
Presentation materials can be viewed here.
About LawBank
LawBank supports small firms and solo practitioners through its innovative office space solutions for independent lawyers. It is more than a coworking space, but also encourages and supports networking and practice development opportunities. LawBank helps its members make connections and develop their business acumen through CLE and educational opportunities, discounts with law firm vendors, and opportunities to engage with the legal community. For younger attorneys, LawBank is the ideal environment to start and grow their own law practice. Learn more.
