Why you might have a sunnier outlook as an independent lawyer

News headlines can lean toward doom and gloom, but recent reports show optimism among small law firms. For the independent lawyer, the news looks especially promising.

The State of U.S. Small Law Firms report showed that:

“…an overwhelming 87% of lawyers across small firms view their firms as either successful or very successful; 30% of small firm lawyers consider their firm to be very successful – a multi-year high. This reflects belief in their effectiveness in delivering legal services and meeting client needs, as well as their resilience and adaptability in navigating the challenges of the past few years.”

In contrast, big law firms have expressed more concern about their financials, expenses and growth outlooks. In short, smaller might mean mightier in 2024. If you have dreamed of leaving big law to launch your own firm, now could be the time.

Small law firm success factors

Independent law practices and small law firms have a number of advantages that help bolster their success – even when big law firms post declines. These factors include:

  • Lower overhead and expenses. While big law firms see increases in real estate costs, payroll, insurance and more, and independent law practice has the luxury of lower overhead across the board.
  • Greater flexibility. Big law firms tend to have rigid structures and processes in place. As an independent, you can flex to follow the greatest opportunities at that time.
  • Adaptable billing models. New approaches to billing are a huge selling point for clients.
  • Clients seeking new options. Demand for legal services remains high, but clients expect more personalized service. Small law firms have the ideal position to deliver.
  • Ability to collaborate and outsource. Independent law doesn’t have to mean doing everything alone. Creative collaboration and outsourcing can help you expand your reach.
  • Niche specialization. Finding an underserved niche client base can help fuel your small firm’s success for years.

Clients are migrating to smaller firms for a variety of reasons, and you have a golden opportunity to meet their needs in new ways.

Lawyer mindset matters

How you approach your work and the challenges of current economic conditions makes a big difference in how successful you feel and, in turn, how you operate your law business.

Healthy and realistic optimism, also known as a growth mindset, can set you up for success even in the face of challenging external factors.

Entrepreneur magazine notes:

“Having an adaptable mindset is one of the key elements of creating and growing a business. What is an adaptable mindset? It’s what the brain does behind the scenes to help us learn from mistakes and overcome setbacks to find solutions and move ahead, instead of accepting failure.

This resilience can’t be underestimated in entrepreneurship. Not only does business survival depend on the ability to learn and overcome difficulties, but it allows a business owner to seek and leverage new opportunities.“

So, it’s not about blind optimism without the knowledge or skill to deliver. It’s about your confidence in your ability to overcome challenges and follow up on new opportunities.

Each time you face a challenge head on, find a new approach to an ongoing challenge or apply innovation in your work, your confidence grows. Each of these experiences gives you real-world evidence that you can persevere and succeed. You then move into the world with the belief in your ability to adapt and grow – and success follows.

Find a network of likeminded entrepreneurial lawyers

A growth mindset won’t thrive in a vacuum. Especially during difficult stretches, it helps to surround yourself with others who have an optimistic outlook.

This writer for Entrepreneur counsels:

“Your mindset is heavily influenced by the people you surround yourself with. Surrounding yourself with negative people who constantly bring you down will not help you build a successful entrepreneurial mindset.

Instead, surround yourself with positive, like-minded individuals who inspire you to improve.”

Independent lawyers have the benefit of flexibility. You can choose when and where to interact with fellow lawyers and other professionals. Choose networking groups and events where fellow growth minded entrepreneurs gather and follow your gut when a negative person starts to impact your outlook.

A shared office community or coworking space can also help you create a built-in network of forward-looking entrepreneurs.

Ready to grow your law career as an independent practitioner? Reach out to us to learn about our shared office communities for lawyers in Denver and Las Vegas. Work alongside other independent lawyers focused on growth and optimism.