Think Like an Entrepreneur and Love Being a Lawyer With a New Law Business Model

Think Like an Entrepreneur and Love Being a Lawyer With a New Law Business Model

Remember when getting into law school was an opportunity to land a well-paying and fulfilling job that could make an impact on people and companies, or even the world?

Young lawyers today understand that’s not the case.

If you’re looking to achieve the trifecta: happiness, wealth, and fulfillment in your legal profession, You must shift from lawyer to entrepreneurial think.

No matter if you’re working for an established business, hoping to become a partner, or going by yourself, three changes in your approach will guarantee both external and internal success for your own law practice when we move into the new economic system.

After studying this piece, you’ll have the framework of mind for not just a new law-based business model and a new approach to thinking about the reason you’re there, what you’re doing, and how you can succeed in the field of law.

In law school, you were taught how to be a lawyer, and I consider it my responsibility to reverse and change any aspect of this thinking that is keeping you from progressing.

You’ll have everything you require to provide your customers with the best service But let’s change the rest with real entrepreneurial thinking, the type of thought that can allow you to achieve what you want most that are happiness, wealth, and true fulfillment.

1. We are willing to not know (or Even to Believe You’re Right)

Law school taught us to be the right person. For many lawyers, the thought of telling a client, “I don’t know, I’ll get back to the” to a client, can be terrifying. It is a huge temptation to appear to be knowledgeable of everything and not show any the slightest sign of vulnerability or doubt carries onto our jobs and our businesses. It’s a major disadvantage.

When you’ve already got the answer, and you’ve believed that it’s the right answer, and your mind is unable to make space for anything else. It leads to doubt that leads to cynicism, disbelief, and finally, self-righteous discontent.

See also  Essential Traits Of An Entrepreneur

I’ve seen it time and many times with lawyers who entered law school as enthusiastic, bright students, keen to study with their peers. After the law school diploma was awarded, it was clear that they had to claim they knew everything. Then, they realized they were playing… they began believing they really did have everything.

The real power is in taking every challenge with an open mind and the ability to admit that you’re wrong. Additionally, you’ll become an entire lot more pleasant to people around you as well as to yourself.

Assignment: The next whenever someone has a question, and you’re not 100 percent certain that you know the right answer, tell them, “I am not sure; I’ll talk with the person who asked me,” and watch how your respect for them grows. You can practice this by looking in the mirror and saying: “You know, you could be right; let me think about it,” and then actually taking note of the words, thoughts, and emotions of those around you.

2. Be Prepared to Ask for (and Accept) Assistance

If it’s difficult for us lawyers to say “I don’t know,” it’s even more difficult to seek help and get it once it is provided.

We are completely confident, independent, and skilled.

You can write a scathing letter to oppose counsel. Prepare it on letterhead, then print it and place it in an envelope, place a stamp on it and then send it delivered.

We could draft an operating contract, mail it to all parties, get feedback, make the edits, then review the redline and then send it back to you to get feedback, and then have the final version ready to sign.

It is possible to draft our complaint. Then place it printed on pleading paper and take it to the courthouse to be filed.

See also  Every Business Success Story Has Its Own Recipe

While we’re at it, we can also answer phones, alter practices management applications, install accounting software, make invoices, repair printing… as well, you’ll see the idea.

I’m sure you understand because you’re probably doing similar things every day. Because you are so damn competent. You are getting drowned. You’ve never been taught how to reach out for assistance or collaborate with someone else, or form a team to support those around you. Perhaps you’re thinking you’re paying someone else to do something that I could have done better? It’s the same amount of time to instruct someone on what to do as it took for me to perform the task myself.

Lawyers think. It will drive you to an early death if you don’t change it.

If you can do anything, however, you should put it aside now. The goal should be to only do what you have the ability to accomplish. If somebody else can do it, then they can.

The assignment: In the coming week, record each minute of your day by using a time-tracking application on your smartphone. Then, be honest about the activities you’re doing that other people are able to do for you. Find or hire someone to take on those tasks for you.

Yes, you will have to make the investment in time, energy, and cash to locate, recruit and train a team when you work on your own; however, it’s the most worthwhile investment you’ll ever make.

3. Put your money into your growth and know Your Numbers

In terms of investing, you might be thinking that the law school you attended was the last major investment you made, and now you’re able to concentrate on earning money to repay the student loans.

See also  Survive The Transition From Employee To Entrepreneur

This is more like thinking like a lawyer. If you think like an entrepreneur, you realize that the investment in your law education was only the beginning. This investment is much less valuable when you decide to stop.

You’re still the best investment. In fact, you’re an even more valuable investment after you have earned your degree.

Lenders want to lend to you, particularly in the event that you’ve got a high credit score and you’ve been employed by a firm for some time and demonstrate earnings. Why? Because you’re in a position to make huge gains in the event that you can make your education an enterprise that can benefit the needs of the modern economy.

The most important thing to do when investing in yourself, regardless of whether it is via savings, borrowing, or income, is to be familiar with your personal financials. If you’re as I am, you will find the thought of doing this can be a bit terrifying. One of the main reasons I took the legal route was because I am averse to math. However, math for money is different. When you are able to look at the data from a company point of view, you’re in the process of unlocking unlimited wealth potential.

Make an effort to learn which numbers are crucial and how to keep track of them, and what to do with them after having done to trust your investment into your own personal growth.

Assignment: Find an expert to assist you in determining the things you want to accomplish as well as a mentor who’s completed what you’d like to accomplish to help guide you through the process and a team to help you with accomplishing it.

Three of the most significant shifts in your thinking that you could make in order to achieve success with your law degree and experience satisfaction, happiness, and wealth.