The Business of Lawyering

I’m dedicating my posts for the second quarter of 2023 to legal entrepreneurship and my own entrepreneurial journey.

I decided to share what I’ve learnt after 4 years in private practice,
what works and what doesn’t for new lawyers or lawyers new to private practice.

To start, here are some key points to note:

First off, get your practice areas together, identify the knowledge required, set clear and realistic objectives/targets.

Second, who are your target clients, what are your prices? Admittedly, I’ve had a lot of trouble with the latter question 🙂 a good colleague of mine actually told me at one point that I was charging, and I quote, “piper prices”. I’ve been traumatised ever since. Do an industry scan, take into consideration the relevant legislation and by all means use your discretion. I’ve always been pretty clear on who my ideal clients are, so start there, envision the type of person you want to serve and start paying attention to what that person would need by way of legal assistance and service.

Third, location, location, location, where are you positioning yourself? Is your office, both the physical and virtual locations in places where your clients and potential clients can find you?

Fourth, resources required…. What do yo need to start? I mean, what is the bare minimum required? A computer, a printer? A desk, chair? Internet connection? Other utilities? List them out, cost them and then budget and form a plan on how you’re going to get them.

Fifth, support and colleagues…. Get yourself a circle of like-minded, focused, open, supportive colleagues and relatives or friends. They are more important than you think. This circle doesn’t have to be large, but it does have to be stable and the persons in it need to be open, trustworthy, transparent, honest and supportive.

Sixth, the requirement for ongoing training and networking….Always be willing to admit that you don’t know. I don’t know a lot of things, being open about your areas of ignorance will earn you a lot more respect in the long run than pretending, and lying, about knowing about something. Always put aside some of your hard-earned cash to invest in yourself and ongoing education and training even in non-legal fields. Networking is something that I’ve always had to do as a professional, from my very first job out of university to the present day. I’ll be honest and say I hate it, but that doesn’t mean I don’t do it well. It’s a skill like any other that you have to develop and hone and that only happens with practice. Networking may mean a lot of things but it does not mean, pretence and inauthenticity. The next time you go to any function, be it at church or for work or even a social event, set yourself the task of finding one person you don’t know and learning about them. Be genuinely interested in learning about this person, listen to them even if it’s only for a few minutes, look for something to connect with them about, find something in common. People know when other people are being authentic and they respond in like manner. That’s true connection and that’s the best kind of networking there is.

And…..

Seventh, inner fortitude, goals, self knowledge. Spend some time with yourself often. Set continually updated goals and really identify a clear vision for yourself and move toward it steadily, even if it takes you longer than other people. Don’t compare yourself to others in the field, their journey is not your journey, their history, story and experiences are not your own. You are unique, go inward, find what makes you stand out and then focus on nurturing that area of yourself and your craft or profession.

So that’s it for this first instalment. My next posts on this topic will be about using IT tools in your lawyering business and then I’ll post about a ‘newish’ business model that I recently came across and how I think it could be used and integrated into a lawyering business in the Caribbean.