The Business of Lawyering- Part 2-Critical Essentials

 Often Lawyers will "know" what is needed for a client to succeed in business but will not apply that same advice to their own business of lawyering. Part 2 is about two critical essentials: Finding a mentor and the all important Business Plan

Find a Mentor:

“Luke, use the force”. If somehow you may have missed the Star Wars trilogy, and that phrase means nothing to you, it's time to take a look at the relationship between the characters in those movies. Luke Skywalker in possession of a powerful unearthly force is unaware of its utility. It is only through the gentle coaxing and guidance provided by his mentor Obi wan that he realizes his true potential. Naturally he goes on to defeat Darth Vader, the personification of evil. There you have it. There would have been no star wars trilogy without the mentoring.

Finding a mentor, before embarking on the practice of law may unleash your personal attributes and guide you to a successful practice.

Those are fortunate who perhaps have had lawyer family members, who will honestly assist them in understanding what the practice of law is all about. However, for the rest of us we, like Luke, must find our own way.

Many local bar associations have created buddy systems to assist new lawyers in discovering the use of the force. Lawyers you may know or former professors may be willing to take on the role of Obi wan. The importance of finding a mentor cannot be overstated. The ideal mentor is someone who has lived the life that you are seeking. Be wary of those giving free off the cuff advice as to what you ought to be doing if they have not ever done it themselves. Needless to say your mentor should exhibit the same personal attributes necessary for anyone to practice law. Keep in mind that many have gone before you, and there is no need to reinvent the wheel. For those lawyers currently employed in a legal position, be careful, also, of the undue influence of superiors, who may appear to you to be quite successful. The best mentor is not necessarily the person with the most income, assets or reputation. Next to your attitude, finding a solid mentor could be your biggest asset. That mentor can also help you devise a workable business plan.

Create a written business plan

I have a friend who teaches with me in the law and business programs at FDU. When students complain about having to drag heavy textbooks, computers, codes and regulations, Frank uses the analogy of a plumber going off to work. The plumber has a plan and knows the tools he needs in order to perform his services. A written business plan is a tool for success.

No bank allows a customer to borrow $.10 toward a new business without a written business plan. Lawyers who advise clients with new businesses hopefully make the same suggestion. But when it comes time to starting their own practice, few if any lawyers take the time to create a written business plan. We professionals should not be above taking our own advice.

The benefits of creating a written business plan are many:

1. It helps to organize your thinking goals and objectives.

2. It helps you to realize whether or not, success is in the cards.

3. It can be as simple or as detailed as you choose.

4. Should you have the need to borrow money, it can be presented to banks and others.

5. It helps keep you on track and can be amended as the practice grows.

6. Perhaps your employees or associates can better understand your practice.

7. The written business plan is free and can be a private document.

8. The business plan can include your best financial estimates as to income and expenses.

9. The plan can simulate the operation of your business and can cause you to rethink aspects of it without making costly errors.

10. There are many Internet sources that can assist you in creating your business plan depending upon your objectives.

Basic elements of the written business plan:

Ø      Mission Statement

Ø      Business Objective

Ø      Marketing Strategy

Ø      Analysis of Competition

Ø      Funding needs

Ø      Projections of Income and Expense

Ø      Summary/Conclusions

Each of these will be discussed in later posts.