Ten Tips for a Successful Practice

The profession is going through an upheaval and shakeout of unprecedented impact. Some futurists predict that as many as a third of the lawyers in practice today will have left the profession within the next five years. How will small firm & solo attorneys need to change their thinking to stay viable? Some of my thoughts —

1. Learn from change, don’t resent it. Ask yourself “what is the opportunity here?”

2. The past ain’t coming back. Move forward or be left behind.

3. Embrace technology. It’s not a choice. Every old dog can learn new tricks. As Yogi  Berra once said, “first ya gotta wanna.”

4. Hire or keep a strong right arm. Without it you don’t have a practice. You have a job.

5. Attracting work is just as important as doing it. Get over it.

6. Develop a clear identity. General practice is not an identity. It’s a plea.

7. Three (okay, four) key words to remember that will help you stay alive: focus, niche and target market. You can’t survive trying to sell everything to everyone.

8. Be highly visible and active in your own and your target market’s community. You won’t be found by prospects if you are hiding in your office.

9. Your worst enemy is inertia, not your competition.

10. Think beyond this month’s billings. Without a roadmap to tomorrow you are living in yesterday.

Costco Has Some Wisdom for Lawyers

Costco is one of the nation’s smartest companies. Even their Costco Connection magazine, which began as advertising flack, has evolved into a publication whose every issue provides value and insight to its members (along with a lot of advertising flack).

Last month’s edition has an article entitled “Top Five Mistakes Small-Business Owners Make” that hits attorneys dead center, and re-states some of the key points I have been teaching my clients and firms for twenty years:

1. Not knowing why customers buy
2. Offering a transaction rather than an experience
3. Being the answer (wo)man
4. Allegiance to how it’s done
5. One-dimensional thinking

I encourage everyone to read the Costco Connection article first, and over the next few days I’ll provide my own legal spin on each.

Dinosaur Dewey Teaches the Profession Some Simple Lessons

Four lessons for the legal profession from the Dewey LeBeouf debacle:

Lesson One: Law firms are businesses, and need to be run like one. The old law school indoctrination that “you’re not a businessperson, you’re a professional” comes home to roost.

Lesson Two: Most lawyers, like doctors, are crappy business people. Great legal skills don’t equate to great business skills. The Dewey head cheese blithely gathered in other big-ego and big-reputation people like it was 2005 and the boom was on. He made outrageous promises that sank Dewey when they couldn’t deliver. The Executive Committee was even worse. They thought their role was to be the sounding board and implementer of the head man’s grandiose ideas, instead of what they were supposed to be: protectors of the corporate finances and manager of the CEO, not the other way around. A surfeit of bad business people.

Lesson Three: Today ain’t yesterday. It’s more like tomorrow. While big firms like Dewey follow old paths toward oblivion, hundreds of young firms, unencumbered by the structures and traditions of the past, are busy transforming hiring smarter, building more flexible, virtual structures, casting off the caste system, and learning how to profit by delivering great work at reasonable – and often flat – rates.

Lesson Four: Success comes from looking UP from your client’s perspective instead of  from the firm’s lofty perch DOWN. Ask Apple. Ask Google. Great businesses are customer-centered, not ego-centered.