The Law Firm Entrepreneurial Map

Over the past several months, I’ve done some personal soul-searching about my business and my life.

And I had to look at why I was serving lawyers and whether continuing to do so is the best use of my time, energy and resources.

I made the decision that it was, but only if I was willing to move beyond my safe 2nd stage business and build a business that would radically
and completely change the way legal services are provided to families and small business owners throughout the US and Canada.

To do that, I recognized I’d have to deconstruct my business – release what wasn’t working and re-build on what is and was.

It’s been a difficult process and it’s far from over. But, it’s given me a lot of compassion for those of you who are not satisfied with the old paradigm and are having to deconstruct and reconstruct your law practices to create something truly meaningful.

I wrote about the three stages of the entrepreneurial roadmap on my personal blog a couple of weeks ago and saw that it can help you here too.

So, this week’s Law Business Revolution blog applies the entrepreneurial roadmap to the business of practicing law.

The Law Firm Entrepreneurial Map

The three stages of the entrepreneurial map, as it applies to your law practice transforming into a business.

Stage 1: The True Solo

Stage 1 is all about brand new-ness. It’s about the idea, the vision, and just getting started and getting it done. It’s about figuring out your revenue model (where the money comes from) and getting on the road to freedom.

Generally speaking, you are probably working alone or with a partner. There is no team support or perhaps one person helping youout on a part time basis. (When I first started, I rented office space from other lawyers and my sister sat across the desk from me, helping me out. Within about
three months, I brought in my first part-time employee.)

You have no systems. And probably just one revenue stream, which will be your main service offering. You may be taking anything
that walks through the door just to make your bills.

You are probably charging hourly or very low flat fees.

Many (most?) lawyers remain in Stage 1 indefinitely. You may feel frustrated, tired (or exhausted), and as if you are not making as much of an impact (or money) as you’d like.

Stage 2: Enterprising Entrepreneur

When you get tired of doing it all alone, you’ll bring on some team. That’s one of the major signs you’ve made it beyond Stage 1.

You’ll also begin to realize that there’s a pattern to what you do and how you do it.  Yep, you’ve got systems and processes.

You are still working pretty hard, but you begin spending more time working on your business instead of always in your business.

And you may begin to realize that you can’t take everything that comes through the door – you have to narrow your focus to serving one market or just providing services in one practice area.

Financially, you are doing okay. You know how you make money in your business and you are constantly surprised by how much money it takes to make money.  You’d probably like to keep a bit more than you are.

While you have some team support, you are the one managing the team, for the most part. You dream of the day you get to spend all your time doing the parts of your business you really love and let go of the rest.

Stage 3: Legacy Builder

When you hit Stage 3, your work will continue, even if you aren’t there to do it. You spend your time primarily working either on the business or in the business, but not both.

You are clear on who you serve and what you do for them.

If you got sick, took a long vacation or the long permanent vacation, your business would continue.

You’ve got documented systems and process, a team, and other leaders in the company besides just yourself.

The transition from Stage 2 to Stage 3 will be harder than you expect, at least that’s my experience so far.  But, it will be well worth it.

If you try to make this transition too quickly and without the right people in place, the whole thing will blow up in your face.

No matter where you are today and how far it seems you have to go on the journey, if you are in business for yourself, stop for a minute and celebrate.

You are working for yourself. You are in control of your destiny.  You are on the road to freedom.

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