Building a practice is tough. It’s easy to fall prey to shortcuts. Don’t let it happen to you.
Mistakes will be made: they’re unavoidable. This is hard work, and the only way to get it right is through persistent effort and experimentation. Thankfully, we learn the most from our mistakes. Those are the things we’re certain not to repeat. Mistakes can be your most valuable teacher.
While I’d hate for you to miss out on the learning experience of mistakes, I feel that it’s my duty to help you avoid a few of the biggies. These are some of the most common mistakes I see as lawyers new to practice attempt to build their practices.
Mistake #1: Thinking you can do it on the Internet.
It would be nice if we could do all the marketing required to be successful on a laptop from our bedrooms while watching television. It won’t work. Yes, the Internet is important, and you can do amazing things with blogs, websites, Facebook, and Twitter. But you’re also going to have to go out in the real world and connect with people. You’re going to have to build a network of referral sources if you’re going to see serious revenue come through the door.
Mistake #2: Building a $5,000 website.
Lawyers are still calling up website vendors and hiring them to build big, expensive sites. They use fancy designers and complex content management systems. It’s not necessary. Today, you can build a great site with a very small investment. Sites like this one are built on WordPress (a free, open-source platform) with an investment of a few hundred dollars and some sweat equity. Don’t pay the big bucks for a website.
Mistake #3: Failing to ask for help.
Building a practice is a team sport. This is the time to ask for help from friends, family, and others in your network. Reach out, and you’ll find others who are more than willing to assist you. Many of us are independent and don’t want to look weak. We keep it all to ourselves and feel like we’ve got to take care of ourselves. This isn’t the time for that kind of thinking. Tell others what you need and how challenged you are by your circumstances. Ask for and accept their offer of help.
Mistake #4: Borrowing money.
Don’t borrow money to build your practice. You probably already owe a fortune in student loans. Don’t add to that balance by accepting a loan from the bank or using credit cards. Keep your expenses low, and don’t take steps that require cash. Use your time and energy to build the practice. Don’t use borrowed money. Borrowing money is a trap that’s hard to escape, and you’ll end up working for the lender rather than yourself. Bootstrap your way to success.
Mistake #5: Taking on a partner.
Lots of lawyers bring on a partner immediately. Why? Because misery loves company—that’s why. Of course, no lawyers acknowledge that they found a partner because they were afraid and didn’t want to go it alone, but that’s usually the truth. Go it alone when it comes to ownership. You’ll cope with the fear, and you’ll only have one mouth to feed. Having a partner doesn’t achieve an economic objective, and building a practice is an economic activity. It might make sense to add someone later—usually an employee—but starting off with a partner is almost always a bad idea.
Mistake #6: Hiring a staff member immediately.
Just like adding a partner is a bad idea, so is hiring an employee. Keep it light, nimble, and cheap. If you have to work 18 hours a day to avoid hiring, then work 18 hours a day. Hold off as long as possible to make your first hire. Certainly, don’t do it at the outset. The last thing you need is the management headache and the expense of an employee when you’re scrambling to keep your head above water.
Mistake #7: Signing leases.
It’s tempting to lease office space, rent a copier, and commit to a bunch of gadgets. Don’t do it. Again, keep it cheap and flexible. Don’t make any long-term commitments until you’ve got your feet on solid financial ground. You can work around the need to make commitments by sharing space with others (if you need space), using the copier at FedEx, and patching everything else together without locking yourself into anything. Don’t make any financial commitments to anything. You’ve got time to do all that later, after you’ve got clients and a steady stream of revenue.
Put your energy into gathering clients through meeting referral sources and prospective clients. Use your free time to add to your website and blog. Use social media to build your connections. This is a time for growth of your top line. Allow your business the flexibility to change and adapt as you find clients and discover their needs. Don’t assume the things you thought at the outset will be consistent with what you discover after some time in the field. Learn as you go, and give yourself the freedom to pivot as the need arises.
Mistakes are unavoidable. You’re going to make them, no matter how hard you try. Hopefully, you can skip the mistakes I’ve mentioned here and save your energy for digging yourself out of the mistakes you discover on your own. Good luck.