Every day, you get up early and put your heart and soul into your firm. You are the last one to leave each day and you sacrifice time with your family to try to make a difference.
You’re not unsuccessful, to the contrary, your peers think you’ve got it all figured out. However, you know the truth: the reason you started your law firm is not the result you are living today.
For some, the firm was intended to be a better financial opportunity than employment as a lawyer. Others wanted time freedom and hoped the firm would allow for that to happen. While the real dreamers, wanted to impact the world in a massive way.
Why is it that you have not been able to achieve financial or time freedom? Why has your impact on others been so small that you don’t see it?
The problem is you need to decide your identity. Are you a world-renowned attorney or are you a world-renowned CEO of a top notch firm? If your dream is of more time, money or to have a bigger impact then the...
One of the biggest challenges facing a small law firm owner today is that of time or lack thereof. It isn’t due to anyone slacking off, law firm owners are very hard workers.
On the flipside, with all of their hard work, firm owners have the added challenge of performing the sales, marketing, customer service, collections, bookkeeping, etc. which eats into the ability to produce billable hours.
According to Randall Ryder of the Lawyerist.com in his article titled “Three Myths About Solo Attorneys” a firstyear associate works 80 hours per week whereas he puts in 50-55 hours per week. In another well publicized utilization rate study from Clio (2018), solo law firms collect fees on an average of 1.6 hours per day. This begs the obvious question – if a solo law firm owner works 50 to 80 hours per week, why are they only collecting for 8 hours of that time?
I have had the pleasure of conversing with several solo attorneys on this exact question, and here is a...