As a new lawyer or as a new solo attorney, the thought of running a practice can be frightening, but ways exist to find your lane. To grow in legal competence, you can always look up answers or find training. Bar associations and online groups have formal and informal mentorship programs.
However, running your firm involves more than just legal skills. Lawyers know how to read rules and figure things out, but how many of us have created a legal business or any business for that matter? My guess is not many. (If you have, yay for you! You are rare indeed.) For the rest of us without the business acumen, setting up a law firm should be a mandatory class taught in law school.
In 2018, I started to develop my legal business by joining a four-month mastermind. A mastermind is a group of people who regularly share thoughts, feedback, and resources. I remember the terror of paying a total of $2,500 (in four installments) to learn how to strategize about my law firm. My mastermind fee seemed like such an insurmountable amount back then — not to mention airfare and lodging in Nashville — when I hadn’t yet made much money. Today I’d pay in a heartbeat. I know a steal when I see one! I was so grateful that I attended the mastermind because it propelled my business in ways I never imagined. Bonus: As a result of my investment, I made more money and was able to pay the installments.
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My first mastermind allowed me to learn from other lawyers in my position and others ahead of me. They shared their wins, struggles, and goals, and I realized that I wasn’t alone when figuring out the business aspects of owning a law firm. Along with our shared coach, we had frequent group calls and hot seats where we troubleshot issues like interviewing and hiring an associate attorney and measuring key performance indicators (KPIs). We also discussed limiting beliefs and roadblocks in building a law firm business. Through this mastermind experience, I learned that even the most successful firm lawyers have moments of trepidation and unworthiness.
Another lesson I learned by participating in masterminds is the importance of having business values. I value boldness in inclusion, equity, and diversity. I recently spoke to a local bar association about the importance of cultural competency in estate planning. Estate planning excludes many from the process because a person may not own enough assets on a balance sheet or have the correct name, accent, gender, or skin tone. Being values-driven has ignited my desire to dispel the myth that estate planning is only for old, rich, white people. I don’t think I would’ve been able to clarify my message as much as I have if I hadn’t fully immersed myself in the masterminds.
Building your legal practice isn’t limited to joining a mastermind. Many one-on-one lawyer coaches teach the importance of flat fee billing, how to scale, or ways to systematize your practice. I once invested in a one-on-one coach who helped me build my speaker page and gain paid speaking gigs. Please hire me! If you don’t want direct help, you can also join membership groups with a self-paced curriculum. I am currently in a membership program run by Rachel Rodgers, where I interact with values-aligned entrepreneurs. In addition to weekly calls and accountability subgroups, my membership also has several courses that offer practical business help and deal with the mind trash and impostor-y thoughts that entrepreneurs experience.
A quick Google search will unearth numerous business programs, coaches, memberships, and courses; while this is a booming industry with outstanding professionals, it is also rife with snake-oil salespeople who prey on your insecurities. Please do your homework, ask for referrals, and talk to other attorneys about what has worked for them. No matter what you decide, you must continue to work smarter in order to sustain a thriving legal practice. Don’t go at it alone. Look into masterminds, coaching, or memberships. You are worth the investment.
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Please send constructive comments or questions to me at [email protected]. I am always looking for topic suggestions!
Iffy Ibekwe is the principal attorney and founder of Ibekwe Law, PLLC. She is an estate planning attorney evangelist for intergenerational wealth transfer with effective wills and trusts. Iffy is writing her first book on culturally competent estate planning, available in 2022 (prayers up!). She graduated from The University of Texas School of Law and has practiced law for over 14 years. Iffy can be reached by email at [email protected], on her website, and on Instagram @thejustincaselawyer.