Starting a New Law Firm – Get it Right From the Beginning March 1, 2009
Carolyn Elefant has some stats now about the uptick in new law firms.
This was very predictable, as “biglaw” explodes (or implodes, depending, I guess, on where you sit while watching the fireworks). I’ve talked to many former partners and associates who now find themselves facing the challenges of practicing law and running a business, top to bottom.
Unfortunately, most will fail. Eighty percent of all new small businesses will fail in the first five years and there is no reason to thing lawyers are any different. It takes a special “breed” to wrap their arms around the entrepreneurial journey.
I wonder how many of these new small firm attorneys are at the library or hoarding books at Borders. Books about marketing, entrepreneurship and leadership? Probably not many.
Most will succumb to the deadly thinking that “I’m a good lawyer so I can run a small law firm.”
Good Luck to all. I certainly would invite all of you who are embarking on this journey to at least start off on the right foot. I’ve got a fee CD on building and marketing that new law practice for you!
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