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Starting a New Law Practice? Learn Something About Business!

What a great turnout for Considerations for Starting a Law Practice!  Sold out room plus a lot of walk-ins.  Nice to see so many people turn out on a rainy Saturday in southeast Wisconsin.  I just finished speaking on File Management.  Of course, I missed the memo asking for list of my top ten tips for starting a law practice but, then again, I have a blog and have the ability to throw out tips any time I want.  So here goes.

If I could give one tip to someone thinking about starting a law practice it would be this very broad one – learn something about business and apply what you learn in your business.  As lawyers, we help people every day with the transactional side of business.  We help our clients setup businesses and perform mergers.  We draft complex agreements related to all kinds of things.  However, when it comes right down to it, many lawyers know almost nothing about how a business actually runs and it shows in their own “business.”

Learn about how a business works and what makes a business successful.  Successful businesses run on systems.  Does your law office?  Successful business owners can tell you exactly where their leads are coming from and how many leads they generated, how many of those leads became clients, how much those clients spent on average and how much the business spent on everything from office supplies to client entertainment.  Can you?

I would not even try to count the number of books available on Amazon.com related to business.  Any bookstore is full of them.  Make it a point to read at least one every month.  If you are just beginning to expand your business knowledge, try Michael Gerber’s E-Myth or E-Myth Revisted.  Constantly work to expand your business knowledge and your firm will be the better for it.

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