Page 22 - Dallas Vol 5 No 2

PRIVATE
PRACTICE
LAWYERS:
Are You inking as
a Business Owner
or an Employee?
BY KIMBERLY RICE
... as much as 50 percent per year, you invest in meaningful, continual relationship building to bring value to these growing relationships
There are two types of lawyers – those who have their own busi- ness and those who work for those who do. Which are you? If you are a private practicing lawyer, you are a business owner. You never heard that from any law school professor or likely any law rm leadership. Yet, the fact remains. Whether or not you have clients, is a very di erent topic.
In our view, it is a disgrace that you set aside three years of your life to at- tend and graduate law school, studied your eye balls out for the bar exam (and perhaps put your social life on hold dur- ing the process), were even admitted to a state bar, ready to do whatever it took to advance your legal career and not a peep did you hear that you must generate business for yourself. How can that be?
Now that you have been enlightened to the reality of the business of law, how does this impact your daily legal practice? GROOM YOUR BUSINESS OWNER MINDSET
Below are a few boxes to check o for advancing your business owner mindset (and daily behavior) to view your legal practice as the business to be grown that it is.
• Purposefully devote at least 10-15 hours a month on relationship build- ing activities with “targeted” audienc- es. Note: To respond to this question appropriately, you must know speci - cally who your ideal client is. What is their job title of the individual you want retaining your legal services and/ or referring you to those you can? is is critical.
• Instead of focusing on what work you can “get” from someone, become more focused on how you can help others in connection with solving a problem, protecting a client, preserv- ing a tangible and/or capitalizing on an opportunity. ese considerations are a mark of a savvy business owner.
• Constantly consider ways to help ex- isting clients, referral sources and prospects by keeping them abreast of ongoing changes (such as legislative and/or economic) that may a ect their business (positively or adversely).
• Go wherever your clients go. Attend professional and industry associations where you can learn more about your clients’ (and/or prospects’) business and interests so you can rise to the “trusted adviser” role, which garners an enviable bet-the-company billing rate.
ATTORNEY AT LAW MAGAZINE · DALLAS· VOL. 5 NO. 2 22