In entrepreneurship there are “Five Theme of Success” that are preached to people looking to start their own company; be a doer, don’t be afraid to make mistakes, never forget the importance of networking, don’t listen to the negativity of nay-sayers, and help out others without wanting anything in return. The same could easily be said to anyone looking to start their own law firm, no matter what age the lawyer is. 

 

Everyday in the business world there are employees who decide they are fed up with their boss, employees, or partners, and the headaches they receive on the job could easily be fixed if they started their own company, or for our purposes, their own law firm and worked for themselves. What this attorney would become if they did start their own firm is a “Legal Entrepreneur."

 

To simplify our matter even more, let us look at this from a completely different, younger perspective. Let us call this new business a lemonade stand, like the one we used to set up in front of our house when we were children. 

 

With every new lemonade stand a child starts up, like any business an adult forms, comes the same basic challenges. We’ll call them the “Fundamentals of a Business.” 

 

The first fundamental is creativity. Creativity is the glue of entrepreneurship. To come up with this idea of a lemonade stand was creativity in itself. The fact that you want to create your own firm is a creative idea. The ideas that go through your head everyday are all creative. You can ask yourself, “What is the best way to market this,” or, “How can I increase my sales to a different target audience?” Without the idea, where could you start?

 

Next, we come to strategy as our second fundamental of a business. Find out what kind of opportunity you have as a solo practitioner.  Take action and get the deal done. You could be kicking yourself for the next twenty years if you fail to follow your dreams. The motivation you have for starting your own practice should be enough for you get through the questions of whether to go through with it. To start a lemonade stand, all a child needs to do is get the product, create the stand, and start charging. But, of course, there is always more to it to be successful.

 

Financing your move is probably your biggest question. The first person a child will look to for financing for their stand is their parents. Of course if they want to be a real businessman, they will make sure they pay their investor back with a return on it, but as an attorney this may not be as easy. You could potentially be taking a huge financial cut by starting your own firm. But let’s face it, start-up companies are always bootstrapping, which makes it that much more fun.

 

The lemonade that a child sells is their product, and any nearby stands or stores that sell lemonade will be that child’s competition. You, as an attorney, are offering your expertise to represent someone in the court of law, and the fact that you are going to make sure your clients get first-class treatment and the utmost attention is what will separate you from the rest of the area’s attorneys, right? Going from a large firm to your own puts you more in control of your clients and yourself. You are now making decisions such as who to represent, how to decorate the office, what paper to buy for the printer…etc. Mom’s homemade recipe for lemonade might be enough to separate you from the competition, so why not take a hint? Be yourself and show the respect to your clients that you would want from anyone representing you. It will get you further with a client, make them more comfortable, and put you in a position to really feel passionate about what you are doing.

 

Maybe being a solo practitioner isn’t what you had in mind. You would much rather have a partner who shares the same passions and goals as you.  Sign them up. When was the last time you saw only one child working a lemonade stand? There is always one child behind the counter and the other is screaming on the top of their lungs to passing cars. Some say partnerships are disasters, but what I am telling is it will pan out if it is meant to be, and it will help you tremendously in the beginning phases. Come to think of it, when you have the money, you will hire that secretary, clerk, and office manager, just like children recruiting other friends to help with the stand when it becomes more successful. When you find yourself more worried about making copies than your actual legal work, it will be worth hiring the help. Don’t rush into it, but don’t be afraid either.

 

Marketing may be what separates the successful lemonade stand, from the one that ends up drinking their entire product at the end of the day. Getting your name out there is vital to any start-up company. Whether its newspaper ads, word of mouth, a great location, or a fancy 1-800 number, finding the best way to advertise will save you money. Let’s face it; a lemonade stand on a cold, rainy day isn’t exactly marketable. But if you have that same stand on the hottest day of the year, the sky is the limit! Research this area and make sure you know what works for you. Networking is a great way to market yourself, so attend conventions, seminars, and cocktail receptions to meet people. The more people that know you, the stronger you become. Another suggestion is offer favors to people and expect nothing in return. Having karma on your side can only help a start-up, and you should want to be a good person!

 

There will always be people trying to bring you down during your new endeavor. They are called the "nay-sayers." If you let these people get to you, you’re going to be hurting and so will your business. You know who to believe and you know who to trust, but nothing can get you off course if it is a passion of yours that you are pursuing with your heart. Make sure you have a mentor, someone who has done something like this before, to go to for advice but will not do any of the work. His words will be priceless to you because he has gone through the same experiences you will.

 

Finally please keep in mind the “Five Themes of Success”; be a doer, don’t be afraid to make mistakes, never forget the importance of networking, don’t listen to the negativity of nay-sayers, and help out others without wanting anything in return. If you truly believe you can do something, then you will let nothing get in your way. Continue to pursue your dreams, and I wish you the best of luck!