So, now that we have decided that the law is a business (a “for profit” enterprise, hence the name of the blog), let’s get to the business of making our business successful. Before we can do that, though, we have to define success. For each person it may be different. And, in order to play the game well, we have to know how the score is kept.
The best part about this game is that as the owner of a solo or small firm practice, you get to decide how you will keep score. Certainly money will be a factor. But, if money was the only factor, you might be working at BigLaw, Inc. instead of on your own. So, what matters most to you? Consultants call this values clarification. And, its important work.
For the purpose of this post, I’m going to keep it simple. I value my relationship with God and my family. I enjoy traveling and competing in triathlons. I want my work to have meaning. I want to contribute. And, I believe life is too short to stress too much about much of anything.
But, let’s simplify it further because there is great power in focus. There are some common threads here. I’ve narrowed it down to the following three things for me: maximum profit, with minimum time, and minimum stress. That is it. That is how I keep score.
Look closely and you see it hits all my values. Time (and the autonomy I have in my practice) allow me to make my interests a priority in my life. For example, I am still able to train for my Ironman races. I take theology classes to deepen my relationship with God. I have time to travel and be with my family. Time is more important than money to me. I can make more money. I can’t make more time.
But, money is important too. And, its obviously included in the goal: maximum profit. But, I don’t narrowly define profit - my definition is broad enough to include the money I make in the practice as well as the contribution I make to my clients’ lives and to society. Others profit as well as me - my employees, their families, my clients, my vendors, etc.
And, finally, I want to minimize stress. All the money and time in the world would matter little if I wasn’t enjoying my life. I couldn’t do the work I do (divorce and family law) if I wasn’t very intentional about reducing the stress in my practice. And, I’d likely be a poorer husband, father, and friend.
So, that is how I keep score in my practice: maximize profit (to me and other stakeholders) while minimizing my time in the practice and the stress in my life. Sounds great, right? But, how do you do that? Well, that’s precisely what we will be discussing in this blog. And, I do hope it is a discussion: e-mail me or comment on the blog with your feedback and tips. I am a huge proponent of the mastermind principle, and I’d love to benefit from your insights as well.
By the way, I am launching my weekly e-zine, “Profitable Practice” within a matter of weeks. It will allow me to discuss these same issues in more depth and will provide effective and ethical tips and strategies for solos and small firms to create a more profitable practice. If you’d like to get on the subscription list to receive it immediately upon its launch, then shoot me an e-mail at michael@shermanjeffries.com. It’s free.
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