The New Reality: 3 Reasons Why Lawyers Are Becoming 'Lawyer-preneurs'
Court Buddy Legal Services
We don’t know the origins of the word lawyer-preneurs, but we do recognize the growing importance of lawyer-preneurs. By definition, a lawyer-preneur is simply a lawyer who is an entrepreneur. The best example of a lawyer-preneur is a solo practitioner or a group of lawyers who decide to open up their own law practice, either straight out of law school or after acquiring several years of experience in the public or private sector. In the 21st century, more and more lawyers are becoming lawyer-preneurs, either by force or by choice. Here are three reasons why.
1. Six Figure Jobs Are A Fantasy Enjoyed By A Few. Most law students dream of graduating from law school and securing a six-figure job at a large law firm where they will some day make partner and command a possible seven-figure salary. However, this is unrealistic for most law students and lawyers since the highest paying jobs generally go to the top 5% of the class or better from the top law schools. And even these jobs are becoming scarce. But what is realistic for any lawyer is the ability to write your own financial script as a lawyer-preneur. A high class ranking, top grades, or graduating from a top law school is not necessary to open up your own law practice or join several other like-minded lawyer-preneurs in collectively opening up a law practice. For these reasons, lawyers are finding the entrepreneurial path to be more plausible and realistic to achieving independence.
2. The Stigma Of Starting Your Own Law Practice Is Fading. 20-30 years ago, a lawyer starting their own law practice was viewed as the unlucky lawyer who didn’t have any job options. Today, lawyers start their own law practice for a myriad of reasons. Included in this group are lawyers that had job offers, but decided to open up their law practice. In sum, gone are the days where starting your own law practice was looked down upon. Lawyers now see the lawyer-preneur route as the ticket to a rewarding career on your own terms.
3. There Are More Resources Available Now Than Ever Before. Resources such as the internet, social media, and smartphones make it easier to start and grow your own law practice. Bar associations also have free to low-cost CLE’s and other resources to help lawyers with important law firm functions such as setting up and maintaining client trust accounts, preparing attorney-client engagement letters, and basic legal marketing. Even if your biggest fear is finding the time to acquire new clients or having enough clients to keep your law firm’s doors open and the lights on (a big fear for any law firm), quick, simple, and easy-to-use lawyer-friendly platforms such as Court Buddy can easily send new potential clients to your inbox in a matter of seconds with very little effort on your part.
As President Franklin D. Roosevelt once said, “the only thing we have to fear is fear itself.” In the 21st century, more and more lawyers are casting aside fear itself and taking the lawyer-preneur path to independence and a rewarding and fulfilling legal career.
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