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055: Advice for Law School Students Starting a Law Firm

September 14, 2017

There are a couple of people in the Building a Law Firm Facebook group (if you aren’t in there yet what are you doing?!) that are law school students thinking about opening their law firms right out of school.

There are whole bunch of limiting beliefs that come with that, and if you pile on some bad advice it could be a recipe for disaster.

So I thought I’d drop some knowledge for you today and tell you what I’d do if I were a law school student starting a law firm.

Pick a Niche

Niches get riches.

Experts get paid.

Handymen work until they die.

That’s it. If you want to be a handyman, stuck on the treadmill of life, then be my guest.

If you want to win, pick a niche.

And if you’re not sure what you want to do because you’re a law school student starting a law firm there’s an easy solution – while you are in school go work for different people for free.

See how the sausage is made and find something you like.

Charge Flat Fees

Ours is one of only a few industries where the better you get at something the less you make.

In the future, you may be able to resolve a case with a five minute phone call.

Do you want to get paid for the five minutes, or for the time, money, and effort you saved your client?

Exactly.

Understand you’ll be learning on the job

And also understand that’s what you’ll be doing for your entire life.

Even seasoned vets get thrown curveballs.

Be committed to continued learning and excellence, and in about 6 months you’ll have more expertise than most lawyers out there (because they aren’t focusing).

Your mind is your worst enemy

Remember when I mentioned those limiting beliefs earlier?

You are going to have to figure out how to get past those.

I know how, and I can help if you’re interested. Or we can just talk about it. Book a time for us to talk here.

But if you don’t work on your mind, you are going to charge too little, work too hard, have shitty clients, and hate life.

I’m just sayin…

Invest in a coach to help you go fast

Michael Jordan had a coach.

LeBron James has a coach.

Bill Gates has a coach.

I have a coach.

And if you want to succeed you should too.

Coaching will help you go faster, help you hone your mindset, and make you aware of blind spots that can hurt your life and your law firm.

That’s it. If you are a law school student starting a law firm and you don’t listen to this advice, it’s on you.

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