Goodbye Law, and Hello To A New Business
Lawyers typically join the field of practice because it is a safe job, and they are highly paid without taking huge risks. After a lifetime of studying and working hard for various companies these high-achieving attorneys, (hardly naturals for entrepreneurship), find themselves financially and otherwise suffocated and overworked. As the law model in which the nation’s biggest law firms convert the best law students into billable-hour-crazed associates and, occasionally, partners grow to accommodate global organizations, businesses below the $100 million revenue mark that can’t or don’t want to pay high Law firm fees are being squeezed. This creates a chance for partners, fed up with this model to branch out to establish something of their own. Often times they have a passion for something else and find themselves buried in the law. This paradigm gives them an " out".
Another reason partners desire to move on and start their own business is because Huge Law generates big dollars up to $1.3 million per year for a sixth-year associate who bills $650 an hour at one firm that must stay unnamed due to the inexperience of young attorneys.“ It’s could be hard for non-lawyers to fathom, but, in many situations, the Big Law job does not even offer associates with any real abilities and it’s impossible for partners to charge their client's expensive fees for less than exceptional work. Working on a huge case may be a lot like putting together a 10,000-piece puzzle.
Business disagreements sometimes lead partners to venture out on their own. As firms develop so hugely disagreements become uncontrollable and partners reject business because it could upset a high-revenue-generating customer.
Any one who has ever watched an episode of " Better call Saul" can see this play out in the series.
Every practicing lawyer knows at least one talented, hard-working, former law firm colleague. Maybe they quit and started their own company, or maybe they wanted to spend more time with family.
Time Factor
More than any other reason, attorneys leave their companies to start their own business because of the amount of time they are putting in.. The stress of attempting to ‘balance’ their job and other interests, can become too difficult.” Several lawyers lawyers do not always like being on call 24/7. Any work that requires so many hours is difficult to make a life long commitment to. In order to fulfill life goals and not just billable hours, many choose to start their own businesses and live out a different passion. On their own schedule.
Three Important Tips for Starting a Business after Law.
1) Always Learn new skills.
Starting a new company is like learning something new, so learn all you can about business, and about your new industry. If you intend on establishing a company or working in a management role, you need to enlighten yourself as much as possible about leadership and management, particularly since it demands new skill sets that you may not have obtained through practicing law.
Learning all you can about your sector and constantly staying up to date. I know a lawyer that chose to get into the Wine Business. He spent all his time studying Wine, and then made the leap from law and never looked back! Who would, in beautiful Napa Valley!
2) Work Hard and be Dedicated
This sounds like an obvious one, but it doesn’t hurt to keep this in mind. Many attorneys are not used to the challenge of beginning anything new. Sometimes you have to roll up your sleeves and get things done yourself, no staff.
3) There is No “Right Time”
There will never be a " right time" to start your business. When one feels the urge to leave and create something on their own, one needs to act when they can.
The basic guideline does not abandon your work with no concept of what to do next. Be open to possibilities, and investigate what you want to accomplish or what business you’re interested in. Once you have a clear understanding of it, you can determine when your best “right time” to stop is.
The Story Of A Lawyer Who Became An Entrepreneur
Well....me.
Others of course.
Lawyers are not locked in their jobs and in fact, many frequently find tremendous success as entrepreneurs utilizing their abilities and talents to build their own firms.
One Of The Reasons That Made You Move From Law To Entrepreneurship?
From time to time, it is good to pause for a minute in life to attempt to analyze if the course you are following today is still the correct one for you and to make changes in life if required. Starting a company may be a big life transition for a person, which might take some time to achieve. Becoming an entrepreneur depends as much on willpower of the person as does a proper business environment that generates chances for entrepreneurship. The reason I became an entrepreneur was that I wanted to be the master of my time - to decide and take responsibility for myself and accomplish what I am passionate about. I also so a huge need and I felt impelled to fill it.
I thought that this was a wonderful venue and a chance to apply my professional talents and put them into use in the area of entrepreneurship. As an entrepreneur, I feel it necessary that individuals, who are beginning a company, have the enthusiasm and bravery to take chances and accept diverse experiences. In my case I saw a need, and was determined to be the one to fill it.
I didnt chose IT, rather the " idea" chose me.
Entrepreneurial, solution-oriented, and inventive thinking is also vitally crucial. Above all, one must have the confidence and tenacity to believe in establishing objectives and accomplishing them.
What Are Some Of The Challenges You Have Had To Overcome When Becoming An Entrepreneur?
In business, I have conquered how to negotiate successfully in tough circumstances and confront my concerns, and so I have come to the knowledge that difficulty does not imply that it is necessarily impossible. I feel that entrepreneurship is designed to be full of problems because they indicate how much enthusiasm we have in our business, how much willpower we have, and whether we can overcome these very insurmountable challenges in the first place. Challenges are obviously significant variables that encourage development for enterprises, which also disguise potential. I feel that if entrepreneurship was straightforward and without hurdles, then everyone could do it and the idea of success would become unimportant.
Why Choose Entrepreneurship Over Law
The path to business is frequently a dangerous one fraught with unanticipated twists, rejections and dead ends. There are thousands of restless nights, ideas that don’t work out, finance that doesn’t come through, and customers that never materialize. It may be so tough to begin a company that it may make you question why anybody deliberately sets out on such a path.
What Entrepreneurs Do
An entrepreneur recognizes a need and fills it. We try to fill a need that was not met before. It can be a unique industry, service or product. Its a reflection of us. Our ideas, thoughts and services. That can bring great satisfaction that the Law does not.
Why Become an Entrepreneur?
What compels entrepreneurs to move ahead when so many others would flee in the other direction? Though each person’s motivation is varied and unique, many entrepreneurs are motivated by one or more of the following motivators:
Control
Entrepreneurs are individuals who want to be their own bosses, establish their own objectives, manage their own advancement and operate their enterprises as they see fit. They realize that their businesses’ success or failure lies with them, but they don’t consider this duty as a burden. Instead, it’s a symbol of their independence.
A Life Reason
Many entrepreneurs have a clear vision of what they want to achieve and will work relentlessly to make it happen. They sincerely feel they have a product or service that fills a vacuum and are pushed by a single-minded resolve to keep pushing forward. They abhor stagnation and would rather fail while going ahead than wallow in idleness or be bored.
Flexibility
Not everyone fits within the rigidity of conventional business culture. Entrepreneurs are frequently striving to liberate themselves from these restraints, achieve a better work-life balance, or work at times and in ways that may be unorthodox. This doesn’t mean they’re working less hours – typically, particularly in the early phases of building a company, they work longer and harder – but, rather, they are working in a manner that is intuitive for them.
Financial success
Most entrepreneurs recognize they aren’t going to be instant millionaires.
Ummmm.... I can certainly vouch for that! That doesn’t mean they aren’t interested in the possibility to generate a ton of money from a massively successful firm over which they have complete control. Some seek to construct a financial safety net for themselves and their family, while others are trying to earn a tremendous profit by producing the next big thing.
Legacy
Entrepreneurs are frequently inspired by a desire to build something that outlasts them. Others seek to establish a brand that has durability and becomes an institution. Some desire to pass on a source of income and security to their heirs. There are other entrepreneurs that aspire to create a lasting effect on the world and leave behind an invention that improves people’s lives in some real manner. If we can make a difference, help others, then we have left the World better than we found it.
That is what inspired me, and I am sure many others out there!
