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the impact. This is more than discipline; discipline gets you to the office, focus gets the job done.
Versatility is the ability to switch seamlessly from one to another task or endeavor. One of the pros of being a solo practitioner is the ability to adapt quickly to client demands, market demands, and economic passion. As Randy Komisar explained in demands. We all dream of a narrow niche the Monk and the Riddle: The Education of market, where we can focus on that one a Silicon Valley Entrepreneur, “Passion pulls area of arcane legal knowledge, but in the you toward something you cannot resist. end, your clients are going to want you Drive pushes you toward something you to be able to help them with everything, and you aren’t going to always want to feel compelled or obligated to do.” By Shannon K. McDonald & send the work elsewhere. And it isn’t just Mary LaSota, Esquires clients, you need to respond to market demands and economic demands or lack Discipline is the motivated attitude of thereof. When the world goes on vacation reaming of going solo? Ever self-control needed in an entrepreneurial every July and your business slows down, thought of what it takes to set environment. You need to show up on time, how will you adapt so that your business up your own business? Whether ready to work. There is no boss hovering hits its target that month? What will you you like it or not, the practice of law is a over your shoulder asking when the brief change? Before long, versatility becomes business. Do not get so wrapped up in will be written, the complaint filed, the a mindset and change becomes the norm. honing your legal skills that you forget billable hours met, and the client phone that you are also an entrepreneur running a calls returned. The ability to get things business. Solo practice requires a great deal done and done right the first time needs Business Acumen is a thorough underof ambition, risk tolerance, discipline, and to become intrinsically ingrained in your standing of what drives profitability and psyche. You need structure to complete the business sense. Here are eight attributes we cash flow, a market focused approach to daily tasks and structure to implement your believe are needed to fly solo. business plan. Discipline requires you to your practice, and an overall big picture get yourself up, put on your business pants, understanding of your practice and its and go to work, not go take a nap—at least interrelationships. Don’t be tempted to Passion tops our list. We believe you at first. Without the discipline to do the take shortcuts with services. The temptaneed passion for the law and passion to run job because you tell yourself to do the job, tion to take shortcuts can be irresistible if a business. A passion for both is required you aren’t going to succeed, no matter how your practice is not profitable. Failure to because being a sole practitioner is hard many clients you have. make a profit rarely has anything to do work. Not only are you the only attorney with legal skills—it has to do with a lack in your firm, but you are also your business’ of business-related skills, such as implemarketing guru, its accountant, its tech menting sound planning and budgeting wizard, and its back office support. Don’t Focus, focus, focus. If you cannot focus procedures, realistic pricing of services, like balancing the books? Despise market- effectively, you cannot think effectively. good billing and collection practices, and ing? Believe you are above the mundane Without focus you will not be productive keeping expenses in line. Learn as quickly task of typing your own envelopes? Then in either your practice or in your business. as possible business-related skills that will don’t bother thinking about going solo. As Each of us has a limited amount of energy benefit your practice. a sole practitioner you wear all of the hats. on any given day. Each day you can use Without passion you won’t get through that energy and apply it to many different the daily grind and your practice will likely things and a have a limited affect. But what not grow. Passion propels you out of bed if you narrowed your focus on a limited A Sense of Humor is more necessary in the early a.m. to write an article and number of important things? You would than you can imagine—unless you’re keeps you up late at night working on your have a greater impact. What if you applied already a solo. As a solo you’re going to business website. Don’t mistake drive for this mentality to your practice? Imagine Continued on page 23
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