February is almost gone. Each year seems to go more quickly for healthy businesses that are growing.
I have had the pleasure of meeting numerous new law firms this January 1st. Most of these law firms are solo practitioners. Most of them are starting firms from necessity, rather than a business plan. Elon Law School just graduated its first class and their students have the challenge of graduating from an a school awaiting its accreditation into a recession. Others have left their firms after being informed of their new compensation plan. Others were just let go.
I may not be a business owner in the way a law firm partner is, but I understand all too well the pressures as I am what is referred to as a “variable compensated employee.” This means commissions. The Greek philosopher, student of Plato and teacher of Alexander the Great, Aristotle is quoted as saying:
Contemplation is the highest form of activity.
I encourage new firms to ponder this timeless wisdom. More than 2300 years ago Aristotle explained how to launch a successful law firm. New firms say “We’ll see how things go.” Established a successful firm say “just another bump in the road.” I will concede the economy isn’t what it has been and that established firms have a referral base a new firm does not. The greatest strength successful law firms have over a new firm is belief in their success.
I encourage the new firms to commit to their success. Don’t “wait til next month to see how it goes.” Today is the tomorrow you worries about yesterday. A successful business owner will confirm today is the only day that matter to your success.
