Every relationship is a two-way street.
Each partner contributing to the household in the form of income, effort, time, or all of the above. So, when your law firm doesn’t bring in the revenue you thought it would generate, it hurts.
It hurts to rely on your spouse to cover a bill. It hurts to expect clients to pay and they drag it out for what seems like forever. It hurts to have to come home, step into the kitchen, and deliver another lackluster report.
These are all surface level problems. Yes, money is an issue, but there is deeper darker consequence brewing here. Your presence of mind, your attitude, and the energy that you project onto your loved ones. When you are distracted, aggravated or frustrated…your kids can feel it. When you’re half-listening to your spouse as they try and wind down with you at the end of the day…they know.
Your time is currency too.
People throw around the term “I’m not made of money.” But we are. We are made of money, and our time is just as valuable to our children and spouse as the dollars we bring home. It doesn’t matter if you’re clearing a million a year if you’re a total jerk to everyone in your household and distracted when they are trying to spend time with you.
When you started your law firm, these were not the situations you pictured yourself in. Maybe you read a book or two. Went to networking events, CLEs or business groups. Along the way, you got buried, lost, and now can’t see a way out. Destined to spend the next year, two, maybe ten, in a business that isn’t working, and isn’t going to change.
And that’s terrifying.
But what’s worse? Doing nothing. Sentencing yourself to stay there. Giving up, checking out, and then taking it out consciously or subconsciously on everyone around you.
You’ll know if this is happening if you avoided talking about your business over the holidays. If your spouse has had to cover a bill…or all of the bills at least once in the past year. And if you are itching to file your taxes as early as possible because you need the cash.
You’re not alone.
The median average of a solosmall firm attorney’s income is $49,100.00. If you’ve read Clio’s Legal Trends Report, that number is a direct reflection of the lack of billable or tracked time by this particular section of the market. An unacceptable, and unsustainable, number that threatens our profession within the fastest-growing group of attorneys.
It’s similar to the socioeconomic challenges described in the book Rich Dad, Poor Dad by Robert Kiyosaki. Which if you haven’t read it, you need to…like yesterday. The delta between how solo attorneys view the practice of law and running a business is so great it is trapping solo practitioners in a cycle of despair and dissolution.
Attorneys are entrepreneurs with limited access to training. Most are unaware of the concept of using the money they collect in fees, also known as working capital, to work for them instead of working for money to feed themselves. Once a solo or managing partner learns that one lesson, everything changes. The ones who don’t…well, we’ve all seen that movie before.
So, what now?
It’s time to ask for help. To take the road less traveled. Down a path that leads to the quality of life you imagined when you started your business years ago. And, all it takes is one decision.
The desire to never have that conversation ever again. The will to do something about it, so that you never have to feel embarrassed, ashamed or spiteful about the direction of your business.
How to Manage a Small Law Firm started because we were tired of watching attorneys suffer and knew firsthand there was a better way. Today, we’ve helped thousands of law firms all over the world escape the doctrine of sacrifice, spend more time with their families, be present in all that they do, and lead happier lives.
Why not you?
Give us twenty minutes of your time, and we will tell you everything you want to know about how we can help you. If you decide it’s not for you…no big deal. We’ll part ways with a handshake.
Now, what do you have to lose?
Make an appointment here.