In the legal profession, the term “legal entrepreneur” has been gaining ground in recent years. Law has typically never been associated with entrepreneurs, but now we’re in the golden age of the entrepreneur, it has spanned to cover the legal profession. If you are looking to make an impact as an entrepreneur, you may look to the legal industry as a way to achieve your ambitions if you are trained in law but have struggled to find peace with the profession. What are the benefits of legal entrepreneurship?
Greater Understanding and Access to resources
Legal entrepreneurs have an advantage over traditional lawyers because they understand the importance of incorporating modern tools. If you are looking for legal billing software to grow your law firm or need to upgrade your practice to cloud computing, you would benefit from having a more entrepreneurial approach and understanding the bigger picture.
Lawyers seldom view their practice as a business, but it’s clear more than ever that law firms need to acquire more clients. The best way to do this is to view their practice as a business and, therefore, start to operate with a more efficient approach. This is where a legal entrepreneur will have a distinct advantage.
Financial Rewards
Rather than running a traditional law firm, you can take the business start-up approach and create an environment where you set the rates, which will have a direct impact on how much money you can make. Because a lawyer typically works their way up the ranks to become a partner in a law firm, this usually requires a number of years of effort. Taking the bull by the horns and being a legal entrepreneur means you are setting the standards and have more control over your life at the very outset.
Choosing Your Work
Entrepreneurs make decisions about business and who they choose to work with. Typically, lawyers start by working with small-fry clients and accrue experience before they delve into a specialty. Operating a legal startup means you have the opportunity to choose your work and the right type of people you wish to partner with, either professionally or in terms of clients. This can be a very liberating practice for lawyers who usually rely on law firms to give them the guidance they need.
Surrounding Yourself With the Right People
Having the right resources is one thing, but having the right people so you are looking after your business properly is completely another. When you give yourself the resources, such as people you click with on a personal and professional level, you feel more involved and inclined to stay on your path. Many lawyers become disenchanted with the profession because they feel they have to impress the top brass so they can, hopefully, make partner. Taking the law into your own hands with this approach means you surround yourself with the right support network from the start.
Once upon a time, a law license resulted in a stable career. The problem in the modern day is that no career is as stable as it would seem, which is why more people are looking to carve out a professional career for themselves by going full entrepreneur!
