Building a Future for Success - 10 Tips

OTLA 2009 Fall Conference

1. Know Your Own “Big Picture”

• Have a five year plan
• What do you want from a career in law?
• Do you really want law?
  • 50% of lawyers leave practice of law within 5 years
• What are your preferences?
  • Support network of large firm?
  • Freedom of sole practice?
  • Compromise of smaller firm?
• What are your personal goals?
  • Financial?
  • Family? Other interests?
• What is your exit plan? What is the exit plan of those around you? Do they mesh?

2. Carefully consider your Scope of Practice

• Age of the Generalist has gone
• Era of increased specialization (i.e., medical negligence or motor vehicle accident benefits)
• Benefits of specialization are increased expertise and confidence
• Risks of specialization are legislative changes marketing realities, lack of diversity
• More general practice requires more effort to stay current but more secure

3. Learn and Love Your Craft

• Now more than ever, pressure to stay current
• Be a trial lawyer not a settlement lawyer
• Learn from others by watching trials, motions, etc.
• Make sure you are in the right type of law for you
• Know what you don’t know
• Attend CLE
• Clients and co-workers understand and appreciate a passion for what you do

4. Learn and Love the Business of Law

• For most, running a law firm is running a small business
• You need to understand accounting, human resources, business law and cash flow
• You need to know how to make a business plan and make it work with banks
• Need to know how to negotiate leases, contracts, etc.
• Embrace technology (within reason)
• More billing does not always equal more money in your pocket

To read more, download the full whitepaper.