Most lawyers are lawyers first and business owners second. We’re in it because it’s who we are. It’s what we do; we’re here because we belong here.
Sometimes I wonder if we're like caged animals who fail to notice that the cage door has been left open.
Do we really remember that we can change our circumstances?
This life is something you created, so you also possess the power to change it. It’s all up to you. We rarely take the time to realize we’re free to choose. We've lived in this cage for a long time. Even when the door gets left open, it’s hard to think about leaving. We’re supposed to stay inside, right?
Sometimes it’s better to move on, find something new to do with your time, and let the old life go.
There are many reasons to make a change. Do any of these reasons apply to you?
Is it time to sell?
1. Something else has your attention
You find yourself waking up thinking about the new idea every morning. You can’t stop reading about it, talking about it, thinking about it.
You’re either suffering from obsessive-compulsive disorder or you’ve found your passion.
We’re wrapped up in our identities as lawyers. But it’s pointless to stick with the thing you’ve been doing when your energy is driving toward a different thing.
Careers used to last a lifetime. Not anymore. Even lawyers switch careers now.
Some lawyers try to do both things--the law practice and the new idea--at the same time. That’s fine when you’re experimenting and gearing up. But at some point you’ve got to make the leap--that’s the only way to give the new idea the attention it deserves.
Passion, energy, excitement, and a sense of purpose won’t necessarily make an idea work, but they’re certainly powerful in their impact. You deserve a life you’re excited to get back to each morning.
2. You don’t have the skills
Some law firms boom. They’re the right idea, at the right time, in the right market. But these booming law firms can be a mess if clients line up with money in hand and the law firm is incapable of delivering on their promises.
You might not be the right leader for the law firm once the boom hits. You might be great at $1 million. You might be pretty good at $3 million. At those levels it’s all about sales.
But what happens when the law firm hits $5 million in annual revenues? At that level, your leadership needs to be much improved or things will turn into a mess.
That's when the game changes, and it’s suddenly about management, technology, vision, and a steady hand. Your vision ran out at $3 million, though. Now you can’t get and keep the “A” players. You’re struggling with the technology, and then the growth levels off. Steady hand? Not so much.
Sure, bring in professional management. Let them handle it. Great idea, except you’re still there causing trouble. It’s not as easy as it seems.
Can you train yourself? Maybe, but it’ll require the same level of commitment it took to get through law school. Are you up for that while still working at the office?
Or you could sell it. You built it into a valuable asset. Is now the time to take your money and go play? Oh, and as a bonus, selling out at a high point is the best time to garner a high price. Good for you.
3. Personal/health issues
Health and personal issues are unpredictable--we’re human. No matter how hard we try, sometimes things happen.
We get sick, or a close family member gets sick. Illness can be debilitating, it can last for years, and it causes fallout in many aspects of our lives.
We’ve got a few hundred premium members inside Rosen Institute. It never occurred to me that we’d be dealing with devastating health issues and death on a regular basis. But it’s inevitable with this many members. It's sad, it's tough, but it's happening with regularity.
Realistically, our law practices become o…