Invaluable advice for starting a legal practice
Advice that lasts
Some of the best advice I have ever received is ‘free’ absolutely free!
Back when I started my legal practice in 2019 I spoke to an experienced lawyer who was about to end his career.
I asked him:
“what advice would you give on starting a legal practice and knowing what you know?”
He paused and told me,
“cash flow is key, as a litigation lawyer having a trust account and ensuring security for your fees are paid in advance is absolutely critical.”
Amen to that.
I followed that advice and it has kept me in good stead. It has ensured I don’t waste time on chasing fees and I can give more value to clients who pay in advance.
Whilst I largely deal with building professional liability and he dealt with lawyer liability his advice has proved invaluable.
It’s simple advice, but I know it has been a major part of the success of my practice.
AND that experienced practitioner obviously knew how to deliver clear advice:
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he didn’t cloud his advice with 8 to 10 recommendations…
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he just gave one simple issue and one solution and emphasised it:
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cash flow; and
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trust account - AND make sure you use it!
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SO - here is to good advice - delivered well and received and followed!
The lesson for me in this was:
Firstly, if you are starting your own practice especially in litigation - cash is king!
Secondly, more broadly, when giving advice AND you know a single thing is REALLY important (even if simple) - don’t cloud your delivery with multiple tidbits of information. Hit home, by not rushing and emphasise your point. In many cases the delivery is as important as the message.
Finally, here is to all of the older professionals who share their wisdom and help us grow. Give them the respect they deserve and in many cases they will be happy to share their experience and advice.
I won’t name that practitioner here but I will reach out and remind him of my gratitude.
Have a great day folks!!!!
This article is a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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