Seize the Day (and today’s opportunities)
Do you see your opportunities clearly? Do you maximize them? Most lawyers do neither, but exceptional lawyers do both. Sometimes, professional help is needed. When opportunity knocks, it often pays to clarify the picture by working with good coaches and consultants.
Outliers, Malcolm Gladwell’s bestselling book describing the lives of the exceptionally successful, explains Secret #3 perfectly: Don’t No Everything.
Among other points, Gladwell demonstrates how our cultures impact our behaviors and how exceptionally successful people make the most of the opportunities that come their way. As lawyers, our culture is exceptional. We are well educated, work hard, and devote ourselves to the best justice system in the world. From this base, we can improve our individual law practices (and our lives) by improving two essential skills: appreciate good opportunity when it comes and make the most of it.
A lawyer recently asked us about taking on a new client. She was offered the opportunity to receive work from a client who paid less than her normal hourly rate. She worried that the work would consume too much of her time, wouldn’t be profitable, and might impact her higher paying work. This is the usual risk analysis lawyers apply when faced with obstacles. She focused on the potential downsides and totally ignored the possible benefits.
We spent an hour discussing how the risks in this opportunity might be managed before I asked her this question: “What if it goes really well? How can this opportunity significantly improve your practice?”
She was nonplussed for a few moments. She couldn’t get past the possible pitfalls. I asked her whether she had enough work in her office right now to keep all of her lawyers and paralegals busy. “No,” she said. “The economy has impacted our business just like everyone else.” I asked her whether she had junior lawyers who could work effectively for the client at rates the client was willing to pay. “Yes,” she said, “but I’d like to get better paying work for them.” I asked her how much money it would cost to find and attract a better paying client with as much potential work for her office as this one offered. She said she’d never quantified the dollars spent on marketing her practice on a “per client obtained” basis, but we calculated the total time and expenses she spent on marketing in one year and discovered she could save more than enough to compensate for the lower rates the new client offered.
Finally, I asked her whether she could give the relationship a chance, with the full understanding that she could discontinue the representation if she found it dis satisfactory. “Of course,” she said.
She accepted the business. Both lawyer and client are well satisfied with their relationship.
What opportunities did you reject today? Can you go back and reconsider?
