Lawyers don’t know their value

DO YOU KNOW YOUR VALUE?

Lawyers going into private practice should be able answer this at a heart beat.

More so, lawyers in practice should answer this question with chest out beaming with confidence answering in the affirmative with a self-assured nod of the head.

Yet, many don’t.

Law school trained lawyers. It did not make entreprenuers out its graduates.

Yet, lawyers in private pratice are entrepreneurs.

Not a single unit on entrepeneurship or business is required to be learned in law school.

Yet, lawyers are expected to know how to ply the trade.

Not a single lesson has been taught on how to assess an engagement and the professional fees that could be charges.

Yet, lawyers are expected know how to charge for their professional services or face starvation.

No formal education were given to law students about professional branding.

Yet, lawyers are expected to differentiate themselves through specializations and become subject matter experts in their fields.

No training was given to law students on how to build professional and business networks.

Yet, lawyers are expected to have a vast network to be able to effectively perform legal services.

They say you will learn this in the practice anyway through the law firms that you will be working with during your employment.

Yet, law firm partners do not teach these to junior lawyers who are seen only as a help at the office. In many cases, proposals and even service agreement are intentionally being kept away from the prying eyes of young lawyers for reasons only known to the partners.

Hence, it is not surprising why there are so many law practices that do not thrive. Aside from the usual challenges of a business such as ensuring their is money to pay for the overhead and salaries, many a law practice become part of the statistics on why many 90% of business fail within 5 years.

All because a lawyer does not know her value.