A lot of lawyers feel trapped. They think their practice is what it is, and there’s not much they can do to change it.
How much can it really be changed anyway? Can they ever find a balance between their business and life? Is it a pipe dream to think they might have free time someday, let alone financial independence?
Scarcity vs. Abundance Mindset
Lawyers who feel trapped in their practice are looking at it through a lens of scarcity.
They want to get ahead, but they’re afraid. Afraid to try anything out of fear of failure and loss.
The fear overwhelms and keeps them trapped for a long time. They hit a wall and remain stagnant.
Until they realize this fear is all in their head.
Instead of tucking the turtle-head back in the shell, being a victim and blaming the world, every lawyer I've met who's built a practice that gives them personal freedom and financial independence has done one thing - taken the bull by the horns.
They can see how things can be different. They see that change happens by choice, not random occurrence.
Unfortunately, most of us don’t like the narrative of hard work, because it’s - well - work. It’s easier to dream.
But the problem with dreaming is that's all it'll be. A dream. But work - on the right things, done right, done smart - builds confidence. It snowballs. It uncovers opportunity.
And it makes you realize the world isn’t so scary.
The Lottery Mentality
I've talked to far too many lawyers who have what I call the "lottery mentality".
Those with a lottery mentality believe that some magical outside force – the government, the lottery commission, or mommy and daddy – will awaken them from their slumber and make things better. "Someday, my ship will come in," I hear.
If you had to rely on lottery tickets to put food on the table, would you do that? Or would you take action, figure out how to make money and get some food?
I know the answer, because you went to law school. You knew that getting what you want involves taking action, not dreaming about being a lawyer. You did it once. You can do it again.
If you’re just sitting around waiting for that big, lucrative case to come waltzing through your door, you’re buying lottery tickets.
Stop gambling for the home run, and start hitting some solid singles and doubles.
More base hits leads to a higher batting average. They’re easier to replicate. And you can teach others to hit singles and doubles for you.
Getting Beyond “If Only”
If only you had that one client who would be the bedrock of your book of business. If only that client would pick up the phone and call you out of the blue.
The problem with asking yourself “if only” is that it leads you to believe you don’t have to do anything to get that outcome.
Like it or not, all law practices are businesses. Businesses require investments. Investments of time. Investments of knowledge. Investments in marketing. Not only in the business, but in you, the business owner.
When you’re willing to make those investments, embrace the fact that all progress starts with taking action, and wake up to the fact that your practice can be anything you want it to be, you’ll realize the world isn’t scarce.
It’s actually yours to be had.
The 7-Figure Lifestyle Lawyers Take Action
So, what do these successful lawyers do that you don’t? Well, they believe they can do it, that they can be successful.
I've never seen a seven-figure firm grow organically with no plan, no effort, no business mentality, and no smart investments in knowledge and marketing. But with those, the world's your oyster.
You can’t wish it to happen. It's your turn to make it happen.