Many law firm owners believe that as you hire more people, build a larger practice, and expand to new offices, you will inherently create more headaches and problems — that as you grow, your problems will increase.
So why not stay smaller to avoid it?
Of course, the type of firm you want to build is entirely up to you, but I wouldn’t say that the “more money, more problems” mentality is entirely true.
The problems most leaders face while growing are due to the lack of infrastructure and processes needed to successfully scale up. When your firm grows to a new level, it needs to be set up to handle a larger volume of clients and cases.
If you’re not prepared to grow, it will be a nightmare.
In most cases, as firms have grown, the firm owners wear many different hats and take on responsibilities ranging from hiring to accounting — while also trying to juggle practicing law.
However, if scaled correctly, it’s possible to have a large support staff that is able to handle the nitty-gritty tasks. This frees you up to do what you’re best at, what you’re uniquely qualified to do (rather than trying to do it all yourself).
Whether you grow to a certain practice size, a certain revenue level, or any other business growth indicator — if you believe that the problems will eventually go away, you are wrong.
All that happens is you will trade in your old problems for new problems.
If you’re an entrepreneur like me, this will excite you.
Consider the type of business you want to build — the kind of goal that will get you pumped for the future. How do you want to spend your time? What are your priorities? If you’re working towards something that you want to do, those headaches won’t seem so bad.
So, the bottom line is this: you have to do the things that ultimately make you happy.
If you’re growing and scaling, whether you’re a small or large firm, you’ll just have different types of headaches. If you’re working toward a goal you’re excited about, those headaches won’t hurt so much.
If you agree or disagree with anything Michael said here, he wants to know about it. Text him at 404-531-7691 to share your thoughts.