EPISODE · May 30, 2023 · 26 MIN
Starting a Law Firm Right Out Of School: Challenges and Opportunities
from Maximum Lawyer · host Tyson Mutrux
Starting a law firm right after law school can seem like a daunting task, but Kevin Cheney, a personal injury attorney from Denver, Colorado, shows us that it is possible to build a successful practice with the right mindset and skill sets. On the latest episode of the Maximum Lawyer Podcast, Kevin shares his journey of starting his own law firm and the challenges that came with it. Here are some takeaways from the episode:➡️ Seek out mentors and have a high risk tolerance. Starting a law firm right after law school requires a lot of courage and risk-taking. Kevin emphasizes the importance of seeking out mentors who can guide you through the process and having a high risk tolerance to overcome challenges.➡️ Be comfortable with asking for business. Getting clients is the hardest and most important thing any law firm does. Kevin advises being comfortable with asking for business and networking to build a client base.➡️ Create a mission statement, vision statement, and core values for the firm. Kevin stresses the importance of involving all staff members in the process and constantly reevaluating the firm's mission, vision, and core values to ensure they reflect the firm's goals and values. ➡️ Plan for growth. Kevin recommends creating a 10-year plan, a 5-year plan, and a 1-year plan, with a focus on the 10-year plan as success and growth compound over time. He suggests considering factors such as the number of staff and employees, practice areas, and offices, as well as the role of the firm's leaders and their workload.➡️ Invest in the personal growth of employees. Kevin recommends investing in the personal growth of employees through initiatives such as a book club to achieve growth and success.Listen in to this episode that provides valuable insights and tips for lawyers considering starting their own law firm right out of law school.01:55 Starting a law firm 04:40 The challenges of building a personal injury law practice and the necessary funds to handle cases effectively07:04 Should you open a law firm right after law school?09:55 The process of shifting roles in a law firm, the importance of focusing on the business for growth15:10 The importance of creating a mission statement, vision statement, and core values for a law firm21:56 The thing that’s holding you back from growth Jim’s Hack: Light Comes Through: Buddhist Teachings on Awakening to Our Natural Intelligence by Dzigar Kongtrul Kevin’s Tip: Invest in the personal growth of your team through a monthly bookclub. Tyson’s Tip: Case Text: Meet your new AI legal assistant. Cocounsel does document review, legal research memos, deposition preparation, and contract analysis in minutes - with results you can trust.🎥 Watch the full video on YouTube here.Connect with Kevin:Website TikTok InstagramFacebookResources:Join the Guild MembershipSubscribe to the Maximum Lawyer Youtube ChannelFollow us on InstagramJoin the Facebook GroupFollow the Facebook PageFollow us on LinkedIn Resources:Join the Guild MembershipSubscribe to the Maximum Lawyer Youtube ChannelFollow us on InstagramJoin the Facebook GroupFollow the Facebook PageFollow us on LinkedIn
What this episode covers
Starting a law firm right after law school can seem like a daunting task, but Kevin Cheney, a personal injury attorney from Denver, Colorado, shows us that it is possible to build a successful practice with the right mindset and skill sets. On the latest episode of the Maximum Lawyer Podcast, Kevin shares his journey of starting his own law firm and the challenges that came with it. Here are some takeaways from the episode:➡️ Seek out mentors and have a high risk tolerance. Starting a law firm right after law school requires a lot of courage and risk-taking. Kevin emphasizes the importance of seeking out mentors who can guide you through the process and having a high risk tolerance to overcome challenges.➡️ Be comfortable with asking for business. Getting clients is the hardest and most important thing any law firm does. Kevin advises being comfortable with asking for business and networking to build a client base.➡️ Create a mission statement, vision statement, and core values for the firm. Kevin stresses the importance of involving all staff members in the process and constantly reevaluating the firm's mission, vision, and core values to ensure they reflect the firm's goals and values. ➡️ Plan for growth. Kevin recommends creating a 10-year plan, a 5-year plan, and a 1-year plan, with a focus on the 10-year plan as success and growth compound over time. He suggests considering factors such as the number of staff and employees, practice areas, and offices, as well as the role of the firm's leaders and their workload.➡️ Invest in the personal growth of employees. Kevin recommends investing in the personal growth of employees through initiatives such as a book club to achieve growth and success.Listen in to this episode that provides valuable insights and tips for lawyers considering starting their own law firm right out of law school.01:55 Starting a law firm 04:40 The challenges of building a personal injury law practice and the necessary funds to handle cases effectively07:04 Should you open a law firm right after law school?09:55 The process of shifting roles in a law firm, the importance of focusing on the business for growth15:10 The importance of creating a mission statement, vision statement, and core values for a law firm21:56 The thing that’s holding you back from growth Jim’s Hack: Light Comes Through: Buddhist Teachings on Awakening to Our Natural Intelligence by Dzigar Kongtrul Kevin’s Tip: Invest in the personal growth of your team through a monthly bookclub. Tyson’s Tip: Case Text: Meet your new AI legal assistant. Cocounsel does document review, legal research memos, deposition preparation, and contract analysis in minutes - with results you can trust.🎥 Watch the full video on YouTube here.Connect with Kevin:Website TikTok InstagramFacebookResources:Join the Guild MembershipSubscribe to the Maximum Lawyer Youtube ChannelFollow us on InstagramJoin the Facebook GroupFollow the Facebook PageFollow us on LinkedIn Resources:Join the Guild MembershipSubscribe to the Maximum Lawyer Youtube ChannelFollow us on InstagramJoin the Facebook GroupFollow the Facebook PageFollow us on LinkedIn
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Starting a Law Firm Right Out Of School: Challenges and Opportunities
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