Brazil has one of the highest numbers of lawyers in the world. So, what can one do to stand out in the increasingly competitive Brazilian legal market? One of the qualities that enables this distinction is, without a doubt, legal entrepreneurship.
So, in this article, you'll learn its main principles and how to start applying it to your career today.
What is legal entrepreneurship?
In short, legal entrepreneurship is the ability to identify problems and opportunities, formulate solutions, and invest resources wisely to create something that benefits your legal practice.
The first point of this article is to clarify that legal entrepreneurship is not a gift, it is not exclusively reserved for a select few, but a behavior that can be developed, according to the classic theory of David McClelland – endorsed by the UN.
So, how can a behavior be consciously improved through:
- Seeking opportunities and taking initiative;
- Taking calculated risks;
- Demand for quality and efficiency;
- Persistence;
- Commitment;
- Information search;
- Setting goals;
- Systematic planning and monitoring;
- Persuasion and networking;
- Independence and self-confidence;
Why should a lawyer know about legal entrepreneurship?
Today, in short, a lawyer must undertake entrepreneurship for one important reason: to differentiate themselves in the market.
" The lawyer who keeps up-to-date, who studies, who understands and reads the case, who immerses themselves technically in the matter, but who also takes initiative, is the lawyer who will write their name on the walk of fame, " as Josley Soares Costa discussed in the presentations of the book The Definitive Guide to Legal Marketing.
Furthermore, legal entrepreneurship is not only the evolution of modern law practice, it is also the only way forward in these new times.
Brazil has one of the highest numbers of lawyers per capita in the world. Therefore, standing out in the competitive Brazilian legal market is not only important, but essential.
What are the advantages of legal entrepreneurship?
There are several advantages to legal entrepreneurship, including the pursuit of professional excellence, improved remuneration, and reduced workload.
Similarly, we can list 6 main groups of advantages:
- Legal excellence and efficiency in service delivery;
- Greater management, predictability and financial control;
- Increased customer satisfaction;
- Reducing workload through efficiency;
- Stress reduction;
- Improved customer acquisition;
- Looking for technology, innovation and differentiation in the market.
What are the challenges of legal entrepreneurship?
In short, the main difficulties for legal entrepreneurship are outdated training and a conservative market. Let's examine each of them.
Outdated training
Firstly, legal entrepreneurship is not part of the regular curriculum in law schools.
Therefore, knowledge of tools for undertaking legal work can be severely hampered by a purely technical, traditional understanding of law.
Conservative market
Secondly, the traditional mindset leads market professionals to tend towards conservatism. In this mindset, the profession is considered inflexible.
However, it is impossible to fight innovation. We are living in new times , and legal entrepreneurship is also an advancement of this new market.
The impact of this is beneficial for professionals in the sector, because it should improve the excellence and agility in the delivery of services.
How to start implementing legal entrepreneurship?
First, you can start by identifying the problem areas and opportunities for a good action plan.
Therefore, the model you will see below was based on the planning suggested by the expert on the subject. Alexandre Motta To develop an action plan, let's look at the following.
Objectives
- What do I want for my career?
- What do I want for my office?
- What amount of money do I have available today to invest in legal entrepreneurship?
Posicionamento
- What areas of labor law?
- What areas of law do I work well in?
- What are my strengths and weaknesses?
- What are my mission, vision, and values?
- What advantage do I have?
- How do people perceive me in the legal market?
History
- When did I start?
- Which and how many active clients do I have?
- Which clients are inactive, and how many are?
- Of these, which are A clients (profitable and strategic), B clients (not so profitable, but with an attractive cost-benefit ratio), and C clients (not very profitable)?
Organization
- Are my phone and internet lines ready?
- My computer (hardware and with Are they eligible?
- How do I provide remote service?
- Do I have up-to-date legal tools?
- Is my customers' data properly stored and secure?
Communication
- Does my digital content speak to my customers?
- Is my graphic material adequate?
- Does sending a monthly newsletter make sense for my target audience?
Internal performance
- Is there an internal procedures manual?
- Is the atmosphere of interaction with my partners good?
- What are the positive and negative points that my colleagues and partners have to say about me?
- Do I know how each employee spends their time in the office?
External performance
- Do I give lectures with a forward-looking approach?
- Do I write articles that are relevant to the market?
- Did I develop partnerships that added new contacts to my career?
So, these are some of the questions that can gather essential information for your first action plan in legal entrepreneurship.
So, start now. Take a sheet of paper, leave the questions open, and begin answering them one by one.
Therefore, identify the problems and opportunities and formulate solutions (with planning and goals) to pursue professional excellence in your field.
And lastly, if you found this content useful, please share it on social media. It might also be helpful for your colleagues. And remember: having companions along the way not only fosters partnerships but also makes the journey much more motivating.
