The legal industry is a very competitive environment and law helps shape that environment. In fact, law affects the five forces (Porters, 2008) by developing and determining industry competitors, buyer and supplier power, new entrants, and substitutes. In order to stay competitive law firms need to better understand and characterize the industry environment. Therefore, they need to innovate to compete and adapt to socioeconomic factors. Innovation, begins by thinking of solutions that are challenging your business. This means law firms must collaborate with and create a legal design that will improve its internal and external strategy. Where do law firms start? Design thinking.
Blockchain technology has impacted the world in a very unique way. It all started with cryptocurriencies which is a unique technology that is still advancing. In fact, governments and financial institutions are researching the vast potential of this unique technology that expands far beyond cryptocurriencies. As I said before, cyberspace has created new innovations that have benefited the global society in both licit and illicit activities. However, it has also created new concepts that can benefit the legal environment in numerous ways.
It wasn’t all that long ago when firm perks were limited to fresh batches of Starbucks coffee in the break room and 2-weeks of paid vacation. And hey, if you were really lucky, maybe your firm threw in a company-wide party every winter or a couple months of early dismissal “Summer Friday’s” during the warmer months. As wonderful as these benefits may seem on paper, they simply aren’t enough to curtail the stresses and burnout that come hand in hand with this profession.
According to a recent study conducted by the American Bar Association and the Hazelden Betty Ford Foundation, a whopping 20.6% of attorneys demonstrate signs of problematic drinking use and 19-28% experience significant anxiety and depression. It’s no wonder really, particularly in ‘Big Law’ firms where billable hour requirements and evenings spent working well past 1:00 a.m. reign supreme.
Thankfully, we are on the cusp of a change. Perhaps it has something to do with these shocking statistics or maybe it’s as simple as the advent of the Internet, but it finally seems as though the legal profession is stepping into the 21st century and acknowledging what power houses like Google and Facebook have known for a long time: corporate wellness matters.
Why has this change taken so long? In my humble opinion, it has a little something to do with the types of folks the legal profession attracts. We tend to be stubborn, steadfast and, by the very nature of our jobs, argumentative. Combined with the rich history of the law itself (and our desire to still file everything on paper and by certified mail) and it’s no wonder the legal profession has been lagging behind other industries for the better part of the last 30 years.
Emphasizing Wellness to Shift Corporate Culture
Moving towards a culture that encourages wellness, on a mental and physical level, is so much more than sponsoring a few yoga classes or a corporate retreat…it’s about shifting the very mindset we have clung to so earnestly in the legal profession. By encouraging wellness initiatives for all lawyers - from junior associates to name partners – we are simultaneously encouraging a culture of acceptance and inclusion.
By refusing to turn a blind eye to the mental health and substance abuse problems that are so prevalent in the legal industry, we are accepting responsibility for creating a culture that promotes unhealthy coping strategies and burnout. By allowing staff attorneys to work remotely as needed, we are encouraging a healthy balance between work life and family life. And by providing all employees with the tools they need to live a life founded in wellness, we are increasing overall productivity and retention.
It is called “hanging up your own shingle” or “going into private practice.” Whatever the reference, starting a solo practice can be a challenging endeavor. One of the keys to success is starting out the right way. Any attorney who endeavors to embark on this journey must consider a few fine details that will have important ramifications on the success of the practice for years to come. The first consideration is a rather basic one.
Is Solo Practice Right for You?