May 22, 2019

6 Ways To Overcome Fear of Failure

Editor’s Note: This post originally appeared on the ALPS 411 blog on August 11, 2014. Reprinted with permission.

SusanCartierLiebelBy Susan Cartier Liebel

Life begins at the end of your comfort zone ~ Neale Donald Walsh

We’ve all been there. We are so morbidly afraid to fail. So afraid, in fact, we find ourselves paralyzed and simply can’t take the next step forward. Not one. And when it comes to starting a solo practice or taking on a legal matter one grade level above our expertise or leaving the Big Law job you hate, you name it, it can cripple us and severely limit our futures.

This fear is quite possibly the single strongest force holding people down far below their professional and personal potential. In a crazy world full of uncertainty, a roller coaster economy, the myriad of unexpected disasters that could happen to anyone at any time, isn’t it easy to see why most people will take the safest route possible, the tried and true?

But this is where the joke is on us: playing it safe has risk as well. If you never give yourself permission to fail, your success in life will have clear self-imposed limits. Most people grossly underestimate their recuperative powers if they don’t succeed. This underestimation leads them to pass on valuable opportunities that come knocking. And we’ve all read with awe and longing the stories of those who failed often, failed big and then rose to the top with incredible success. It’s part of our business folklore!

If you are reading this, chances are you want to open a solo practice. Here are a few strategies that can help you put risk and reward of opening up your own business in perspective. It may even help you to challenge the fears which have been holding you back from taking the plunge.

1. Missed opportunities don’t happen without a cost – Without taking risk, you can’t take advantage of opportunities that present themselves. While a steady paycheck may sound appealing, a pink slip can hit you upside the head without warning, too. But, even in with this possibility, your life can still be pleasing and predictable, quiet and reasonably fulfilling. However, the odds of you creating something original are very low and most likely you will not leave any lasting mark on the world. (And that’s not to say that’s a bad thing.) But the reality is today’s careers are dynamic, not static and you may not have the luxury of a pleasing and predictable life. Career planning is less about planning and more about being continuously alert to opportunities that present themselves to you spontaneously. You need to be able to respond. Therefore, the ideal career is one where there is a wide range of opportunities (some more risky, some less) that together form a relatively safe career choice with a high upside for growth. Taking some of these high risk opportunities is essential because at the end of the day, they offer the greatest upside for reward.

2. Banish Ignorance – What we don’t know is the source of most fear. Eliminate the paralyzing power of fear by learning and understanding what you are up against. Research and be aware of all the possible outcomes (both the good and the bad) so you can get both a macro and micro picture of the benefits of success and the risks of failure. This analysis will help you see beyond the fear and help you make a more reasoned and dispassionate decision. Learn what it really means to run your own business as a lawyer. Talk to lawyers who are doing it; talk to lawyers who have done it and now are doing something else. Educate yourself. It is the most powerful antidote to fear.

3. And if you fail? – Know how long it will take you to recover if you fail. Odds are it will be less time than you think and not as financially disruptive as you fear. Is the fear of a few potentially difficult months so strong it can keep you in a mediocre or miserable situation indefinitely?

4. Understand the benefits of failure – While I say there is no such thing as failure if you try (only not trying is failure) others believe you can fail and should fail and should fail often. So if you are in this category know that every failure is an experiment and an opportunity to grow. Sometimes, even if the failure impacts you financially, oftentimes the knowledge you accumulate from the experience can be worth the financial downside. It can even position you for the next opportunity which will help you not only recoup the losses but take you further in your life than you would have gone otherwise. In the corporate world, it is well known that managers prefer to hire someone who tried to start a company and failed than someone who has always been strictly corporate. It is true in the legal world, too. Many who have gone solo have been offered jobs because they showed initiative, took risks, showed they could wear multiple hats and hustle. That the solo practice wasn’t a raging success didn’t matter to the hiring lawyer. The initiative, chutzpah and self-taught education the lawyer received is what mattered.

5. Have a Plan BContingency plans (or a safety net) are yet another way to minimize risk. If Plan A doesn’t work out you always have Plan B. Sometimes just knowing there is a Plan B makes it easier to move forward with Plan A. I find, depending upon the situation, having contingency plans allows me to take more risks and take them with greater confidence simply because I know it’s not ‘do or die.’

6. Start Moving – Sometimes the best way to climb the mountain is not to look at the mountain peak but down at your feet and put one foot in front of the other. As soon as you take the first step you begin to gain experience and education. We’ve all been there. Everything is or seems hardest the first time we do it quite simply because we’ve never done it before. So, you just put one foot in front of the other, build up momentum and rhythm and as you get closer to your goal, the fear of not succeeding seems less overwhelming.

How have you addressed your fears?

Susan Cartier Liebel is the Founder & CEO of Solo Practice University® (solopracticeuniversity.com), the only educational and professional networking community for lawyers and law students designed for those who want to create and grow their solo or small firm practices.

A coach/consultant for solos and small firms, an attorney who started her own practice right out of law school, a Member of the Suffolk School of Law – Institute on Law Practice Technology & Innovation advisory board charged with guiding the Institute’s future, an Entrepreneur Advisor for Law Without Walls, an adjunct professor at Quinnipiac University School of Law for eight years teaching law students how to open their own legal practices right out of law school, a columnist for LawyersUSA Weekly, the Connecticut Law Tribune, The Complete Lawyer, and Law.com, she has contributed to numerous online publications such as Forbes.com, legal publications and books on this topic as well as the issues facing women in the workforce. She speaks frequently to law schools and professional organizations around the country on issues facing solos, offering both practical knowledge and inspiration. She can be contacted at: susan@solopracticeuniversity.com.

CLE is hosting Hanging Your Shingle this weekend. If you are ready to overcome your fears and hang your shingle, this program is for you. Order the homestudy below.

CLE Program: Hanging Your Shingle

This CLE presentation will take place on August 14  through 16, 2014. Click here to order the CD homestudy – click here to order the Video OnDemand homestudy – click here to order the MP3 Audio Download homestudy. You can also order by phone at (303) 860-0608.

The InQuiring Lawyer: Is There a Better Exit Strategy Than Death?—Part I

Editor’s Note: This article appeared in the August 2014 issue of The Colorado Lawyer. This is the first part of a 5-part series on Legal Connection. Stay tuned for the interviews.

SandgrundIntroduction to Part I of the Dialogue

by Ronald M. Sandgrund, Esq., InQ.

This two-part article discusses an issue all lawyers must face during their careers: developing and deploying an exit strategy. This can mean exiting one practice area for another; transitioning from the law to a different career; accommodating the demands of raising a family; and slowing down or retiring near the end of one’s career. This article explores the issue through the eyes of two groups of lawyers: the first group transitioned from the day-to-day practice of law to a different job; the second group sought to reduce their hours either to accommodate family needs or as they travelled the long and winding road to retirement.

Although it is easy for me to reflect on the extraordinary blessings my legal career has afforded me—I basically worked for the same law firm and with the same terrific people for thirty years—there were more than a few times when I wanted to run for the hills. One time came when I noticed a small, balding spot in the back of my head due to a nervous habit I had developed of unconsciously twisting and plucking out my hair. With this incontrovertible evidence in hand, I worried that my job was ruining my mental and physical health. Then, my firm’s revenues dropped by 70% over thirty-six months due to sea changes that were occurring in our insurance defense practice. At the time, it appeared like a good opportunity to make a change, but I could imagine no exit strategy that seemed feasible. How would working at another firm change anything? At least I was a partner in my current firm, which allowed me greater control over my life—but which also burdened me with sometimes crushing managerial and financial worries. Also, what skills did I have that would have transferred to a job outside the law? Zero: I had gone straight from college to law school, and practicing law was all I knew.

In the end, I was very lucky. My law partners and I effectively doubled down on our law practice (that is what gamblers do, right?), jumping from the defense bar and into the strange new world of a plaintiff contingency-fee practice. In my twelfth year of practice, at age 36, I realized that the last thing I wanted to do was work for someone else or work with anyone else. I also recognized that I had developed a civil trial skill set that, if refocused, could still bring me joy and, hopefully, reward.

My wife and I adopted austerity measures that I found liberating rather than constraining. Eight years and a lot of good fortune later, things had come full circle. I sat down with my law partner and told him I wanted to map out a five-year exit strategy (which took seven years to implement). Later, I realized there was so much that I enjoyed about practicing law that we agreed to lengthen the exit ramp. I still practice some today, as of counsel with an energetic and skilled group of attorneys in a newly merged law firm—and my little bald spot has (mostly) grown back in. I also teach occasionally at Colorado Law, have written much short fiction (which I am trying to get published), started this column, travel to places I thought I’d never see, and I am working really, really hard on my tennis backhand—the last, always a work in progress (and now a greater challenge with an artificial hip and a reconstructed knee).

The story of every lawyer I spoke to is different; however, the moral of those stories is the same: there are many, many better exit strategies than death. For those who want to “jump to the chase,” I will tell you right up front that all the people I spoke to were happy to have employed their exit strategies. Not a single one of them left the full-time practice of law with any serious regrets.

Is There a Better Exit Strategy Than Death?—Part I

Some view practicing law like the Hotel California, a place “you can check out anytime you like, but you can never leave,” and where the guests are “all just prisoners here, of [their] own device.”[1] I spoke at length to eight lawyers over the past year, each of whom sought to exit the full-time practice of law, either early on, in the middle of, or near the end of their legal careers. Their reasons for exiting were personal to each, and none was provided a road map on how to accomplish this goal. All enjoyed the practice of law, but each saw the need to develop an exit strategy. By “exit strategy” I mean a change from the status quo, but not necessarily leaving the practice of law entirely—although for many, this is exactly what it entailed. For example, one lawyer with whom I spoke, Sue Borgos, practiced law for ten years, and then transitioned to information technology (IT) for twenty years. She ran her own IT company for the last nine of those twenty years before being hired as a territory manager for a national IT firm. Sue told me that she firmly believes her law degree was not wasted, nor was her time as an attorney, and that she still uses the skills she gained as a lawyer in many different ways on a regular basis.

None of the lawyers I spoke to found a “how to” book on transitioning effectively. For each, it was dynamic process; they learned as they went along. Based on what they shared with me, the keys to their accomplishment included:

1) recognizing that a change was necessary to make their lives more fulfilling;

2) imagining how their world would be after they had made such a change;

3) making and implementing a plan to effect this change; and

4) clearly communicating their desire for change to those around them.

In this Part I, we talk to four lawyers who sought a change of scenery outside the day-to-day practice of law. In Part II, we will talk to four lawyers who sought a reduction in workload on the road to retirement.

 

 


[1] From “The Hotel California,” by the Eagles, words by Don Felder, Don Henley, and Glenn Frey (1977). Having grown up in the 1970s and 1980s, I am most familiar with the Eagles’ lyrics; but every generation’s music seems to repeat their themes.