Today’s episode of Lawyerpreneur is an excerpt from Level Up Your Law Practice, which I had originally scheduled for release today. But after the COVID-19 pandemic affected all of our workflows and stress levels, I released it early to give people mindset tips that would help them cope. This excerpt is about not sacrificing your creativity to your law practice and choosing to be your own client.
Achieve Your Goals by Selling Yourself Some Time
Billionaire lawyer and real estate mogul Charlie Munger realized one day that he was his most important client. So he decided to sell himself an hour
each day. Early each morning, he set aside time to work on construction projects and real estate deals, before working for his clients. Munger advises, “Everybody should do this, be the client, and then work for other people, too, and sell yourself an hour a day.”
I write books, in part, because I want to create intellectual property that will serve as a source of income for the indefinite future. With the billable hour, I only get paid for my time once. But with books and webinars, I can get paid for my work again and again. There is no limit on the returns I can receive.
Maybe you don’t want to write (which is probably wise because there are far better ways make money). Maybe you want to invest in rental properties or create a paid membership site for an underserved e-community. Or maybe you just want to maximize your ability to earn money and be profitable within your law practice.
To do any of these things, you have to set aside time for yourself. You have to become your own client by selling yourself some time to grow and exercise your creativity. Otherwise you will be working for the benefit of others without consideration for your vision.