Laura Cowan started her career in finance, earning a CPA and working at Ernst & Young and Goldman Sachs. When she decided to go to law school at 35, she knew that she wanted to launch a boutique firm with a practice area that complemented that financial background. Estate law seemed a good fit—but fate threw her a curve ball just as she launched her firm.“I had to turn my entire practice virtual overnight in 2020 in New York City because of COVID,” Cowan tells the ABA Journal’s Lee Rawles in this episode of the Modern Law Library. “I moved to Rhode Island to shelter in place with my dad. During that couple of months that I was sheltering in place, I still had to get my law firm running. I had a business to run and bills to pay. So I made everything virtual, and I really streamlined everything. And what I found was that I could make pretty easily $10,000 a month, working just a couple of hours a day.”
She has now leveraged the experience of launching an all-virtual estate-planning practice into a coaching program, 2-Hour Lifestyle Lawyer, to help other lawyers launch similar practices. Her new book, Lifestyle Lawyer Revolution: Live a Life You Love (Without Leaving the Law), is full of tips and advice for building a personalized practice to provide work-life balance for attorneys.
“Now, what we found is that there’s a lot of lawyers who are happy working a lot more than that and are happy earning a lot more, but the name of the business really comes from just this idea that you can still be a really great attorney without working 10 hours a day, and you can make a nice living without working 10 hours a day,” says Cowan.
A key part of not working too many hours is to hire appropriate assistance, even as a solo just starting out, says Cowan.
“What I see a lot of is lawyers that spend too much time in the weeds of executing and doing all these different things that an admin could be doing, and not spending enough time doing what the lawyer should be focusing on,” says Cowan. “So they’re both working too much and not making enough money, which is the worst possible combination.”
Cowan encourages estate attorneys to hold community workshops to help people understand the importance of wills and trusts. She says it’s an excellent way to establish connections that can lead to further business.
“The real reason that people hire us is because of the connection,” Cowan tells Rawles. “And I firmly believe this. People don’t hire you because you’re the best drafter in the world. They hire you because of the way that you make them feel. So use AI and technology behind the scenes to help you get your work done and deliver a really great client experience, but never forget that it’s going to be that that makes them hire you.”
In this episode, Cowan also discusses the benefits of value-based pricing versus the billable hour; attracting the client base you want to target; and how to deal with your biggest frenemy: technology.
