Let me start out with a confession: I love reading business books. All kinds, from attorney-focused business law books, to time management, practice management, business blogs and even attending law practice management classes. (I know, my wife says I need a hobby!) I like to think I have read most of the popular business books, and there are some great ones and some terrible ones. One set that I found I like is Michael Gerber’s series of E-Myth books.
The original book was written in 1988 and is short for the “Entrepreneurial Myth”. The basic premise of the “myth” is that while most business people think they have what it takes to start and run a small business because they are good at what they do, they still lack the entrepreneurial spirit to actually succeed. Mr. Gerber has written 17 books since the original one and in recent years has branched off further to co-author E-Myth books for specific areas of interest. The E-Myth books focus on different professions: construction, accounting, and so on, as well as one that focuses on physicians and, of course, one for attorneys. I suspect most of the books are the same with just certain areas specific to each industry, but it doesn’t feel like that when you read it.
The current book was co-written by Robert Armstrong and Sanford Fisch, both attorneys who appear to have experience in small firm management.
Before I jump into the actual review, I want to define what I think makes a good business management book. My criteria for a good business book is one that motivates me to improve my practice, gives me a few good ideas and doesn’t cost too much. If I put the book down without having specific, concrete ideas to work with I am usually disappointed. A great example is in a recent episode of The Office , where the crew hosts a small business success seminar and the phrases “If you can dream it, you can achieve it” and “Think what you want…then double it!!” are heard again and again. Unfortunately, some of the hucksters out there have figured out that, as a group, lawyers are often lacking in fundamental business skills and those types of books abound. They promise great things without telling you how to do them. That is not the case in this book. It succeeds while avoiding feel good phrases, instead giving great specific advice and the cost is fantastic.
The book starts out with examples from a two-person law firm and covers some basic business concepts. Starting with the concept of an income statement, a monthly statement that shows 1) how much you are taking in and 2) where it goes. Mr. Gerber suggests it should be looked at daily, weekly (at a minimum) and even hourly if need be. The book is big on making you track all aspects of a firm all the time.
The biggest take away point that comes back again and again is that you need to “systematize” your law practice. Mr. Gerber spends considerable time discussing the importance of systematizing the entire firm. Systematize everything from when dollars come in to the actual practice of law. Where the book falls a bit short is not giving a written example of what they mean. While I get the idea of what it should look like, I would have loved to see an example. This detracts a bit from the book, but I still recommend reading it.
One of the selling points is it sells for around $16 on amazon.com. The kindle version sells for about $11. This is less than what you will spend for a nice lunch with a client. It’s a no-brainer on the cost.
Final analysis: buy it, read it and have your law partner do the same. Finally, have someone in your office become the “e-myth person,” the one who asks every day if the goals are being met.
Jason Kohlmeyer practices family law and criminal defense in Mankato, Minnesota and can be reached via his Minnesota Family Law Blog when not reading business books.
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