Carolyn Kepcher, of The Apprentice fame, formerly a high-ranking employee with Donald Trump’s company, has ten excellent (if elementary, at least for my readers) tips on starting a business. The one I especially liked that prompted this post:
9. Informal board of directors
Whether or not you are starting the kind of company that legally requires you to have a board, you should create one anyway. Assemble a group of knowledgeable friends, colleagues and associates who are willing to meet with you from time to time to look at your plans, review your decisions and act as general advisers to your enterprise.
I immediately thought:
“How could you implement the kernel of this notion of an informal board of directors in your solo law practice, without running afoul of ethical restrictions and still maintain the value of such an idea – i.e., ‘the wisdom of crowds’?”
Perhaps this is a wild goose chase, but it seems to me that such an informal board might be an excellent way, especially for relatively young lawyers, or those inexperienced in their chosen practice areas, to get feedback on the decisions they’re making. You wouldn’t even need to get the entire board together for a meeting; simply take them out to lunch one at a time and ask what they think of your latest marketing plan, or decision to expand into a particular practice area, or interest in blogging.
The idea is not to delegate your decision-making obligations to others — merely to seek the wisdom of others as input. Experience is the best teacher; the experience of others can serve as a crystal ball, of sorts, to help you find the most direct path to the best possible outcome.
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