In a recent episode of The Boutique Lawyer Show, Lauren Cassimatis, the founder and principal of Gallant Law, shared insights into her experience learning how to wear the multiple hats required for a law firm owner. She also delved into the intricacies of managing such diverse responsibilities and outlined optimal strategies for achieving such success.

Cassimatis reflected on her initial impressions upon starting her firm, recalling her naive expectation of ample free time and a focus primarily on the enjoyable and exciting aspects of entrepreneurship.

“When I first started the firm, I naively thought I’d have a lot of free time. That being a business owner was just about the marketing and the cool branding. Doing a bit of networking and having lunches and wine, dining with cool people and developing a bit of a name,” she said.

However, she articulated how she soon came to recognise the intricate array of demands and responsibilities that demand her attention as a firm owner.

Cassimatis likened starting a new business and learning about the multiple hats that you have to wear to getting a new car.

“When you get that new car, it smells so good inside, and you’re taking really good care of it, and you’re polishing and buffing and really looking after that car, and you’re excited. When you’re opening your own firm, it’s the same sort of feeling. There’s that pride and that enthusiasm,” she said.

“But what happens is that you do go on a bit of a roller coaster ride, and just like the new car, it sort of becomes routine, and you get used to it. It’s not as shiny [and] new anymore, but with it comes the breakdowns, the flat tyres.”

Cassimatis reflected on how that journey and realisation closely mirror the experience of running her own firm. She expressed that, while she was highly motivated and focused on the exciting aspects of opening a business, she initially overlooked other essential responsibilities.

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“The same thing with running your own business, running your own firm. And what I found was I was so excited [and] so motivated when I started the firm, and I focused on all the branding and getting it out there, getting the name known, and it was exciting bringing in new clients, exciting doing it my own way,” she said.

She acknowledged the challenges she faced in understanding the multiple roles and hats that she had to wear as a firm owner due to her lack of experience and knowledge in those accreditation areas.

“However, then you hit other glitches. You’ve got to learn about, for example, superannuation obligations, tax deadlines and BAS [business activity statements], and bookkeeping and trust, accounting and insurance and staff management, people management. There’s a whole dynamic going on that you really got to be on top of,” she said.

To effectively manage these diverse responsibilities, Cassimatis stressed the significance of surrounding oneself and engaging with advisers who are well versed in these domains. She noted that while lawyers possess qualifications and skills, being a business owner necessitates continuous learning and guidance from experienced mentors.

“Importantly, get some really good advisers around you. As a lawyer, we’ve obviously got our qualifications and our skills. And as a business owner, you might go and do that practice management course or go and do a marketing course or trust accounting course. But having some good advisors and constantly being prepared to learn is so important,” she said.

Cassimatis exemplified her strategic approach of utilising the expertise of others to optimise and enhance her capabilities in fulfilling the diverse responsibilities of a firm owner.

“For example, I’m useless with bookkeeping and BAS. I don’t have a sort of mathematical numbers brain at all. So I am learning with the help of some very good advisors,” she said.

She also stressed: “You’ll always learn as a business owner. And along with your skills developing, there are also laws and matters that keep evolving. You’ve got to really keep your finger on the pulse and keep adapting.”