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While most law schools teach law students how to be reasonable, risk adverse professionals, we all know the sayings: No risk, no reward, and big risk, big reward.
And when it comes to taking risks, often we lawyers are worried about failing, or more accurately, losing money. This naturally translates to the fact that lawyers, generally, avoid taking the big risks that could have big payoffs.
Below, you can read three tips on how to take bigger risks.
Do Your Homework
Before you take a big risk, do your homework on it. Whether it's a difficult case or a new marketing scheme, before you commit, get informed. Sometimes being in the right place at the right time means you'll get the opportunity of a lifetime. But if you don't stop to think about and research that risk, like a reasonably prudent lawyer should, you could end up regretting it and going from risk-averse to risk-afraid.
Spread the Risk Around
When it comes to taking big chances, sometimes you can actually spread the risk around. For example, if a big tough case walks through your door, you may want to consider taking on a co-counsel to help and share the risks. Or if you're thinking about sponsoring a local rec league sports team, or event, you can split the sponsorship with another business.
Prepare a Plan B (and C)
Taking risks is important if you want to succeed in both business and life. But, if you are not prepared for what can and will go wrong, then you're setting yourself up to fail every time you take a big chance.
As such, before taking a big risk, make sure you have a plan B or even a plan C ready to go when you realize it's time to cut your losses and change gears.