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Earlier this week I found myself pulling "Poor Charlie's Almanack" off my bookshelf after remembering that it’s been one year since Charlie Munger's passing at age 99. As I flipped through my dog-eared copy, I was struck by how much wisdom I've absorbed from someone I never met—and it got me thinking about the power of indirect mentorship.
Learning from Giants
While having direct mentors is invaluable, some of our most profound learning can come from studying the lives and philosophies of remarkable individuals. Whether through books, speeches, or documentaries, these indirect mentors can shape our thinking and approach to both life and business in fundamental ways.
Three Principles for Building a Sustainable Practice
Let me share three powerful insights I've gleaned from Munger's wisdom that are particularly relevant for lawyers building their practices:
1. Define Your "Don't Do" List: Success isn't just about knowing what you want to achieve—it's equally about knowing what you want to avoid. Lawyers are trained to spot risks, but they often fail to apply this same rigor to their own career planning.
Before mapping out your next career move or practice development strategy, ask yourself: What outcomes do I want to avoid at all costs? What would make any success feel hollow? This might include things like:
Missing your children's important moments
Developing health issues from chronic stress
Losing your intellectual curiosity
Becoming technically proficient but professionally isolated
2. Invest in Yourself First: One of the most common challenges I hear from lawyers is finding time for professional development and practice building. The solution? Treat yourself as your most important client. Block out time—even just an hour a day—for activities that build your practice:
Writing that article you've been putting off
Developing deeper expertise in your practice area
Nurturing professional relationships
Strategic thinking about your practice direction
Remember: This isn't selfish—it's necessary. By investing in yourself, you're ultimately investing in your ability to serve your clients better.
3. Stay Within Your Circle of Competence: In an era of constant FOMO and pressure to be everywhere and do everything, this principle is more relevant than ever. The most successful lawyers I know have gotten there not by trying to be all things to all people, but by:
Developing deep expertise in specific areas
Understanding their natural strengths and leveraging them
Saying "no" to matters outside their core competency
Building a network of trusted referral sources for matters they don't handle
The Compound Effect
What makes these principles so powerful is that they compound over time. Each day you invest in yourself, each time you stay focused on your core competencies, each decision to avoid what you don't want—these all build upon each other to create something greater than the sum of their parts.
Your Turn
Take a moment to reflect:
Who are your indirect mentors? What wisdom have you gained from them?
What's on your "don't do" list for 2025?
How will you invest in yourself this coming year?
What's truly within your circle of competence?
The answers to these questions might just help shape the next phase of your career.
Remember: The best investment you can make is in yourself.
Jay Harrington is president of our agency, a published author, and nationally-recognized expert in thought-leadership marketing.
From strategic planning to writing, podcasting, video marketing, and design, Jay and his team help lawyers and law firms turn expertise into thought leadership, and thought leadership into new business. Get in touch to learn more about the consulting and coaching services we provide. You can reach Jay at jay@hcommunications.biz.