By T S • December 02, 2014
While some women including attorneys among upper echelons in the world of corporate America sing the old tune of no progress even after many years without progress, female attorney entrepreneurs do have something very important to be excited.
In the United States today, the total count of women owned firms doing over $10 million in revenues is up 57%, as reported in a new study about achievement by women who often grow without fanfare, seemingly under news headline radar.
The number remains small with about 20% of investors who are classified as angels for the year 2012 having invested money into businesses that are women-led, the actual percentage was itself up 42% over 2011.
While improvement is needed, the United States still did rank #1 across a study of 17 nations on the conditions for fostering high possibility female owned businesses and entrepreneurship. Law firms which are led by women are much more likely to be successful in situations where there is a realization of the stereotypes of women attorneys, and then setting these largely aside by addressing and dealing with them. Interestingly, the traditional partnership of women in big law seems to be failing the women attorneys of our day, with dramatic improvements need. On the other hand, women-led law firms such as a foreclosure defense law firm are up over recent years. It appears that women entrepreneurs in law are put into the situation that if they want to lead a law firm as a partner, they will have the greatest chance at doing so by starting the law firm themselves.
Hurray for women attorneys and entrepreneurs! These women lead women forward into other areas to shatter glass ceilings. Here are some of the things that are going well in women entrepreneurship.
1. Women in law have “what matters”
While the numbers bear out in both directions on this one, a study released out of Zenger Folkman holds that women make for better leaders over their men counterparts. They use intuition and logic in more cases than men and keep a level head where men are more statistically likely to lose their head when emotions run high.
2. The legal proof is, well, in the pudding
Two major research reports that were recently release found women to deliver superior company performance results. Companies that were venture-backed which also included females in positions of senior levels succeeded over their counterparts with only men at the helm, according to Venturesource.
Additionally, venter capital firms which invest specifically in businesses which are women-led performed superior to those with entirely men-led companies as reported in a study by the Office of Advocacy out of the SBA.
3. Diversity upgrades performance, leads to more innovation
Organizations which prove most inclusive to their women managers and leaders in highest levels of management reached 35% greater ROE (return on equity) with 34% greater return for their shareholders over peers – with research showing gender diversity a particularly sought after and valuable commodity when innovation is a major factor for the business unit. This came according to a study conducted out of Illuminate Ventures.
So what does this mean for law firms and women? Use the natural, God-given traits you possess as a woman. Do not hide from your characteristics which might make you feel shy or vulnerable, but rather use them to their fullest potential to the advantage of your clients and your firm. Be assertive, yet compassionate, be a powerful leader, and a humble servant of those who need your legal help.