Building a successful law firm from the ground up is no small feat. Milan Samardzic’s journey from a part-time lawyer to the co-founder of a thriving practice that eventually integrated with an international firm offers valuable insights for aspiring legal entrepreneurs.
His story, shared during our recent Session on Platforum9, illuminates the challenges, strategies, and personal qualities necessary for success in this demanding field.
The Early Years: Laying the Groundwork
Samardzic’s path to law firm ownership was far from linear. After completing law school, he initially worked on a USAID project before a serendipitous opportunity led him to join a friend’s law office part-time while fulfilling his civil army service.
“I never really planned to be a lawyer at all,” Samardzic admits, highlighting how unexpected turns can lead to successful careers. “Only then did I realise that there is this whole area of legal services, which was very new in Serbia at the time, where you actually get to be working for international clients in an international environment.
Following stints at smaller Serbian firms and the Belgrade office of an Austrian law firm, Samardzic spent two years with DLA Piper. This diverse experience provided him with a solid foundation in both local and international legal practices, preparing him for the leap into entrepreneurship.
Taking the Plunge: Starting a Solo Practice
In April 2011, Samardzic took the bold step of starting his own firm. He emphasises the importance of having some financial cushion or initial clients, noting, “It’s easy to start a law firm. It’s not expensive, right? Especially these days when people are used to everybody working from home, you can definitely start by working from home.”
Samardzic offers this practical advice for those considering starting their own practice: “When you’re embarking upon this journey, you will either have some money saved and be ready to risk it all and say, look, you know, if I lose it, it doesn’t matter, or try not to put yourself under too hard of a financial constraint at the beginning, but to have at least one or two even small clients that are going to at least pay for the bills.”
Growth and Challenges: From Solo to Team
Samardzic’s firm experienced significant growth after securing a major mandate – Etihad’s acquisition of JAT Airways (now Air Serbia) in 2013. This project catapulted the firm from a small operation to a team of 12 within a year and a half.
However, this growth brought new challenges. Samardzic found himself spending nearly a week each month on invoicing alone. It became clear that the firm needed a more robust organisational structure. This realisation led to the hiring of specialised roles in business development, finance, and office management.
“We were primarily thinking in terms of freeing up our time so that we could spend it in a smarter, more lucrative way,” Samardzic explains. This strategic move allowed the partners to focus on high-value activities while improving efficiencies across the firm.
Strategies for Success: Building a Brand and Client Base
Samardzic attributes much of his success to consistent networking and brand building. He stresses the importance of being present at events, introducing himself to as many people as possible, and building a reputation for reliability.
“If you don’t make wrong steps, people start trusting you,” Samardzic notes, highlighting trust as a crucial element of a law firm’s brand. He also emphasises the importance of finding the right fit in terms of firm size for clients, suggesting that sometimes being smaller can be an advantage when courting certain clients.
On finding the right clients, Samardzic notes, “You need to be the right fit for them in terms of size. And in terms of how important they are going to be for you as the client, so that they want you to be working for them.” This insight underscores the importance of strategic positioning in the market.
The Next Level: International Integration
Despite early hopes of merging with an international firm, Samardzic had almost given up on the idea when the opportunity arose to integrate with regional firm Kinstellar. This move, completed a year and a half ago, has provided access to higher-level work and expanded the firm’s capabilities.
However, the integration hasn’t been without challenges. Samardzic notes the need to adapt to a new system with more administrative layers and complex decision-making processes. Despite these challenges, he views the integration as a positive step that has allowed the firm to target the kind of work they truly enjoy and excel at.
Key Takeaways for Aspiring Law Firm Founders
Samardzic identifies three crucial traits for successful lawyers and firm founders:
- The ability to acquire clients (sales skills)
- The capability to get work done properly
- The skill in collecting legal fees
He also emphasises the importance of flexibility, keen observation of market trends, and careful selection of partners. The legal profession, Samardzic notes, often undervalues business generation skills, focusing instead on billable hours. He suggests that the new generation of lawyers should learn from those who have gone before them and have the courage to venture out on their own.
On the growth pattern of law firms, Samardzic offers this insight: “You don’t grow in a steady way on a steady line, but you kind of go up and then you plateau and then you go up and then you plateau… it’s kind of like climbing stairs.”
Conclusion
Milan Samardzic’s journey from a solo practitioner to a key player in an international law firm offers a roadmap for ambitious lawyers looking to make their mark.
As Samardzic puts it, “Baby steps, guys. One day at a time, as they say.” This humble approach, combined with strategic vision and hard work, forms the foundation of building a successful law firm in today’s legal market.
