Superb Lawyer, Entrepreneur, Investor, Frederick Penney, Shares Five Ways To Achieve Success In Business

Frederick W. Penney, CEO and Founder of Penney and Associates legal firm, isn't afraid to do the impossible. One year after passing the bar, he did what no one said he should or could do - he opened his own law practice. While others said his dream to start his own practice would be impossible without the experience or name of a big firm behind him, Penney simply said: "Well, watch me." 

Listening to his story, you can hear the passion in his voice. He's clearly a determined man, even though he is very established in the legal and business worlds, and has several accolades to his name. While others who have achieved what he has may be thinking of slowing down, Penney is laser-focused on building his legacy and continuing the success he has already achieved. 

Some of that success includes being a 2018-2021 selectee for the Northern California Super Lawyer Award. He has the highest AVVO personal injury attorney rating of a 10 - "Superb Lawyer," as well as an AV Preeminent-rated Attorney by Martindale Hubbell, one of the most prestigious rating systems in the United States. Penney was also awarded Best Attorney Lifetime Member by Rue Ratings Best Attorneys of America.

In addition, he is an investor in a multitude of initiatives that include real estate, fast food restaurant chains, traditional media, social media, and more. He's also the host of the nationally syndicated radio show Radio Law Talk. 

When he's not in the studio or in one of his offices, you can find him on his personal plane - a Phenom 300 Jet. 

He shares some of the principles he has stuck with to get him to the place he is now.

1. Resist. Resist. Resist.

Four years after starting Penney and Associates, Penney had managed to pay off his home and car and could start enjoying the income he was generating for himself. While his peers were splurging on Lamborghinis and mansions, the injury lawyer stayed in his small, humble home and drove an average BMW that, he says, "made me look fairly professional." 

"I remember saying to myself the following three words: resist, resist, resist. People say that my mantra is those three words," he explains. Penney resisted the temptation to splash out on material items and focused on diversifying his portfolio and investing in projects to create wealth in the long term. It's this self-discipline that he credits for his success later on in life.

"I took my money and I invested in outside businesses because I'm very entrepreneurial. I'm a lawyer by trade but I'm a businessman first," says Penney. "I resisted for 10 years, invested in companies and became very successful in most of those companies." As a result not only is Penney and Associates a very successful firm in California, but the national firm, Penney, Galbraith, Elder, and Brannen is in 46 states in the USA.

2. Build Your Name

Penney understands the importance of building a brand and has heavily invested in making sure his name is well-known and on people's minds as often as possible. 

In fact, he was one of the first high-profile lawyers to sponsor race cars when Penney Racing became a substantial stockholder in the race-engine building company Comptech Racing Engines. The company's engine was responsible for winning the Indy 500 in 2001, with its Colombian driver Juan Pablo Montoya, once ranked among the top 50 Formula One drivers of all time.

"My name was all over race cars and racetracks everywhere. Everyone knew my name. And that's why I did it. I did not do it to make money in the business. I did it to sponsor my name and my company," he says. 

More recently, Penney has ventured into radio, hosting the acclaimed Radio Law Talk show, which offers advice for lawyers, adding immense value to his profile and brand. His private jet is also branded and has become quite the conversation starter. He chuckles as he explains what often happens when people see his jet: "Everybody knows who I am. We have all kinds of people come up to us on the tarmac to comment on our jet. Then we give them a T-shirt. The jet has stacks of T-shirts in it that have a picture of the plane on the back of them. That way, all of these people know about us. I market my name."

3. Don't Rely On Passion

Passion can not be your sole driver in business. Penney has seen so many people say that they no longer love what they're doing even though they have built a successful business. He believes that while passion is important, you have to realise that sometimes you have to push through times when you don't feel passionate to see success come to fruition. 

"Everyone says you've got to find your passion to build a business. A lot of businesses are not fun and passionate, but they're very successful, right?" he explains. "I know a person that has a garbage company. That's not a fun business but he makes a lot of money and does very well. Is that his passion? Not really. But is he successful? Yes. It's okay to find your passion, but don't rely on that."

The belief that you won't be successful if you don't have passion for what you do is a skewed script. You can be passionate about being successful, whatever that means for you, and build a business that offers you that. "You'll be shocked at how many people I know who are not passionate about their business but it's very successful," he says.

4. Invest In People First

"I invest in people first, businesses second," says Penney categorically.

People are the foundation of your business and need to be your largest investment. You need to have the people strategy in place before you invest in a business so that the business can have longevity and not rely on a sole individual, or name, to make it successful. 

"You can take one of the best companies in the world and if you've got average people running it, it's going to go under," he says. "So I always have people lined up. I have two people right now that are in my pocket. I know where they are. If it's not in their genre, I'm pulling them into it. Because I know they can build a business. I know they're good. That's what you do. You find the best person for your business needs and then keep them in your pocket. Then you grab them when the time is right."

5. Enjoy Where You Are

"All my success has taken time. It's okay not to get rich quick," says Penney. 

He is adamant that young entrepreneurs and business people should enjoy the journey to success and learn from the process. You need to enjoy where you are rather than wishing for what could be or should be. Patience is the key to success. It is important to do the work and build each step of the way until you get to where you want to be - and even surpass it. 

"It might take five to ten years to build a business. It's okay not to get rich right away. Stay the course and keep working hard. Be patient, and resist spending all your money. Invest in other companies and live within your means. If you get knocked down, just keep getting up. Then the odds are that you'll be successful."

© 2023 Lawyer Herald All rights reserved. Do not reproduce without permission.