The essence of respect
Respect is something we all strive for. Interestingly, it doesn't come attached to any designation, post, or position—it must be earned. If you look up a dictionary, "respect" means "a feeling of deep admiration for someone or something elicited by their abilities, qualities, or achievements."
The foundation of knowledge
If you notice another aspect of the definition, you'll realize that abilities, qualities, and achievements in your profession are built on the foundation called "knowledge." In my view, the lack of knowledge is one of the basic reasons for the despairing feeling of inadequacy. However, merely having "knowledge" is not sufficient; you must learn to apply that knowledge to practical situations, thereby developing your "abilities." Successful application of your abilities gives you "achievements," and a combination of both gives you "professional qualities" that others admire. In case you are unsuccessful in applying your abilities, do not despair; it will just improve your "knowledge" and refine your "abilities."
Personal qualities
Then there is the aspect of "personal qualities": Are you trustworthy? Are you reliable? Are you a gossip-monger? How do you conduct yourself? How do you dress? What are your etiquettes? How do you talk? And so many more qualities.
Continuous improvement
Gaining knowledge is a lifelong process, and developing "abilities," "qualities," and "achievements" requires constant updates to your knowledge base and lots of hard work, persistence, and dedication. One can begin with self-awareness, for which SWOT Analysis, as Mr. Gopinath Varahamurthi has already mentioned, is a very useful tool. Self SWOT Analysis is easier said than done; one must be dispassionate about it and have the courage to do it because it can be quite revealing about oneself. But if you do it successfully, you get a clear-cut idea about how to channel your efforts towards becoming a better professional.
The importance of reading
(A word of caution about gaining knowledge: With free "data" available on the World Wide Web, including this forum and many like it, the habit of reading reference books, professional publications, etc., has completely vanished. Notwithstanding all this free advice and guidance, as Mr. Dinesh Divekar very rightly pointed out in his reply—always, always, always go back to the books, the bare acts, the case laws, read and re-read the original stuff.)
All the best.