Hybrid volumetric medical image segmentation models, combining the advantages of local convolution and global attention, have recently received considerable attention. While mainly focusing on architectural modifications, most existing hybrid approaches still use conventional data-independent weight initialization schemes which restrict their performance due to ignoring the inherent volumetric nature of the medical data. To address this issue, we propose a learnable weight initialization approach that utilizes the available medical training data to effectively learn the contextual and structural cues via the proposed self-supervised objectives. Our approach is easy to integrate into any hybrid model and requires no external training data. Experiments on multi-organ and lung cancer segmentation tasks demonstrate the effectiveness of our approach, leading to stateof-the-art segmentation performance. Our proposed data-dependent initialization approach performs favorably as compared to the Swin-UNETR model pretrained using large-scale datasets on multi-organ segmentation task. Our source code and models are available at: https://github.com/ShahinaKK/LWI-VMS.