Tenacity, confidence and planning were named among key factors in helping three attorneys launch their own law firms.
Oct 29, at This means that I had no associates nor support staff.
I had a small number of clients with relatively simple matters, so I had no need for such luxuries. But later, I got a part-time assistant who handled the mail, deposited checks, and called a client from time to time.
She is still with me today helping me close up my existing cases. Solo practitioners and small partnerships seeking a lucrative practice will eventually have to hire employees, or at the very least, part-time contract workers, in order to expand.
At some point, the grunt work becomes too burdensome for the solo to handle alone. The legal assistant or paralegal will handle the usual office paperwork and logistical client calls while the associate is in charge of smaller cases.
Some pure solos want the lucrative practice without the hassle and potential liability of employees. Some pure solos are not interested in practicing law full-time. They might be enjoying a side job. Or the spouse is the main breadwinner of the family and the children or elder family members have to be tended to.
Since they are working part-time, they will have few clients and will not need employees. If you are happy working part-time, then by all means, go for it.
Because your income will be a lot lower than a full-time solo, you probably cannot afford to pay for business development expenses and a legal research subscription.
So it may be better to work part-time for an attorney instead. In exchange, these ten lucky souls would have unfettered access to her for legal work.
Sounds simple enough, although this sounds similar to a pre-paid legal services plan.
Since she has so few clients, she can probably work from home and visit the clients instead. A few issues though. The potential clients who might be able to pay this are midsize businesses and wealthy individuals with complex legal problems. Third, even if you find your 10 magic clients, you will still have to troll for business to replace the ones who will eventually fire you.
If it gets to be too much for you, you may need to hire staff to help you. Such clients should be easier to find. Having 20 or more clients can get complicated. But once you have 20 clients, you may need to consider getting a separate office.
Assuming you have to meet with each client once per month, it will probably be inefficient to drive to their home or place of business.
Managing 20 clients could be done without help so long as an efficient client management system is set up. I will conclude by saying that it is possible to make decent money as a true solo but unlikely.
The point is that while being a true solo will avoid employee headaches, it also comes with a cost. Since you are doing everything yourself, you will have no time for business development or improving your skill set because you will be spending that time doing work that an associate or assistant should be doing.
Shannon Achimalbe was a former solo practitioner for five years before deciding to sell out and get back on the corporate ladder. Shannon can be reached at sachimalbe excite.A website is one of the most important marketing tools for your law firm.
Your business website acts as a first point of reference people look for to establish credibility about your firm. In this lesson you will learn exactly how to build your own website and how having a website can help build your practice. 3 Do’s As Told by Solo Attorneys. Do have a Marketing and Business Plan.
Another attorney recommended investing in law firm practice management tools to help inform and catalogue good, quality leads and existing clients.
3. Do Find Good Mentors. Practical Business Planning For The Solo Practitioner By Suzanne Meehle on Jul 30, 2 Comments Lately I have been doing as much business consulting as actual law practice. Planning or executing a marketing plan for a business law firm in Idaho is much different than for a personal injury law firm in Manhattan.
Make sure your marketing agency can help you craft a marketing plan that works in your market. Above The Law In your inbox.
The Pure Solo Business Plan From the Above the Law Network. Early Adopter Firm Goes Live On 3E In The Cloud Source. Do-It-Yourself Marketing: Tips for Solo and Small Firm Lawyers (population 45,), where I practice in the areas of business law, real estate and estate planning.
To help ensure I started—and stayed—on the right foot, I began working with my bank before my business opened. I discussed my business plan with the bank manager and outlined.