Starting a law firm is one of the most exciting things you can do.
To get started you will need to select your law practice niche; launch a website or law blog; get some malpractice insurance; stock your office with the necessary technology and software, including a ScanSnap s1500 scanner for your paperless law office; put together a marketing plan, a social media plan, and a networking plan; decide on your billing structure; and decide if you need an office or if you will be a virtual law office.
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A: Among lawyers dissatisfied with their current occupation (hereinafter “Evil Day Job” or “EDJ”), it is a popular fantasy that it is a good idea to start a law practice in one’s spare time. Undoubtedly, some lawyers have done so successfully. This does not mean it is a good idea.
The problem boils down to time and focus.
“The Hessian could be a restaurant, a start-up, a clothing brand or more.”
—Designer Ben Pieratt
Pieratt has created what I’m calling a “brand in a box.”
It’s a complete brand identity, as Tim Nudd writes for AdWeek, a business Pieratt named the Hessian. For a cool $18,000, you get pretty much everything you need (at least as far as branding is concerned), all before you’ve even got a product or service to sell.
It sounds quite foolhardy. It’s a lot like putting the cart before the horse.
But this Hessian brand-in-a-box business got me thinking. Why couldn’t you, an aspiring law student turned lawyer-entrepreneur, start a law firm before you’ve even graduated from law school?
Lead generation just means finding potential potential clients. The criminal defense lawyer I worked for after law school subscribed to a daily list of people arrested the night before, and sent a mass mailing to everyone charged with a DUI or worse. That subscription, offered by the sheriff’s office, I think, was lead generation.
When the internet took off, some people realized it wasn’t that hard to attract people looking for a lawyer or answers to a legal question online. All you have to do is get them to a contact form, then sell their inquiry to lawyers. There are a lot of people doing the same thing, now. Some are legit, but many are not.
Enter LegalForce, an online trademark-registering service that is opening a bookstore in Palo Alto, CA, called BookFlip in order to generate leads for lawyers.
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Running a solo practice means you have to run a business and practice law, which requires a constant juggling of tasks.
The toughest challenge is marketing your solo firm—and ensuring that potential clients are consistently finding and hiring you.
One very effective way to market yourself and your firm is having a blog. A blog should not be your only marketing plan, but it should be part of it.
After a year of learning the financial aspects of running a small business, solo attorneys should (deservedly) pat themselves on the back for a job well done.
In a perfect world, every new solo attorney will have been paying estimated taxes from the outset. Don’t worry, I didn’t know what that meant either until I did my taxes for the first time.
Then I got some outside help. Here’s why you should do the same thing.
One of the toughest parts of running a solo practice is that you are own worst critic.
Chances are, you are your only critic. Living in that bubble can de difficult and downright deceptive when analyzing the financial success of your solo practice.
When you find yourself wondering if your solo practice is successful, here are three things to remember.
There are many people who advocate a niche practice over a general practice. I tend to agree, but it is tough. This year alone, we have turned away four clients already. Of course we refer these people to other attorneys, but it still feels like turning money away. As a result my partner and I have discussed expanding our practice. But how can one expand into unfamiliar areas of the law?
You can discuss The Shingle Life in the comments, in the LAB, or on Twitter using the hashtag #shinglelife.
A strong law partnership can be the start of a lifelong two-person firm. Or it can be the beginning of something larger. After all, Reed Smith started with just two people. In a recent post, Roy discussed the ups and downs of two solos partnering up. Unfortunately, I think he focused more on the risks and down sides of a partnership, as opposed to the benefits a partner can bring.
Of course partnering with someone is a very personal decision. It, like marriage, should not be decided lightly, and choosing the right person is tough. But having a partner has many benefits. Partners can balance out each other’s weaknesses. They can split up the many skills any solo practitioner must learn. Finally, and most importantly, a partner can be just that: someone else in the game with you.
You can discuss The Shingle Life in the comments, in the LAB, or on Twitter using the hashtag #shinglelife.
In the legal profession, there are many solo practitioners. The ABA estimates that half of the country’s lawyers “hang out their own shingles.” Over the course of a career, most of these solos occasionally give serious thought to the idea of joining forces with another lawyer. Such a decision should never be rushed. It should always be well-thought-through.
Here is a brief rundown of the up- and down-side of going to the altar with another lawyer.
As the end of the year approaches it’s natural to reflect on the past year. Did you reach your goals for the year? What have you learned in the last twelve months?
Of course, this year has seen me leave a full time job to open a two-person law firm. Since February I’ve learned that keeping overhead low requires a balancing test; an office is a great investment; how to deal with senior attorneys; and that sometimes you can lose a hearing without being in the courtroom. I’ve contemplated why I became an attorney, and what it means to help people.
I’ve learned a lot this year. A lot of it was intentional, sought after, or planned. But a lot was not planned. Many lessons, learned the hard way, were not sought after. Because there are some things you cannot learn from a book or a mentor. You have to experience them first hand.
You can discuss The Shingle Life in the comments, in the LAB, or on Twitter using the hashtag #shinglelife.
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