Going Solo

Upon graduating from law school, most people focus on studying for the bar exam; law school is just a way to qualify. After taking the exam, there's a delay in finding out your result. If you pass, it's all good, except for that whole employment aspect. The lucky few in the top ten percent of their class will have offers from large firms. The rest? So difficult to know, especially in the current economy.

If you're looking for a job, many non-attorneys will ask why you don't open a solo practice. Some people do, especially in a bad market. Some of my classmates did, and are doing well; several went into an office share so they're actually solo practitioners but share overhead expenses, like receptionist, copier, etc. Most of these were married people, so didn't have immediate worries about a roof over their head or food in their mouth; their spouse has a job and can take care of those issues. One guy was single and said he'd never gone solo it if he was married because it's too risky. So it just depends on your interpretation of "risk." And most people start up a practice without a business plan.

Some people fall into it unintentionally; an acquaintance worked for a new firm for a year, after which she was told they could no longer afford her and offered her an office share. She took it but found it frustrating to transition from employee to solo practitioner and took a job with another firm shortly thereafter.

If it was me? I'd learn about running a business. There are classes, grants and loans all geared toward the small business person. You need an office, equipment, mentors and clients, together with the ability to collect on delinquent accounts; one of my friends was the collector for her husband's business and is very thankful that he closed it down and took a sales job with a larger company. Because it was construction, she could record a Mechanic's Lien against the property; that may not be an option for legal work.

Malpractice insurance may or may not be required by your state, but seems like a reasonable thing to have; ditto renters insurance for the facility in which you're working. If something happens, you want your equipment to be covered. And you need a back-up system for your data.

There are businesses that offer an "office presence" so you use their address and phone number and have someone answer the phone; in reality, it's more like those shared cars and bikes because you're paying for the illusion that your office is there and for a certain number of hours in the conference room as well as the person answering the phone. But it's only your conference room for that hour. That seems like a reasonable way to start a business because you can work at home or the library but still have a more official place to meet with clients.

I took a class from a solo practitioner who said that the first bill she paid each month was her student loan bill; her office was in her home so her business expenses were lower than if she had an outside office. I'm sure that worked fine with a home office, but might not be as effective if she had been paying rent somewhere.

Many solo practitioners work from home, at least at first since it's so much cheaper if you have the space and can stand to do so. Computer, Business line, Library or Legal Database Subscription and you're good to go!