2school

I am waiting for the bar exam result, and I am thinking about going solo as soon as I pass the bar. Is that doable? Do you think I should work for a firm for a few years and then open my own office?

kukululu

don't do it!!!!! that's almost unethical isn't it????

we have all been to law school, and we all know that a good practice takes more than just a license. You NEED to work for others under supervision before you go out there and start being sued by your clients left and right!

mapit

I think you should work first, get some experience, then go solo

Recently I read a really good article about this on New York Lawyer, and I think you should read it, too. Basically, it breaks down what you need to do to be a successful solo practitioner and why a few years of working for others may help:) Good luck with all your endeavors.

Dear Emerging Entrepreneur:

A small number of law school graduates start their own practice right away. According to graduate employment data gathered by NALP, 3.2% of the men and 1.7% of the women in the Class of 2006 began their careers as sole practitioners. These percentages represent 568 of the 17,759 jobs reported for men and 275 of the 16,188 jobs reported for women, for a total of 843 of the 33,947 reported jobs.

There is much more to establishing a sole practice than hanging out a shingle and dubbing yourself an entrepreneur. Whether going solo is an appropriate choice for you depends on whether you have the skills and temperament to be both an attorney and entrepreneur at an early stage of your career. In addition to practicing law, you must also run a business. You face the challenges and demands of both roles which can be difficult even for seasoned practitioners. You have the added burden of being fresh out of law school, with little or no experience.

Before deciding on a course of action, among the factors to take into account are: (1) your tolerance for risk; (2) the areas of practice on which you will focus, extent of your substantive knowledge of the law related to those areas, and amount of your relevant experience; (3) the level of your legal skills and your confidence in them; (4) your access to experienced attorneys if you encounter a legal issue on which you need guidance; (5) your understanding of the rules of ethics and their practical application; (6) your ability to bring in business and develop a client base; (7) your business management skills; (8) your means to finance the practice, including essential malpractice insurance, and to weather ups and downs of the practice, particularly if you have substantial outstanding student loans; (9) your fee structure; (10) your understanding of the market in which you wish to practice; (11) your knowledge of the competition for the same business in your geographic area; and (12) your stamina for working long hours in light of your dual role as attorney and business manager.

Conduct research to help you resolve some of the above issues and determine whether it is feasible to pursue your own practice. Two books that you may find helpful are How To Start and Build a Law Practice (fifth edition, ABA 2004), by Jay Foonberg, and Flying Solo: A Survival Guide for Solo and Small Firm Lawyers (4th edition, ABA 2005), by a variety of contributors, including sole practitioners, law professors, and law firm consultants. Both publications provide the nuts and bolts of how to set up a practice.

In particular, the two publications offer guidance on developing a business plan, which is crucial to any start-up enterprise. As you will see, the above 12 factors touch on some of the areas that go into a business plan. You may also find general information on business plans by conducting an internet search on the terms usiness plans,?attorney business plans,?or usiness plans for lawyers.? For example, an online search yielded links from the Carnegie Library of Pittsburgh to a variety of resources regarding the development of business plans; see http://www.clpgh.org/subject/business/bplansindex.html. As with all internet searches, carefully evaluate the results before you click further. Be aware that some sites provide free information and others charge a fee if you engage their services, such as developing a business plan on your behalf.

After you gain a sense of what is involved in establishing and running a practice, talk to sole practitioners. Ask what they like about being solo and what is most challenging. Refer to the above 12 factors as a starting point for the discussion, and focus on areas that are most problematic for you. Gathering first-hand information, combined with your print and online research, will help you determine whether this is the right time to emerge as an entrepreneur.

Sincerely,

Linda E. Laufer
Director of Career Development
Morgan, Lewis & Bockius LLP
The views expressed in this column are her own and not those of Morgan Lewis.

Sincerely,
Linda E. Laufer

Source:Linda E. Laufer