Are You Fit for Solo Practice?

Here is a good list of ten qualities of an entrepreneur. The list has relevance if you are contemplating striking out on your own (or starting a new firm with partners). Item #4 is probably the hardest one to translate to the law (Do you have a unique service or product?) It's hard to come up with a new practice area that the marketplace needs.

"Unique" in this context may relate more to the clientele you serve or how you deliver your services. For example: find effective ways to bill clients that do not rely on traditional hourly billing; identify an emerging industry that has a common set of legal problems; create a firm that provides a multi-disciplinary approach to solving a set of business or individual problems (making sure to adhere to the ethical rules which bar non-lawyers from owning law firms).

The point is that you need to distinguish yourself from service providers that already exist.

Checklist for Starting a Solo Practice

A good overview if you are thinking of going out on your own.

Hanging Your Shingle

As more associates and law school graduates are finding themselves jobless, starting a law practice is becoming a more attractive option. The ABA Law Practice Management Section publishes some good resources on the subject (click here). If you are in the Boston area and want some help in doing a business plan, a former colleague of mine is organizing a seminar on the topic at Suffolk Law School (click here for more info).

There is also a very good outline on the BCG website on creating a business plan. You can access that here.

Going Solo in a Down Market

Why would anyone want to start a business in a down economy? As it turns out, there are some very good reasons to do so. Some are articulated here by a career coach (competitors weaken, clients get restless and are looking for bargains, biglaw cuts back). It is also true that your opportunity costs are less (you are not giving up a potentially lucrative job to do something more risky).

I would add that in a down economy, services, office space and other business related expenses become more affordable. There are more "deals to be had". But you have to be able to overcome the paralysis of trying to succeed in the face of a lot of bad news. This is not easy for the typical lawyer (being more oriented towards risk than opportunity). On the other hand, if you can overcome this paralysis, you will be in good company of many successful businesses that were launched in down times.

Tips for Starting a Law Practice

Here are some tips for anyone with an entrepreneurial itch.

When Lawyers Leave Law Firms

The March/April 2006 issue of the Boston Bar Journal features a good article on the fiduciary obligations that partners have to clients and to their firms (if they want to leave their existing firm.) Sorry, no link yet. The article has some very practical suggestions about how to move on without violating your ethical obligations.