![]() ![]() That said I would strongly oppose having client meetings at your home. Also, our administrative staff is off site. In my practice, with regular court appearances and real estate closings and 21st century technology, I’ve found that in-person meetings with clients are virtually non-existent. My experience has been that there’s very little need for a physical office and it wastes critical dollars. In retrospect, once the “Space for Services” arrangement fell through I should not have rented office space. However, starting October 1st of this year, I transitioned to a home office. Following this office closure my firm was located in a traditional rent-paying location. Unfortunately, my landlord closed this office after my having been there only about six months. It kept my expenses down and allowed for good learning and mentoring experiences. I strongly endorse this sort of set-up if you can find it. He had a very full practice and I along with a number of younger attorneys assisted him. I had my office in a suite owned by an older attorney and my “rent” was 30 hours of legal work per month. I started my solo practice in a “Space for Services” arrangement on State Street in Chicago. These first two points are likely more important than the remaining eight combined the amount of money and overall risks at stake are large and an error can be fatal. Jay Foonberg in How to Start and Build a Law Practice suggests having at least one years worth of living expenses saved before starting a law practice (or having a spouse or significant other earning an equivalent amount).Ģ. Although I was married when I went solo, my wife wasn’t working at the time and it surely added to the financial pressures. Also, if you’re right out of law school, perhaps you live with your parents for six months to one year to eliminate housing costs. ![]() Ideally, you have a spouse or significant other who is working full-time in a steady, income-producing job and is providing health benefits. My focus here is your financial stability as you start your solo practice. Life Circumstances (primarily financial). You can do it! These are some tips of what worked and what didn’t work for me.ġ. Particularly in the current tough job market for new law school graduates, I expect that there may be many involuntary sole practitioners entering the practice of law. I started my practice in Chicago’s Loop and I practice primarily in the domestic relations, elder and real estate law fields. I had been a licensed attorney for not quite two-and-one-half years when I made the jump, with a small firm background in suburban Cook County. It was an exhilarating decision filled with both excitement and trepidation as I started my first business. In April 2005 I made the jump to sole practitioner, leaving the security of law firm life to create my very own legal services business I hung my shingle. It contains some of the kinds of advice Matt was famous for, but most importantly it concludes with an observation of the joy of taking responsibility for your practice - something that Matt excelled at. Editor’s Note: In this issue in honor of Matt Maloney, we have included only the article by Peter Olson. ![]()
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |