Re: Bankruptcy and Solo Practice

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Successful solos know how to bob and weave, and bankruptcy
is not a dead area. When volume in one practice area goes
down, they move to another. I used to do a fair amount of
bankruptcy, but stopped during the real estate boom. Now
that real estate has died down, I (ironically) started doing
bankruptcies again, just as the new law took effect. I am
already doing the same volume that I did before (3 -4 a
month). Except this time I charge more ($1500.00 for a
typical Chapter 7) because of the new rules. Still not a bad
practice area.

Again, a solo law practice is like any other business. Most
will fail. Success depends on how well you are financed in
the beginning, hard work, business sense, perserverence, and
a little luck.

On 3/08/06, Guru wrote:
> As most of you know from reading this board, bankruptcy
> practice is kaput. The reasons are many. Now, I just
> read Suze Orman saying that "Bankruptcy is no longer
> available." That's what the public believes and it is
> largely true.
>
> What is happening to all of the bankruptcy attorneys?
> This is where it is getting interesting. Most are not
> going out of business. They are moving to other practice
> areas, increasing competition for all attorneys,
> especially solos.
>
> Not many people considered what would happen to the
> bankruptcy attorneys. Most assumed business would bounce
> right back. It isn't, and one bankruptcy expert says it
> wont come back for years. She is probably right.
> Business was expected to drop off considerably in November
> and December, and then resume an upward trend in January,
> and be back to normal at some point during 2006. January
> and February were no better, and March is looking dismal.
>
> So, back to my original point, bankruptcy attorneys are
> not going out of business. They are now doing divorces
> and dui, and personal injury. Non-bankruptcy attorneys
> are feeling pressure. I know this from talking with them,
> and it only makes sense. Bankruptcy, a booming and
> lucrative practice, is now dead. This sets up a major
> shake out for the consumer distress (criminal, divorce,
> pi) attorneys. I predict that a huge number of solos and
> small firms will go out of business this year. Aspiring
> solos here should take note.