Re: solo advice (was Re: A suggestion the intent of this boa

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more solo advice:

Re: Testimonials
Posted by Ozarks Lawyer on 12/01/04

Mine took off fairly quickly. I began operating in the
black within six months, and hiring support staff within
four months. Profits were thin for a while, largely due to
taking anything that walked in the door. That equated to
lots of work for small retainers and broke clients. But,
except for the first month, I always made money. Not
always
a lot. Some months very little. But always something.

Generating business was easy. Generating profitable
business proved a little harder.

I've learned from mistakes, and I adapted. If I don't make
money on a particular type of case, I raise my rates and/
or
cut expenses. Or I quit taking those kind of cases
anymore. Period. If a plaintiff's case is mediocre but
worth getting involved in, I charge a contingency fee PLUS
a
few thousand retainer. That allows me to work up and
investigate the case. If they don't pay the retainer, I
don't take the case. If they quit paying the fees (on a
fee-
based case), I withdraw.

The trick was getting established before I opened. I DID
NOT DO THIS RIGHT OUT OF LAW SCHOOL. Former clients came
to
me. Bondsmen referred some. So did other attorneys.

The other trick was doing whatever it took to get the job
done. I am at the office until 4 a.m. way too often. But
former clients come back. They come back becaue I don't
let
them down and I don't give them false hopes at the first
meeting. They also send others to me, too.

Today, I cannot keep up with the volume of work. So I
outsource everything I can, billable to the clients.
Students for research. Transcription services. Copy
centers for large projects. Etc.

I've said it before, and I'll say it again: Exposure is
key, and the public sector is the best entry point to
litigation. I cannot emphasize this enough.

I've seen others make a go of it. They too began in the
public sector and started up in the geographical area
where
they had practiced. Some worked for legal aid. Some were
public defenders. Some were prosecutors or assistant
attorney general. It didn't matter.

I've also seen lawyers fold their practice. They moved to
a
town and opened up without first establishing themselves.
They hadn't the money to stay alive or promote their
practice. Some were just poor business managers who did not
learn and adapt.

Step outside of law for a minute and look at other
businesses. It's the same. An employee gets tired of
making money for other people and starts his or her own
business. They go into it knowing what they should spend
money on and what would be a waste. They take care of
their
customers. These are the ones who make it. Funny thing is,
often they are the malcontents who simply could not work
for
anyone else.

Then there are the raving optimists with half-baked ideas
and no technical experience. They launch a shoe-string
operation. They fail at a much higher rate. Why should the
practice of law be any different?

In short, gain technical experience and build a reputation
on someone else's dime. Then run your law practice like
you
would run any business -- return calls promptly, provide a
quality service, monitor costs, supervise the staff, etc.

The practice area doesn't matter. You must learn to screen
clients in whatever area you practice. For example, always
ask a personal injury client if they have ever been
convicted of insurance fraud. No joke. A friend of mine
got stung by that one. In a criminal case, get the money
up
front. Avoid screwballs who want to contest a will, unless
of they pay you a lot of money up front. Point is,
personal
injury can be good or bad. Criminal can be good or bad. It
depends upon the particular case, not the subject matter.

All in all, I think solo practice is the least efficient
way
to go. I believe a two- to four-attorney law firm would be
ideal. Economies of scale, you know. Oh, well. Maybe in a
few years.

One last point: Everyone dreams. Everybody had ideas, even
good ones. But dreams and good ideas do not set you apart
from the competition or make you unique. It's execution
will take you to the wall.

On 11/30/04, Lawya1 wrote:
> There are so many people here talking shit about
starting
> their own thing. I would like to hear stories of people
> who actually started the solo thing and how their
practice
> went. Mine didn't go right and I'm forced to fold; but I
> would like to hear others and how their thing went; what
> factors contributed to their making it or having to
fold,
> which practice areas were profitable and which were not,
> etc.

Posts on this thread, including this one
* Testimonials, 11/30/04, by Lawya1.
* Re: Testimonials, 12/01/04, by Ozarks Lawyer.
* Re: Testimonials, 12/01/04, by Ozarks Lawyer.
* Re: Testimonials, 12/01/04, by Lawya1.
* Re: Testimonials, 12/01/04, by Ozarks Lawyer.

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More | Report Post Mine took off fairly quickly. I began operating in the black within six months, and hiring support staff within four months. Profits were thin for a while, largely due to taking anything that walked in the door. That equated to lots of work for small retainers and broke clients. But, except for the first month, I always made money. Not always a lot. Some months very little. But always something. Generating business was easy. Generating profitable business proved a little harder. I've learned from mistakes, and I adapted. If I don't make money on a particular type of case, I raise my rates and/ or cut expenses. Or I quit taking those kind of cases anymore. Period. If a plaintiff's case is mediocre but worth getting involved in, I charge a contingency fee PLUS a few thousand retainer. That allows me to work up and investigate the case. If they don't pay the retainer, I don't take the case. If they quit paying the fees (on a fee- based case), I withdraw. The trick was getting established before I opened. I DID NOT DO THIS RIGHT OUT OF LAW SCHOOL. Former clients came to me. Bondsmen referred some. So did other attorneys. The other trick was doing whatever it took to get the job done. I am at the office until 4 a.m. way too often. But former clients come back. They come back becaue I don't let them down and I don't give them false hopes at the first meeting. They also send others to me, too. Today, I cannot keep up with the volume of work. So I outsource everything I can, billable to the clients. Students for research. Transcription services. Copy centers for large projects. Etc. I've said it before, and I'll say it again: Exposure is key, and the public sector is the best entry point to litigation. I cannot emphasize this enough. I've seen others make a go of it. They too began in the public sector and started up in the geographical area where they had practiced. Some worked for legal aid. Some were public defenders. Some were prosecutors or assistant attorney general. It didn't matter. I've also seen lawyers fold their practice. They moved to a town and opened up without first establishing themselves. They hadn't the money to stay alive or promote their practice. Some were just poor business managers who did not learn and adapt. Step outside of law for a minute and look at other businesses. It's the same. An employee gets tired of making money for other people and starts his or her own business. They go into it knowing what they should spend money on and what would be a waste. They take care of their customers. These are the ones who make it. Funny thing is, often they are the malcontents who simply could not work for anyone else. Then there are the raving optimists with half-baked ideas and no technical experience. They launch a shoe-string operation. They fail at a much higher rate. Why should the practice of law be any different? In short, gain technical experience and build a reputation on someone else's dime. Then run your law practice like you would run any business -- return calls promptly, provide a quality service, monitor costs, supervise the staff, etc. The practice area doesn't matter. You must learn to screen clients in whatever area you practice. For example, always ask a personal injury client if they have ever been convicted of insurance fraud. No joke. A friend of mine got stung by that one. In a criminal case, get the money up front. Avoid screwballs who want to contest a will, unless of they pay you a lot of money up front. Point is, personal injury can be good or bad. Criminal can be good or bad. It depends upon the particular case, not the subject matter. All in all, I think solo practice is the least efficient way to go. I believe a two- to four-attorney law firm would be ideal. Economies of scale, you know. Oh, well. Maybe in a few years. One last point: Everyone dreams. Everybody had ideas, even good ones. But dreams and good ideas do not set you apart from the competition or make you unique. It's execution will take you to the wall. On 11/30/04, Lawya1 wrote: rbrb There are so many people here talking shit about starting rbrb their own thing. I would like to hear stories of people rbrb who actually started the solo thing and how their practice rbrb went. Mine didn't go right and I'm forced to fold; but I rbrb would like to hear others and how their thing went; what rbrb factors contributed to their making it or having to fold, rbrb which practice areas were profitable and which were not, rbrb etc. Posts on this thread, including this one * Testimonials, 11/30/04, by Lawya1. * Re: Testimonials, 12/01/04, by Ozarks Lawyer. * Re: Testimonials, 12/01/04, by Ozarks Lawyer. * Re: Testimonials, 12/01/04, by Lawya1. * Re: Testimonials, 12/01/04, by Ozarks Lawyer. Kaplan Paralegal Program Earn a Degree in one of the fastest growing and most exciting fields around. Becoming a Paralegal has never been so easy! Click here for a FREE self-assessment! ETerm Life Insurance ETerm Free Life Insurance Quote - Save 50-70ptpt on Term Life Insurance University of Phoenix Online University of Phoenix Online. The campus is virtual. The degree is real. AIU Online Ready to investigate an exciting career opportunity? Earn a BS in Criminal Justice in 13 months. Learn more! Advertise with Counsel.Net Counsel.Net offers affordable advertising opportunities for legal vendors. Reach your target market for a fraction of cost - Click here to get started! Please click here to visit our sponsor Site Map: Home Search Contacts Chatboards Mailrings Jobs Legal Tools Advertise © 1996 - 2004. All Rights Reserved. Please review our Terms of Use, Mission Statement, and Privacy Policy. ">