Re: Solo Practice as a Retirement Job?

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Forums tend to be pretty cynical & you get some anti-lawyer posts that skew
things. I think there is tons of opportunity in solo practice if you choose a niche
and market online. A colleague in my building did what you are considering, I
think he makes maybe $10-$20k a year but mainly it keeps him busy. It's
tough to make solo work chasing hourly rates because of all the non-billable
time. I use fixed fees & with specialization you become so efficient. A lot
depends on where you are. Google "(your city or state) & social security" or
whatever practice area interests you. If you don't see local atty sites that means
opportunity.

-Jeff

On 7/29/06, Still Looking wrote:
> It is clear from this forum, that establishing a solo
> practice is a risky venture if it is a venture that is
> expected to generate even a living wage, let alone, a
> middle class lifestyle (i.e. things like being able to buy
> a new car such as a Camry every 5 years or so, and being
> able to afford a motel for a vacation).
>
> So, what about solo practice as a retirment option? I
> could possibly take an early retirement from my non-legal
> job in approximately 3 1/2 years, and I would very much
> like to do so. However, the retirement income would be
> insufficient for maintaining myself reasonably. Would a
> small practice be the best option of just generating some
> additional income, not really being concerned about the
> amount, or would even getting just a few clients be an
> unlikely prospect? In other words, if solo-practice can
> not be counted on as a career, can supplemental income be
> considered a guarantee.
>
> At this point, after being out of school for 14 years, I
> really don't care if I ever practice law, and I don't even
> really consider myself a lawyer, but it is just a
> thought. I am not even sure about practicing period. I
> don't have much aptitude for providing personal services.