Re: Taking "The Plunge"

More | Report Post

The best way to build a probate practice is to build an estate planning
practice. It's a little morbid, but as your clients start to die, you will
usually get their estates, especially if you're the one holding their original
will. Consider investing in a fireproof safe so you can offer free will
storage. Then, check in with the client every year or so. My last firm opened
in the 1940s and did this. They have thousands of wills on file and get a
steady flow of probate business, which is VERY good money.

Regarding estate planning, make yourself an expert and broadcast this to your
community. Estate planning is one of those areas where only a few people
really know what they're doing - become one of those people. Seminars
(especially to elderly people), relationships with other professionals, and
maybe a little advertising will bring people in. Try writing the column in the
local paper I talked about.

Unfortunately with estate planning, the fees aren't very high for simple
plans, and people who need sophisticated planning (where you really make the
money) often go with bigger firms. You need to convince them that you're
better and more efficient than they are!

You should do some real estate, also. This goes hand in hand with estate
planning. When someone hires a will, there's a good chance that they'll buy a
house at some point. When they do, you want them to think of you as THEIR
lawyer who they can rely on. The converse is also true - someone buying a
house will usually want a will. All you have to do is hand them one of
those "Do You Have a Will?" brochure that Carol was talking about, and they'll
hire you.

Bankruptcy is great for some steady income. This is an area where advertising
helps. In my experience, people don't ask their friends for banruptcy attorney
referrals the way they would for estate planning or real estate, because
they're embaressed (which they shouldn't be). Do some internet advertising,
utilize the bar referral programs. Under the new rules, many lawyers pulled
out of this area, so you can probably get some referral work from other
lawyers - and they won't be "dog" cases to you (it's not like a personal
injury lawyer referring a $500.00 case to another personal injury lawyer).

Good luck!

On 10/24/06, kris wrote:
> Carol,
>
> Just wanted to let you know that you, JF and some of the other *positive*
> posters in this board are a real inspiration. I'm planning to go solo in
> January - I have my office & phone number and little else. My main goal at
> first is to just meet operating expenses - luckily, DH has a good job and we
> don't have to have my income to pay the bills.
>
> How long did it take you and the other solos who actually practice law to
turn
> a profit (i.e., earn a buck). I love the advice about joining local
> organizations, chamber, etc. Could you let me know a little more about the
> "will party" you posted earlier? I've often thought this would be a neat
> idea, but was unsure how to actually go about it w/o being tacky.
>
> My plan is to practice bankruptcy/estate planning/probate. Anyone have
advice
> for a newbie, especially in these areas (please - no get out of law advice!)
>
> Thanks,
>
> Kris
>
>
> On 10/23/06, Carol wrote:
>> On 10/22/06, JF wrote:
>>> Nice response. As I've posted here many times (few seem to believe me),
>>> I built a large real estate practice by taking office space adjoining a
>>> large real estate broker firm, and building relationships from there
>>> (along with becoming active in the local Chamber of Commerce). I, too,
>>> received help from friends, but this happens when you open your office
>>> in your hometown, in a visible spot.
>>>
>>> Building a practice overnight doesn't happen overnight, but it can be
>>> done.
>>>
>> I concur with both you and Mark.