Re: Taking "The Plunge"

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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
>
As far as turning a profit, most people I know who went solo operated in the
red the first year, yours truly included. When you figure that it takes
months to settle even a simple PI and a year to collect on probate attorney
fees you have to do something else to bring in the money in the meantime. If
you're very unlucky you may not make anything for a couple of years, and may
even lose money. But I also know a couple of attorneys who hit the ground
running and did great right off. But they had background that helped them
specialize in a certain area and were able to cultivate that. As for the will
party, that was my sister's idea. right after I passed the bar we were
sitting around a friend's deck one night and she noted that she and her
husband had never made a will. several of the neighbors were there and stated
an interest but just didn't want to take the time out of work, ect. to set up
an appointment with an attorney, and didn't they need to have all of this
information together first, etc. As I was explaining that it can be very
simple, she suggested that maybe we could just all get together one evening
and make some out. It kind of took off from there. You have to be careful
about soliciting business, some states really frown on that. But she put the
word out to any of our friends that we were going to have a "will party" and
maybe even a living wake after for all of us who were interested. I brought
my laptop to not take any chances on confidentiality, everyone brought snacks
and drinks and the rule was no drinks till after the wills were signed. with
a simple will template it was very easy to just put in the names etc. Then
unrelated parties witnessed them. Two copies and if they wanted I'd keep a
copy at the office. After that, party! I have also gone to clients houses to
do wills and powers of attorney. I disagree that there no money in probate
unless you're well connected, I don't remember who said that but it's not
true. You get a farmer with a couple of hundred acres and you're got quite a
nice little attorney fee there. estate planning is good, the probate will
follow since families will almost automatically go the attorney who did the
estate planning or made the will. We don't charge much for a simple will for
more than one reason, the first is that it's so easy it hardly takes any time
and I won't gouge people just because I could. The second is that it creates
good will and they'll come back with the estate.