Re: Startup costs of my own practice are not the problem, bu

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On 11/30/06, Carl Jackson wrote:
> Okay, consider me somewhat scared away from the prospect of a solo or
> small practice with a friend. I consider myself to be in a niche area
> of law where there aren't a lot of attorneys doing it (although there
> are a lot of attorneys in general where I live). But the thought of
> burning through my savings and credit scares me. I wonder if it is
> all possible to do it the way you are doing it - teach or have some
> other full-time or part-time job so you have regular income, then take
> on clients gradually?

Yes and no. Depends on your niche. Many practicing attorneys teach as
part-time adjuncts at various schools. They see it as a profitable form
of advertisement and resume builder. You get paid to meet clients and
potential client referrals. (Beat that you filthy vendors...lol)
Unfortunately Adjunct pay isn't always very good. I've seen rates as low
as $20 per credit hour (Fort Collins, CO--- yeah that Masters Degree
really paid off there), but you can swing up to $50 a credit hour in some
situations. The payoff is that you meet and create credibility quickly
with many people. The downside... teaching sucks and most of them are
poor. As for being a full-time college instructor, a full time schedule
makes practicing law on the side difficult. But if you hustle you can
make $60K a year with Friday, Sat, and Sundays off, so if you have a
Niche that can be handled working Fridays/Sats only, then yeah teaching
while practice building is possible. Do you have a niche where your
clients are willing to hire a part-time attorney?

Let me guess... you looked at your Rolodex and realized... "oops, I don't
really have any potential clients".