Why Choose to Go Solo?
Independence and Autonomy
What I enjoyed most about going solo was the freedom and autonomy I had to set my own schedule and work in an area of law that I was interested in. When I was in Big Law, I was what is referred to as a “soft IP” litigator, which meant I did not work on patent cases but did work for a lot of tech companies on issues related to their products and intellectual property. After two years in that area of law, I realized that I did not like the subject matter. Going out on my own meant I got to decide what area to focus on and where I wanted to grow my skill set. I chose courtroom work by becoming a conflict attorney for my local bar’s criminal court-appointed program and getting on a referral list for cases involving breach of contract, consumer law, and personal injury. I was able to accept cases on my schedule and turn down cases that did not interest me.
Financial Potential
Because I started my firm out of necessity and not choice, I was not chasing a dollar sign at the beginning. When I was able to continue to pay my rent, keep gas in my car, and not move back East, I felt that I had made it as an attorney. However, over the years, my expenses grew, and my cases got better. Earning a healthy income came after years of hard work and driving the same car. The truth is the sky is the limit on how much you can earn as a solo, but you must do the work to hone your craft and build a nest egg if you want to stay in the race for the long run.
Professional Fulfillment
When I entered Big Law, I was not aware that I was the brand! I did not learn that until much later, when I began to market myself. Crafting your personal brand should be fun and engaging, as well as an opportunity to experiment and figure out what works for you. When I started my firm, lawyers mostly marketed with business cards, billboards, and the phone book. Now, social media, websites, Google, and LinkedIn go a long way. No matter how you decide to market, be yourself.
Initial Considerations Before Setting Sail
Personal Readiness
Before setting sail, ask yourself if you are ready to be accountable for your final product, take a hard look at the feedback you have received on your work to date, and ask yourself if you like the area of law that you are in. This will help you decide (1) what areas of law you need to brush up on and (2) whether you would like to branch out into a new area of law or stay in the area that you are in.
Financial Planning
Starting your own firm can be done on a very small budget, but budget you must because some costs are unavoidable when launching your firm. Even if you do not open a brick-and-mortar location, you will still need a laptop, tablet, reliable cell phone, Internet connection, secure file storage (even if digital), malpractice insurance, disability insurance, car insurance if you drive, and health, dental, vision, and life insurance. You will also need subscriptions to legal search engines, money for bar dues (because membership is your lifeblood—more on this below), and an emergency fund in case your cases are not paying as quickly as you planned or your clients miss their payments. An emergency fund should cover at least six months of operating expenses so you do not have to rely on credit cards.
While legal funding and lines of credit may seem like attractive options when starting your firm, most of these lenders require proof of sustained income, usually two years’ worth, and a large client base, which you likely will not have when starting your firm. Therefore, it is best to save your money before you start your firm if at all possible.
Legal and Ethical Compliance
When starting your firm, understand that your state bar is a resource and not an entity to fear. Familiarize yourself with your bar’s website and publications. The bar will provide free information on setting up and balancing your attorney trust account and what ethical rules you need to follow to comply with your obligations as an officer of the court. Many bars also offer lawyer resources on finding malpractice insurance and getting help for mental health and substance abuse, which is prevalent in our profession.
Crafting Your Business Blueprint
Once you decide what area of law to focus on, the next step is to structure your business. When I started, I was a sole proprietor for many years before incorporating my business. It might make sense for you to do that as well. But do yourself a favor before you start and write a business plan; then, you can research what structure is right for you, whether that be a sole prop, partnership, LLC, or corporation, to name a few options.
Once your business is set up, you will want to look into practice management software, which will help you meet your obligations to your clients. You can also look into contracting virtual assistants and paralegals to help you until you are in a position to hire permanent employees.
Building Your Client Base
Now that you are open, you need clients. Remember, you are the brand, so spend time creating a professional persona and appearance that is authentically you and get out and network. As I mentioned earlier, your local bar associations are your lifeblood; many offer referral programs that help you grow your clients, free CLEs and trainings, and camaraderie with other attorneys who are also starting their own practices.
Navigating Challenges
Sailing solo will bring challenges because, let’s face it, being a lawyer is hard. But with a community, faith in yourself, the ability to say “no” when you feel burnout creeping in, and outside hobbies, you can absolutely do this! Hard times will come, but they won’t last forever. The key to sailing is to ride the waves and the tides to shore. You’ll get there. You just have to hold on.
