Deciding whether to open a solo practice

The decision to open a solo practice is a difficult one, especially for someone new to the profession. I was fortunate over the course of law school to receive training as an attorney at three different organizations, but no one taught me anything about owning a firm. As I determine whether to start my own firm, I am forced to do most of the research on my own.

And that brings me to my first point. No one is going to "invite" you to open a practice, nor will they hold your hand through the process. If you want to open a law firm, all of the work and responsibility will be on your shoulders from the start. Because of this, I think it's easy for many law students to shy away from this idea. Most of us have been coddled through at least 7 years of upper-level education. Along the way, we were always taught that we were the future of America. For many individuals, it can be difficult to justify a break from that support system.

Another concern is the costs associated with opening a law firm. Although there is one blogger out there who estimates you can keep your overhead around $3,000 for the first year of practice (see http://lawyerist.com/the-cost-of-starting-a-solo-law-practice-and-keeping-it-going-for-at-least-a-year/), many would associate much higher costs with a new practice. For example, if you want malpractice insurance (which is required in some states) and an office, expect to pay much more than $3,000 for your first year of business.

But in the end, costs can be justified if the firm is bringing in business. So without question, the greatest concern for new practitioners is the source of revenue. Unfortunately, law students are not trained to attract clients; we are trained to spot legal issues and find relevant case law. Unless the student received undergraduate training in marketing, this skill set could be completely undeveloped. And the idea of starting a business without knowing where your revenue will come from is certainly a scary prospect.

However, if you want to start your own practice, you have to find the courage and strength to put all of your fears aside. You have to be 100% committed to your business from the start, believing that you will succeed from Day one. After all, if you don't believe in yourself, why would your clients? So if you are like me, a recent law school graduate deciding whether to start your own firm, make sure you fully commit to the idea before you untie your ship from the dock. Otherwise, you might be off course from the start and sail straight into the abyss.