Entity Type In starting a solo practice law firm, the first issue that you should consider is what type of entity you will form. In California, a solo attorney basically has 2 options for forming a legal practice.
Oct 29, at This means that I had no associates nor support staff. I had a small number of clients with relatively simple matters, so I had no need for such luxuries. But later, I got a part-time assistant who handled the mail, deposited checks, and called a client from time to time.
She is still with me today helping me close up my existing cases. Solo practitioners and small partnerships seeking a lucrative practice will eventually have to hire employees, or solo legal practice business plan the very least, part-time contract workers, in order to expand.
At some point, the grunt work becomes too burdensome for the solo to handle alone. The legal assistant or paralegal will handle the usual office paperwork and logistical client calls while the associate is in charge of smaller cases. Some pure solos want the lucrative practice without the hassle and potential liability of employees.
Some pure solos are not interested in practicing law full-time. They might be enjoying a side job. Or the spouse is the main breadwinner of the family and the children or elder family members have to be tended to.
Since they are working part-time, they will have few clients and will not need employees. If you are happy working part-time, then by all means, go for it.
Because your income will be a lot lower than a full-time solo, you probably cannot afford to pay for business development expenses and a legal research subscription.
So it may be better to work part-time for an attorney instead. In exchange, these ten lucky souls would have unfettered access to her for legal work. Sounds simple enough, although this sounds similar to a pre-paid legal services plan. Since she has so few clients, she can probably work from home and visit the clients instead.
A few issues though. The potential clients who might be able to pay this are midsize businesses and wealthy individuals with complex legal problems. Third, even if you find your 10 magic clients, you will still have to troll for business to replace the ones who will eventually fire you. If it gets to be too much for you, you may need to hire staff to help you.
Such clients should be easier to find. Having 20 or more clients can get complicated. But once you have 20 clients, you may need to consider getting a separate office. Assuming you have to meet with each client once per month, it will probably be inefficient to drive to their home or place of business.
Managing 20 clients could be done without help so long as an efficient client management system is set up. I will conclude by saying that it is possible to make decent money as a true solo but unlikely. The point is that while being a true solo will avoid employee headaches, it also comes with a cost.
Since you are doing everything yourself, you will have no time for business development or improving your skill set because you will be spending that time doing work that an associate or assistant should be doing.
Shannon Achimalbe was a former solo practitioner for five years before deciding to sell out and get back on the corporate ladder. Shannon can be reached at sachimalbe excite.Practical Business Planning For The Solo Practitioner; Practical Business Planning For The Solo Practitioner.
By Suzanne Meehle on Jul 30, 2 Comments. Lately I have been doing as much business consulting as actual law practice. I find that this is due, in large part, to the type of clients that hire me. You need a business plan. Think through the liability and business implications of the various entity types that are suitable for your practice, whether a sole proprietorship, partnership (if you are going into practice with another attorney), PC, SC, Law Corp., P.A., LLC, or some other recognized form of limited liability incorporated entity.
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One Lawyer’s Guide to a Better Law Firm Billing Process Learn how Doug Bend set up a billing process for his firm, including how he weighed the costs and benefits of accepting credit cards. A solo practice can be set up as a sole proprietorship or as any other business structure that allows for a single owner, such as an LLC or corporation.
Independent professionals can manage their own practices and still have the option to structure their business as a separate legal entity.
Wy'East Law Firm law firm business plan executive summary. Wy'East Law Firm provides legal services to technology firms and specializes in mergers, acquisitions, and stock option plans.
In addition to WLF's technology practice, we will offer public interest legal work at subsidized rates. The technology practice will allow the firm to be /5(36).
The real value of creating a business plan is not in having the finished product in hand; rather, the value lies in the process of researching and thinking about your practice in a systematic way. The act of planning helps you to think things through thoroughly, study and research if you are.