Comments on: Is It Ever Too Soon to Go Solo?

By: LDH

LDH — Mon, 05 Sep 2005 23:37:31 +0000

I have been working in a small planning probate practice for about 4 months. I am confident that I’ve got enough under my belt in the way of valuable experience, however, I’m not so naive that I think I know it all. I’ve decided to go solo or in with a partner who is also lacking much experience.
My “boss”, the 100% shareholder, is generally quite friendly to me, but is probably under the impression that I’m going to stay and ultimately take over so he can retire young and “manage” things. He also recently bought a new office space to expand both for me and another associate who intends to leave soon. We haven’t yet moved in, but he’s paying a pretty penny to put us up in better digs.
I know business is business, but I feel as though I’m dropping a bomb on him by not giving him much time to prepare for my absence, which is worth about 20% of his practice’s income.
Where do I draw the line between the business and moral sides of leaving a firm?
What do I owe him (considering he gave me my first job out of school)?
Is there an “appropriate” response I should anticipate from him?
I’m not timid, but I’m also aware that burning bridges is a bad way to start a young career.
Thanks.
(name withheld just in case he’s reading)

By: LDH

LDH — Mon, 05 Sep 2005 23:37:00 +0000

By: Ed Harper

Ed Harper — Fri, 12 Aug 2005 10:12:36 +0000

I am just in the process of venturing out on my own and would appreciate further suggestions that other more experienced “soloists” have. My past employment history has been with one immediate supervisor, before going in a three way partnership that is now winding down.
Keeping overhead low is an issue but in a personal injury practice which can be quite labor intensive and the cash flow is cyclical, I have thought it would be good time to branch off into another area of law that could bring in hourly/billable income? Anyone have any thoughts on this.

By: Ed Harper

Ed Harper — Fri, 12 Aug 2005 10:12:00 +0000

By: MH

MH — Wed, 10 Aug 2005 11:49:15 +0000

I had to start my own practice in 1995 because in my small New England city back then, we were mired in a near-depression. I have absolutely no regrets because I had no family then and I could take my time and choose clients carefully. I have a good practice now, and a small family to support, so I still have to hustle a little, but most of my work comes by referral. Two bits of advice: if you go solo, defer as much cash as you can into ROTH IRA, SEP IRA, and an annuity…these are critical to your financial future. Always fund these accounts so someday you can relax a bit. Also, if you have the stomach for it, invest in rental property. I started buying on the cheap in 1997 or so; this income subsidizes the slow times in my pratice. Being a solo is hard ass work and not for the meek, but opposing counsel in the big firms are generally miserable, as far as I can see. In my opinion, being self-employed is far less risky than being employed by someone else. I have perhaps 75 sources of income while an employee has just one. Slaves had good job security, folks.

By: MH

MH — Wed, 10 Aug 2005 11:49:00 +0000

By: elguapo

elguapo — Tue, 26 Jul 2005 19:38:50 +0000

I agree with you. The fact of the matter is that rent, malpractice insurance, etc. are not prohibitively expensive if you shop around carefully.
With modern technology (word-processing, voice-mail, cell phones etc.) it’s easier than ever to start a solo practice.
And as you say, if you work for a law firm, there is a terrible danger of falling into a miserable rut. Sometimes the greatest risk in life lies in avoiding risks.

By: elguapo

elguapo — Tue, 26 Jul 2005 19:38:00 +0000

By: David Galalis

David Galalis — Tue, 26 Jul 2005 19:06:21 +0000

Carolyn,
While it is true that working in a firm will give a new lawyer “a chance to make contacts and acquire a reputation in [their] field, both of which can help generate clients,” that is not the only way. Imagine, alternatively, the new lawyer spending his first year of solo practice aggressively soliciting contract work from dozens of different solos and small firms, on hundreds of different matters. Next, consider that in reality, the first-year associate only has face-time with his two or so immediate superiors (esp. at BigLaw), and not much time out of the office to network. Who’s universe is bigger? Who’s making more contacts, and building a bigger reputation across a broader cross-section, during that first year of private practice?

By: David Galalis

David Galalis — Tue, 26 Jul 2005 19:06:00 +0000