Comments on: Some FAQ on Solo Practice http://myshingle.com/2005/09/articles/questions-advice/some-faq-on-solo-practice/ Great Things Come in Small [Law] Practices! Wed, 08 Feb 2012 22:06:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Anonymous http://myshingle.com/2005/09/articles/questions-advice/some-faq-on-solo-practice/comment-page-1/#comment-808 Anonymous Mon, 03 Oct 2005 03:38:28 +0000 http://174.120.83.8/~sh1ngl3/297/some-faq-on-solo-practice/#comment-808 Regarding how much savings you need, there are a few other things to consider: First, what level of revenue will you need in order to "tread water"? If $40,000 per year will cover all of your business and personal expenses, then starting with only 6 months' worth of capital is much more realistic than if you need $150,000 per year in revenue. Second, what kind of work will you be doing? If you plan on doing plaintiff's contingency fee work, your cash flow will take a lot longer to become decent than if you do wills. Last, what will you do in an emergency? If you run out of cash and can depend on a family member or a home equity loan, then you are in much better shape to start with less rather than more capital. Regarding how much savings you need, there are a few other things to consider:
First, what level of revenue will you need in order to “tread water”? If $40,000 per year will cover all of your business and personal expenses, then starting with only 6 months’ worth of capital is much more realistic than if you need $150,000 per year in revenue.
Second, what kind of work will you be doing? If you plan on doing plaintiff’s contingency fee work, your cash flow will take a lot longer to become decent than if you do wills.
Last, what will you do in an emergency? If you run out of cash and can depend on a family member or a home equity loan, then you are in much better shape to start with less rather than more capital.

]]> By: Anonymous http://myshingle.com/2005/09/articles/questions-advice/some-faq-on-solo-practice/comment-page-1/#comment-6623 Anonymous Mon, 03 Oct 2005 03:38:00 +0000 http://174.120.83.8/~sh1ngl3/297/some-faq-on-solo-practice/#comment-6623 Regarding how much savings you need, there are a few other things to consider: First, what level of revenue will you need in order to "tread water"? If $40,000 per year will cover all of your business and personal expenses, then starting with only 6 months' worth of capital is much more realistic than if you need $150,000 per year in revenue. Second, what kind of work will you be doing? If you plan on doing plaintiff's contingency fee work, your cash flow will take a lot longer to become decent than if you do wills. Last, what will you do in an emergency? If you run out of cash and can depend on a family member or a home equity loan, then you are in much better shape to start with less rather than more capital. Regarding how much savings you need, there are a few other things to consider:
First, what level of revenue will you need in order to “tread water”? If $40,000 per year will cover all of your business and personal expenses, then starting with only 6 months’ worth of capital is much more realistic than if you need $150,000 per year in revenue.
Second, what kind of work will you be doing? If you plan on doing plaintiff’s contingency fee work, your cash flow will take a lot longer to become decent than if you do wills.
Last, what will you do in an emergency? If you run out of cash and can depend on a family member or a home equity loan, then you are in much better shape to start with less rather than more capital.

]]> By: Carolyn Elefant http://myshingle.com/2005/09/articles/questions-advice/some-faq-on-solo-practice/comment-page-1/#comment-807 Carolyn Elefant Wed, 28 Sep 2005 09:32:03 +0000 http://174.120.83.8/~sh1ngl3/297/some-faq-on-solo-practice/#comment-807 David, You are absolutely correct that starting a practice is situation dependent. For example, in this reader's case, he suggests that he and his wife are contemplating starting a practice which thus sets him apart from my own situation (I went solo, spouse employed), a single person (with no secondary support) and almost every other person. Hence, my caveat that "there are as many routes to success as there are solos" in my first paragraph and my shout out to others to send in ideas. Also, the books you mentioned are listed in the online guide. I think they're both OK, and back in 1993, they were the only game in town. But now, much of the material they cover is also included in some of the state bar materials. I'll also add that these books are general - for example, there's not an extensive discussion in Foonberg about when you can ethically solicit clients when you leave a firm, but I tried to link to a bunch of sources of information. In general, I recommend reading as much as you can, even if repetitive and as you point out, thinking about the decision thoroughly. But I don't think there's anything wrong with providing just another resource to consider. David,
You are absolutely correct that starting a practice is situation dependent. For example, in this reader’s case, he suggests that he and his wife are contemplating starting a practice which thus sets him apart from my own situation (I went solo, spouse employed), a single person (with no secondary support) and almost every other person. Hence, my caveat that “there are as many routes to success as there are solos” in my first paragraph and my shout out to others to send in ideas. Also, the books you mentioned are listed in the online guide. I think they’re both OK, and back in 1993, they were the only game in town. But now, much of the material they cover is also included in some of the state bar materials. I’ll also add that these books are general – for example, there’s not an extensive discussion in Foonberg about when you can ethically solicit clients when you leave a firm, but I tried to link to a bunch of sources of information.
In general, I recommend reading as much as you can, even if repetitive and as you point out, thinking about the decision thoroughly. But I don’t think there’s anything wrong with providing just another resource to consider.

]]> By: Carolyn Elefant http://myshingle.com/2005/09/articles/questions-advice/some-faq-on-solo-practice/comment-page-1/#comment-6622 Carolyn Elefant Wed, 28 Sep 2005 09:32:00 +0000 http://174.120.83.8/~sh1ngl3/297/some-faq-on-solo-practice/#comment-6622 David, You are absolutely correct that starting a practice is situation dependent. For example, in this reader's case, he suggests that he and his wife are contemplating starting a practice which thus sets him apart from my own situation (I went solo, spouse employed), a single person (with no secondary support) and almost every other person. Hence, my caveat that "there are as many routes to success as there are solos" in my first paragraph and my shout out to others to send in ideas. Also, the books you mentioned are listed in the online guide. I think they're both OK, and back in 1993, they were the only game in town. But now, much of the material they cover is also included in some of the state bar materials. I'll also add that these books are general - for example, there's not an extensive discussion in Foonberg about when you can ethically solicit clients when you leave a firm, but I tried to link to a bunch of sources of information. In general, I recommend reading as much as you can, even if repetitive and as you point out, thinking about the decision thoroughly. But I don't think there's anything wrong with providing just another resource to consider. David,
You are absolutely correct that starting a practice is situation dependent. For example, in this reader’s case, he suggests that he and his wife are contemplating starting a practice which thus sets him apart from my own situation (I went solo, spouse employed), a single person (with no secondary support) and almost every other person. Hence, my caveat that “there are as many routes to success as there are solos” in my first paragraph and my shout out to others to send in ideas. Also, the books you mentioned are listed in the online guide. I think they’re both OK, and back in 1993, they were the only game in town. But now, much of the material they cover is also included in some of the state bar materials. I’ll also add that these books are general – for example, there’s not an extensive discussion in Foonberg about when you can ethically solicit clients when you leave a firm, but I tried to link to a bunch of sources of information.
In general, I recommend reading as much as you can, even if repetitive and as you point out, thinking about the decision thoroughly. But I don’t think there’s anything wrong with providing just another resource to consider.

]]> By: David Giacalone http://myshingle.com/2005/09/articles/questions-advice/some-faq-on-solo-practice/comment-page-1/#comment-806 David Giacalone Wed, 28 Sep 2005 09:05:53 +0000 http://174.120.83.8/~sh1ngl3/297/some-faq-on-solo-practice/#comment-806 Carolyn, The answers to the questions posed depend so much on the particular situation of each lawyer (and his or her family), that it's hard to believe the anecdotal answers of others can be very helpful. This seems to be the kind of situation where knowing which questions to ask -- and then being willing to invest time contemplating and researching your own answers -- would be the key to making decisions on whether, when and how to make the jump to your own practice. Do you believe that a book like Jay Foonberg's <i><a href="http://www.foonberglaw.com/prod/htsab.html" rel="nofollow">How to Start and Build a Law Practice, 5th Ed.</a></i>, with its checklists, templates and discussion of the issues, is useful? (By the way, the book is $70 from the author or ABA, but $44 at <a href="http://www.amazon.com/exec/obidos/tg/detail/-/1590312473/qid=1127916036/sr=2-1/ref=pd_bbs_b_2_1/102-9892500-1392132?v=glance&s=books" rel="nofollow">Amazon.com</a>) How about Hal Davis' <i><a href="http://www.amazon.com/exec/obidos/tg/detail/-/0970186916/qid=1127916036/sr=1-2/ref=sr_1_2/102-9892500-1392132?v=glance&s=books" rel="nofollow">How to Start a Solo Law Practice</a></i>? Carolyn, The answers to the questions posed depend so much on the particular situation of each lawyer (and his or her family), that it’s hard to believe the anecdotal answers of others can be very helpful. This seems to be the kind of situation where knowing which questions to ask — and then being willing to invest time contemplating and researching your own answers — would be the key to making decisions on whether, when and how to make the jump to your own practice.
Do you believe that a book like Jay Foonberg’s How to Start and Build a Law Practice, 5th Ed., with its checklists, templates and discussion of the issues, is useful? (By the way, the book is $70 from the author or ABA, but $44 at Amazon.com)
How about Hal Davis’ How to Start a Solo Law Practice?

]]> By: David Giacalone http://myshingle.com/2005/09/articles/questions-advice/some-faq-on-solo-practice/comment-page-1/#comment-6621 David Giacalone Wed, 28 Sep 2005 09:05:00 +0000 http://174.120.83.8/~sh1ngl3/297/some-faq-on-solo-practice/#comment-6621 Carolyn, The answers to the questions posed depend so much on the particular situation of each lawyer (and his or her family), that it's hard to believe the anecdotal answers of others can be very helpful. This seems to be the kind of situation where knowing which questions to ask -- and then being willing to invest time contemplating and researching your own answers -- would be the key to making decisions on whether, when and how to make the jump to your own practice. Do you believe that a book like Jay Foonberg's <i><a href="http://www.foonberglaw.com/prod/htsab.html" rel="nofollow">How to Start and Build a Law Practice, 5th Ed.</a></i>, with its checklists, templates and discussion of the issues, is useful? (By the way, the book is $70 from the author or ABA, but $44 at <a href="http://www.amazon.com/exec/obidos/tg/detail/-/1590312473/qid=1127916036/sr=2-1/ref=pd_bbs_b_2_1/102-9892500-1392132?v=glance&s=books" rel="nofollow">Amazon.com</a>) How about Hal Davis' <i><a href="http://www.amazon.com/exec/obidos/tg/detail/-/0970186916/qid=1127916036/sr=1-2/ref=sr_1_2/102-9892500-1392132?v=glance&s=books" rel="nofollow">How to Start a Solo Law Practice</a></i>? Carolyn, The answers to the questions posed depend so much on the particular situation of each lawyer (and his or her family), that it’s hard to believe the anecdotal answers of others can be very helpful. This seems to be the kind of situation where knowing which questions to ask — and then being willing to invest time contemplating and researching your own answers — would be the key to making decisions on whether, when and how to make the jump to your own practice.
Do you believe that a book like Jay Foonberg’s How to Start and Build a Law Practice, 5th Ed., with its checklists, templates and discussion of the issues, is useful? (By the way, the book is $70 from the author or ABA, but $44 at Amazon.com)
How about Hal Davis’ How to Start a Solo Law Practice?

]]> By: Inside Opinions: Legal Blogs http://myshingle.com/2005/09/articles/questions-advice/some-faq-on-solo-practice/comment-page-1/#comment-809 Inside Opinions: Legal Blogs Mon, 26 Sep 2005 15:46:03 +0000 http://174.120.83.8/~sh1ngl3/297/some-faq-on-solo-practice/#comment-809 <strong>Solo practice FAQ -- Add your answers</strong> Carolyn Elefant has launched a fantastic starter FAQ for solo practitioners and is asking for your help: The reader's questions and our answers are interspersed below. Readers, since I've only started one practice, after all, I'm the first to admit Solo practice FAQ — Add your answers

Carolyn Elefant has launched a fantastic starter FAQ for solo practitioners and is asking for your help: The reader’s questions and our answers are interspersed below. Readers, since I’ve only started one practice, after all, I’m the first to admit

]]> By: Inside Opinions: Legal Blogs http://myshingle.com/2005/09/articles/questions-advice/some-faq-on-solo-practice/comment-page-1/#comment-6624 Inside Opinions: Legal Blogs Mon, 26 Sep 2005 15:46:00 +0000 http://174.120.83.8/~sh1ngl3/297/some-faq-on-solo-practice/#comment-6624 <strong>Solo practice FAQ -- Add your answers</strong> Carolyn Elefant has launched a fantastic starter FAQ for solo practitioners and is asking for your help: The reader's questions and our answers are interspersed below. Readers, since I've only started one practice, after all, I'm the first to admit Solo practice FAQ — Add your answers

Carolyn Elefant has launched a fantastic starter FAQ for solo practitioners and is asking for your help: The reader’s questions and our answers are interspersed below. Readers, since I’ve only started one practice, after all, I’m the first to admit

]]> By: Peter Altschuler http://myshingle.com/2005/09/articles/questions-advice/some-faq-on-solo-practice/comment-page-1/#comment-805 Peter Altschuler Mon, 26 Sep 2005 11:32:10 +0000 http://174.120.83.8/~sh1ngl3/297/some-faq-on-solo-practice/#comment-805 Another way to manage costs yet maintain all the voice and data comforts of a physical office in a larger firm is to subscribe to a hosted communications service. You'll get voice and fax capabilities with call screening, call routing, call forwarding, voicemail, and outbound messaging (such as a recording listing your practice areas, for example, or office hours; or the ability to send faxes with updates on local regulations, for instance) plus email (from which you can access voicemail messages and faxes); calendar, task, and contact management; file storage and sharing; automated email marketing with the ability to reply automatically to responses; and web forms to eliminate duplicate data entry if prospective clients submit inquiries online (assuming you have a website). You can find more information about this type of service at www.netoffice.com. Another way to manage costs yet maintain all the voice and data comforts of a physical office in a larger firm is to subscribe to a hosted communications service. You’ll get voice and fax capabilities with call screening, call routing, call forwarding, voicemail, and outbound messaging (such as a recording listing your practice areas, for example, or office hours; or the ability to send faxes with updates on local regulations, for instance) plus email (from which you can access voicemail messages and faxes); calendar, task, and contact management; file storage and sharing; automated email marketing with the ability to reply automatically to responses; and web forms to eliminate duplicate data entry if prospective clients submit inquiries online (assuming you have a website). You can find more information about this type of service at http://www.netoffice.com.

]]> By: Peter Altschuler http://myshingle.com/2005/09/articles/questions-advice/some-faq-on-solo-practice/comment-page-1/#comment-6620 Peter Altschuler Mon, 26 Sep 2005 11:32:00 +0000 http://174.120.83.8/~sh1ngl3/297/some-faq-on-solo-practice/#comment-6620 Another way to manage costs yet maintain all the voice and data comforts of a physical office in a larger firm is to subscribe to a hosted communications service. You'll get voice and fax capabilities with call screening, call routing, call forwarding, voicemail, and outbound messaging (such as a recording listing your practice areas, for example, or office hours; or the ability to send faxes with updates on local regulations, for instance) plus email (from which you can access voicemail messages and faxes); calendar, task, and contact management; file storage and sharing; automated email marketing with the ability to reply automatically to responses; and web forms to eliminate duplicate data entry if prospective clients submit inquiries online (assuming you have a website). You can find more information about this type of service at www.netoffice.com. Another way to manage costs yet maintain all the voice and data comforts of a physical office in a larger firm is to subscribe to a hosted communications service. You’ll get voice and fax capabilities with call screening, call routing, call forwarding, voicemail, and outbound messaging (such as a recording listing your practice areas, for example, or office hours; or the ability to send faxes with updates on local regulations, for instance) plus email (from which you can access voicemail messages and faxes); calendar, task, and contact management; file storage and sharing; automated email marketing with the ability to reply automatically to responses; and web forms to eliminate duplicate data entry if prospective clients submit inquiries online (assuming you have a website). You can find more information about this type of service at http://www.netoffice.com.

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