This article, Money Matters, from Small Firm Business (12/6/04) offers new shinglers advice on money matters, from how to make ends meet when starting out to funding retirement. The article is really too brief to be of much value, but it does make the point about the importance of keeping overhead low in the beginning, a challenge made easier by the ever-declining cost of computers and cell phones.
Can’t say I agree with all of the advice, however. For example, the article describes one attorney who worked on overflow work for other attorneys in exchange for office space. True, it apparently worked for her, but I’ve heard of similar scenarios which did not work out as well. This was primarily because the new attorney underestimate the value of their labor and thus, essentially over pay for the space through their work.
Readers – any tips you’d like to share about how you kept expenses low your first year? Post them as comments below.