These are my musings on starting your own law practice. Take them for what they’re worth…
I’m going to preface this post with a quote from a friend of mine, who will remain anonymous: “I went into solo practice after getting laid off from biglaw. I worked in biglaw for over 10 years… this was such a change. My first year in solo practice, I made about $7,000. I went from making over $150,000 a year to $7,000. I lost everything that year – my savings, my IRA, I even had to sell my car and my motorcycle… at one point, I actually went on food stamps. I felt bad, being a lawyer and getting food stamps, but I qualified for them. Things are finally starting to turn around, but man, I lost everything…”
A stark contrast from what you hear over at Solo Practice University, where all solos are happy, making lots of money, and spending their time just generally being awesome. (well, the solos who sign up and pay money, of course!)
As you might imagine, I get a lot of calls and emails that go like this:
“Hey Jordan, I hate working for this law firm. I’m thinking about starting a solo practice. What are your thoughts?”, or “Hey man, I just graduated law school and I can’t find a job. What are your thoughts on opening up a solo practice? Is it realistic for me? How much will it cost? I don’t have anything in the bank right now except $70, but that’s already spent…”
I wish the answer was “Hanging a shingle is a license to print money! Everything is so awesome. When I’m not counting my money, I’m out driving my new BMW and spending my summers down the Jersey Shore! Every lawyer should be a solo! You don’t need money, a plan, experience, a network, or anything to get started – just a desire to be awesome. Hell, a new client just made me a trophy for badassery!”
Too bad I’m not here to pat you on the head, rub your belly, and give you a balloon. More importantly, I’m not here to sell you anything. Honestly, I don’t really care whether you start your own practice one way or another.
So, as a young guy with a law firm, I will try and answer those questions and explain… but like all things in lawyer life, “it depends.”
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