Tag Archives: financial plan

To Boldly Go Solo

Posted on by
1

How do you know if solo practice is right for you?  Do you have what it takes to organize, manage, and assume all the risks of running a law practice?

solo-with-laptop-cropped

As Bill Nye would say, please consider the following:

Independence

Solos get to call all the shots: client selection, case selection, setting fees, choosing a practice location – every decision that goes into running a practice.  The responsibility rests on your shoulders.  Do you find that appealing, daunting but doable, or overwhelming?  If you answer is appealing or daunting but doable, please proceed.

Are You a Decider?

Some people are decisive, others are not.  If you agonize over choices and normally poll multiple friends and family members before making a decision, solo practice will be difficult.

Solos need to make business and practice decisions every day.  Some of these decisions must be made under pressure with little time to reflect. The reward, of course, is that you get to decide.  You have the freedom and independence to use your creativity, knowledge, and skills to solve problems.

Are You a Self-Starter?

Solo practitioners must be self-regulating. Can you get the work out without someone supervising?  Give regular attention to administrative tasks like billing and bookkeeping? It will be up to you to meet deadlines, organize your time, and follow through on details. If you are a good planner and organizer, your solo practice will be successful.

Are You a Marketer?

All lawyers in private practice are expected to develop business, but in a solo practice the pressure is greater.  You’re it.  Can you create your own networking opportunities and business contacts?   Devote time to blogging or updating your website?  Post to social media?  Speak at CLEs?  Write articles for bar publications?  Build business referral relationships?

Financially Speaking

What resources are available to you?  What financial demands and commitments do you have?  Is it possible (or desirable) to apply for a micro loan, regular loan, or line of credit?  Are you up for crowdfunding?  Start by reviewing your expenses, then prepare a start-up and monthly budget.  Read about other business/financial essentials here.

Drive, Stamina, and Work-Life Balance

Can you practice law, run a business, and keep it all in balance with your personal life? Are you strongly motivated?  Healthy?  Is your family supportive of your efforts?  These are all good markers.  Nonetheless, make a plan to care for yourself and manage stress.  If you are looking for ideas or resources, contact the attorney counselors at the Oregon Attorney Assistance Program.  Services are confidential and free to Oregon attorneys.

Final Thoughts

Solo practice requires a lot of time and work, but it also has benefits: no one looking over your shoulder, no pressure to take a particular client, freedom to work in the areas of law that you prefer, and complete flexibility in deciding when, where, and how to work.  Is it a match for you?

All Rights Reserved Beverly Michaelis 2017

I Don’t Want to Create a Business Plan!

Posted on by
3

I get it.  I really do.  They involve work and you’re busy.  And if you’re not trying to sell someone on why they should give you money to start or grow your law practice, why would you bother?

Because, my friends, every once in a while you should be selfish and do something for yourself.

client-meeting-cropped

Six Good Reasons Why Every Lawyer Can Benefit from a Business Plan

Everyone can benefit from the business planning process, especially startups.  But existing businesses need a vision too.  Creating a business plan will give you:

  • Clarity about what you want to do
  • Control over your own fate
  • A strategy for staying organized and on track
  • Accountability
  • A way to measure and monitor your progress
  • A path to help you move forward

For associates in law firms, creating an annual business plan is the only way to build a successful strategy for bringing in business – something all associates are expected to do sooner or later.

For partners, annual business planning is likely to be more about reflection: now that I’m an experienced lawyer with a book of business at XYZ Law Firm what do I want to do? If the answer is: make a lateral move, creating a business plan will likely be required.  If the answer is: something else entirely, then time spent reflecting and planning will help you ferret that out.

Why Lawyers Don’t Write Business Plans

Aside from the obvious excuse that creating a business plan is time consuming, you may also perceive it as too difficult.

But there is an even better reason not to write a business plan.  If you don’t put specific goals and objectives on paper you can’t fail.

Here’s What You’re Really Missing Out On

The problem with avoiding failure is that you also set yourself up not to succeed. And you miss out on the other benefits that go along with creating a business plan.

Create a Direction and Lower Your Stress

When you know what you want to do, where you want to go, and how you’re going to get there (the specific objectives included in your plan), it lowers your stress level. There is no more floundering or misdirection.  Having a plan means you’re back in control.

Doing What You Want to Do For People You Want to Work For Means Reduced Exposure to Liability and Ethics Complaints

There’s a huge difference between practicing door law because you’ve always done it versus purposefully choosing a niche.

The door law route exposes you to greater risk of malpractice claims and ethics complaints.  Keeping up with a few areas of law is hard enough.  Trying to keep up with five or ten is bordering on ridiculous.

Imagine instead that you are working in one area, or a handful of areas, that you know well or can master.  With a focus, you can target clients deliberately and work for a client base that you truly want to represent.

You’ll Also See Gains in Efficiency, Money, and Resources

You are a resource.  Your staff is a resource.  Spend your resources on meaningful, designed goals.  This is what creates efficiency.  And with efficiency you can’t help but save money.  Or at a minimum, experience a better return on your investment.  You know it, you can see it, you can measure it.

Business Plan Checklist and Resources

If I’ve convinced you, contact me.  I’m happy to send along my business plan checklist and a list of resources for creating a plan.  Do what you want to do.  I am.

All Rights Reserved Beverly Michaelis 2017