Do-It-Yourself Practice Success


Dealing with "The Business of Law®"

I have regularly discussed how law schools do little to prepare graduates for dealing with "The Business of Law®" (finance, practice management, client relations) that determines practice success. This puts the onus on new lawyers to do the preparation themselves, whether they are starting their own practice or joining a major firm. Since this is the time of year when many new graduates enter one or the other of these practice paths, it is worth reviewing how these are two entirely different challenges, with different preparation needed for success in each.

Requirements of a Solo Practice

Solo lawyers need all the traits of an entrepreneur: motivation, acceptance of risk, resiliency, commitment, persistence. But just as important is adequate capital. It's easiest to start a new solo practice for those legal specialties where capital requirements are less, where it's easier to reach prospective clients who have immediate and personal needs and are less concerned about appearances. Practice areas that meet these parameters include personal injury, family law, bankruptcy, immigration, personal real estate and the like.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Ed Poll, LawBiz | Attorney Advertising

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