I like The Blog of Author Tim Ferris. If you're not familiar with Tim, you should read his book, The Four-hour Work Week. I wrote a short piece about the practicalities of Tim's methods in the legal practice awhile ago.Well, in this post, Tim introduces us to James Siminoff, a professional domain name buyer. James gives some excellent advice regarding purchasing domain names on the cheap.
This is a great post because it gives newbies and idea of what to do and how to do it. Susan Cartier-Liebel encourages new solos to buy their domains early to prevent domain squatters. James' advice finally gives you some understanding on how to effectively negotiate the purchase.
If you'd like a "small law firm" to handle your negotiations, let me know and we'll work out an arrangement.
I get quite a fair number of questions from new or soon-to-be attorneys about starting their own practice. Most of these new entrepreneurs are concerned about the state of the economy, and the potential exposure to a future catastrophe, if they join a firm. Being a relatively new attorney myself, I think these lawyers find comfort in the idea that someone else is doing it, and he's surviving. I don't know whether very many of them are truly seriously considering the solo option, most are "just considering it if something else doesn't come along."
Well, my first response to that is, "what will you do if something doesn't come along?" I think a lot of people are hoping to have something nailed down, but in reality, there's still far too many people who graduate, pass the bar, and remain unemployed. I don't know about you, but I didn't go to law school and incur a large debt just to find a job waiting tables at the local Texas Roadhouse restaurant. I knew I needed money, or some kind of career immediately, so I branched out on my own. I started Absolute Legal Services, LLC, and couldn't be happier. While I'm not bringing in the large (and stable) paychecks an associate does, I have the freedom and security that I was looking for.
I wrote about my suggestions previously, I still endorse those, and add one more: in this endeavor, you're captain, cook and chief toilet scrubber, get used to it. If you can't/don't want to type your own letters and lick your own envelopes, this probably isn't a good fit. Also, always remember, you can be pretty picky with your cases/clients at the beginning of the month, but by the end of the month, you're willing to do just about anything that pays some money. However, never forget that you have an ethical responsibility to be competent at every case (this doesn't mean you know what you're doing when you start), and if you can't, you'd better get help.
I'm heading into my 6th month of active practice. Time flies! Take every advantage that you can to create your own personal happiness.
Oklahoma's legislature has approved a measure advocating a cap on contingent attorney's fees. I wrote an article about the measure a few days ago, you can check it out here.
Sorry for the delay in posts. Things have been gathering steam in my own law practice, and like any good marketer, I'm chugging away writing for the firm's blog.
While my practice seems to slowly be building, others in the profession are not so lucky, especially those in big firms. It seems my daily feed from the ABA Journal is almost continually filled with stories about big law layoffs, like this one. The tragic thing is that some of those individuals have limited or no experience being a lawyer, and now face the challenges of finding work with the other 5,000 souls doing the same thing.
I have a friend who works for a corporation in a position he thought would lead to an advancement and an eventual career practice. He recently discovered that his aspirations are being cut short as the company is freezing all hiring and promotions. He's now stuck in a position he hates, and a job that gives him almost zero practical legal experience. His solution is to try and negotiate new employment, without the benefit of any real-world lawyer experience.
My friend's experience matches those of a lot of young attorneys who are seeking changes in their careers, or are faced with the shocking reality of the job market. I have a constant flow of young lawyers or law students who seek advice from me regarding their futures.
I think these individuals are looking to me as their exemplar to gauge how well they can make this leap into solo practice. I have 2 children, a mortgage, car payments, and all of the other expenses you can see piling up on somebody, so to these folks, it's a pretty good measure of their ability to succeed.
In light of that, I'll offer a generic feed of advice to all those who are stalking around, seeking to know how a 32 year-old, father of two, manages to survive.
First, never (well almost never) would I have made this leap without the support structure I have in place. I opened my practice in the same office, with the same people, I'd clerked for and worked with during law school. Therefore, I knew when I graduated from law school I'd have a series of mentors and other attorneys who would support me, advise me, and generally enable me to quickly acquire the knowledge and skills I'd need to be successful.
Moreover, I also had an arrangement during law school where I began working case files, with the understanding that upon passing the bar exam, I'd share in a portion of the proceeds from those files. During my last semester of school, I worked those files into positions where they would settle or be close to settling during my first few months of practice. This would enable me to build clients of my own, while having a steady stream of income for the months of starvation.
Second, I made myself extremely valuable to the attorney I sub-lease from. I used my knowledge of computers to negotiate a fair reduction in rent, which has enabled me to put money into other tasks. I act as the office on-site computer technician in turn for the rent reduction. Obviously, once my practice picks up, and I have a steady stream of income, I'll drop this arrangement. For now though, this is a considerable savings each month.
Third, I use every opportunity I can to learn specific practice areas (i.e. bankruptcy, wills & estates, consumer law) that I think will be the next "gold mine." I use my ample amounts of free time reading articles, talking to other attorneys, and volunteering my time in "special projects." I believe that if I acquire enough experience (any amount is better than none), I'll have an increased amount of business from referrals and other sources. This marketing/education method is beginning to pay off in a short few months as more of my contacts are trusting me with clients in these specialized areas.
Fourth, I listen to everyone, and try to ask a lot of questions. I can't stress enough that I knew next to nothing about the actual practice of law, and what I did learn during my time as an intern was particularized to one area, litigation/personal injury. What I realized quickly was that it's very difficult to survive in a litigation-only practice, unless you're an experienced attorney.
Therefore, I needed to find other niches where I could make money, while the "bread and butter" litigation cases waited to turn. In turn, I also found that these niche areas also were particularized and often followed quirky rules, procedures, and other things, I didn't learn about in school. Question-asking was very important, and listening to the responses was even more important. By asking and listening, you show your counselor that you're willing and able to take the advice. More importantly, you show him/her that you're humble enough to recognize difficult areas, and you're seeking their expertise and good sense. You've built a mentor-mentee relationship, and a guaranteed source of future referrals.
Fifth, read everything about running a business, marketing, law practice, finances, etc. Blogs, ezines, books, emails, everything you can get your hands on. There are some brilliant people who have done/are doing exactly what you're contemplating. Sometimes, just reading their advice can give you encouragement to continue. Most of the time, you'll find where you can reevaluate your business model and make changes, both personally and professionally. By the end of those days you're alone in your office, you should be sick of reading. Now is the time to develop that knowledge. If you can't, then ask yourself, "what else am I going to do." If there's something else (not surfing the internet for deals on eBay or playing solitaire), do it. Most of the time there isn't, so read.
Finally, (or finally on my list now), you must have someone who will support you in the lean times. I have a wife who recognizes and appreciates my goals and desires, and is willing to sacrifice some of her wants in order to help me succeed in this endeavor. We have spent countless hours discussing options, goals, plans, etc., with the hope of understanding the future. You must have a spouse, relative, significant other, special teddy bear, or whatever, who is willing to support you in this struggle. You should not have any loft ideals that solo practice is easy, because it isn't. There's a lot of days worrying about the phone, clients, your bills, your family's financial safety, and whether you were an idiot for trying. I can't say that it gets any easy, it hasn't. What I do advocate though is that by knowing there's another person fighting with you for success, you're going to tackle (literally) whatever problems you face.
So, if you're one of the countless number of students, new admits, or recent fires seeking work, consider the solo/small firm option. You're always more than welcome email me with questions or comments regarding solo practice.
