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.
Tuesday, February 24, 2009
Wednesday, February 4, 2009
The Collapse of Big Law
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.
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.
Wednesday, December 17, 2008
Traditional or Home Office - The Great Debate
One of the first things solo lawyers debate is where to practice. This isn't particularly a practice "specialty" debate, as much as a general debate regarding locating your practice.
There are two general "schools" of thought regarding locating your practice. The first is the home office school, while the other is the traditional method.
Home office lawyers champion the idea that because of technology, the location of your practice is not important. With WiFi almost as common as the cell phone, your office can be anywhere you want.
The traditional school believes that your office is what distinguishes you from the "schmuck" attorney, and that having a physical location lends credibility to your solo practice.
My thoughts have always centered around those of the traditional school, but there's viability to the home office crowd.
When I began my practice, there really was no home office option. I have 3 small children, and therefore, practicing out of my home would have been a disaster. I realized early in law school that if I wanted to accomplish any work, I had to leave the home. Many other attorneys find the same thing.
There are some particular pros and cons to each, and here they are:
Traditional: Pros
- "Secure" space to meet with clients and discuss important issues;
- Ability to network with other businesses, attorneys, or professionals sharing office space or in the building;
- "Legitimacy" to the solo practice;
- Focus for unfocused home office people
- Costs for renting/outfitting office space
- Distractions from others
- Takes time to get going
- Little to no overhead
- Use cellphone/home internet/technology to manage office
- Meet clients where and when you want
- Easy work/life balance
- Easy to get going
- Distractions at home (dishes, kids, TV, etc.)
- Perceived "illegitimacy"
- Meet clients at home or travel elsewhere - consumes extra, valuable time or raises security concerns
I believe if you leverage technology, you can establish a high-quality work/life balance working away from home.
Sunday, December 14, 2008
Startup Predictor
The website, YouNoodle has created a pretty cool predictor to estimate the value of your startup. The cool thing about this is that you can get the prediction for your startup's value in 3 years. Although the test is geared toward traditional startup ventures (ie: those types of businesses that can take/split profits with non-lawyers), the predictor gives a nice glimpse into your firm's success.
I took the test for my firm's site, and failed miserably (although it values my firm at $141,000 after 3 years, so I don't think that's too bad), as far as my potential for the million dollar firm.
I took the test for my firm's site, and failed miserably (although it values my firm at $141,000 after 3 years, so I don't think that's too bad), as far as my potential for the million dollar firm.
Friday, December 12, 2008
Your Alma Mater
Not feeling like you got the best education during law school? Check out this post by Scott Moss, which ranks the top 10 law schools. The catch, Scott uses crimes and punishments to create the list. The spoiler, Harvard (said with sarcastic arogance) ranks numero uno.
Wednesday, November 12, 2008
Hanging the Shingle
I participated in the swearing-in ceremony for the Western District of Oklahoma on Thursday. This was a great experience, and a great opportunity to reconnect with folks I hadn't seen since graduation. What struck me the most out of this whole event was the number of my classmates who have "hung their shingle."
As this report, this report, and this report in law.com show, associate layoffs are certainly going to be a trend in this new economy. One of my colleagues faced a similar situation with his "Big Law" job, when he discovered that his firm was "imploding." Suddenly his seemingly strong and stable job turned into mush. He's now struggling, 3 months after becoming an attorney, to begin operation.
Other folks I'd graduated with told similar stories of having to fend for themselves without any guidance. This isn't a trend that will quickly disappear. Big firms, and even some smaller firms, are seeing that they cannot handle these $130,000-plus salaries, and still support their big law models. There is a strong argument from these reports that even the small firms must evaluate their own business models in order to stay competitive - that's another post all together.
What everyone should be concerned about is the sudden influx of attorneys into solo practice who know nothing about the actual practice, and business, of law. If you're one of them, here's some suggestions:
1. Purchase Jay Foonberg and Carolyn Elefant's books.
2. Sign up for Solo Practice University.
3. Talk to your Bar's law practice/solo and small firm section leader.
4. Don't mock the solos (we know you did), because, now you're one of them. Amazing how quickly situations change, isn't it?
As this report, this report, and this report in law.com show, associate layoffs are certainly going to be a trend in this new economy. One of my colleagues faced a similar situation with his "Big Law" job, when he discovered that his firm was "imploding." Suddenly his seemingly strong and stable job turned into mush. He's now struggling, 3 months after becoming an attorney, to begin operation.
Other folks I'd graduated with told similar stories of having to fend for themselves without any guidance. This isn't a trend that will quickly disappear. Big firms, and even some smaller firms, are seeing that they cannot handle these $130,000-plus salaries, and still support their big law models. There is a strong argument from these reports that even the small firms must evaluate their own business models in order to stay competitive - that's another post all together.
What everyone should be concerned about is the sudden influx of attorneys into solo practice who know nothing about the actual practice, and business, of law. If you're one of them, here's some suggestions:
1. Purchase Jay Foonberg and Carolyn Elefant's books.
2. Sign up for Solo Practice University.
3. Talk to your Bar's law practice/solo and small firm section leader.
4. Don't mock the solos (we know you did), because, now you're one of them. Amazing how quickly situations change, isn't it?
Wednesday, November 5, 2008
Plaintiff's Victory
Finally (now you know my bias), a victory for Plaintiffs in Oklahoma. Check out Woods v. Unity Health Center, Inc., 2008 OK 97.
Marketing and Marketability at its best
Congratulations to Barack Obama! What an accomplishment, and what a statement of resounding approval. Obama takes the presidency with over 52% of the popular vote, and with a landslide in the electoral college. So, what made Obama the clear-cut victor? Simply stated, his thematic message, "Change We Can Believe In."
Regardless of you opinion of whether he actually promoted policies that would lead to change, President-elect Obama created something extraordinarily special, and meaningful for many people. The essence of Obama's campaign was his theme.
Obama did two really great things to build on that theme, and tie everything together. First, he used the message in every campaign stump. This is something that John McCain failed to grasp, and failed to do well. Obama made sure to notify Americans that he promoted change, and that constant notification gave many people encouragement.
Second, Barack Obama used other media methods to promote his message. Obama's website was a textbook in web-publishing, and the multiple tools only enhanced its appeal. While John McCain appreciated many of the methods, his acceptance and use of these tools dwindled significantly when compared to Obama's. I was especially impressed with Obama's use of television and his website to promote his tax plan. I innocently typed in the specific URL, and immediately a non-descript tax calculator showed up. What a great combination of visual and tactile marketing to encourage and rally tech-savy youth.
Additionally, the Obama campaign masterfully used technology to encourage and retain young voters. Monday's "Get Out the Vote" campaign on Facebook was just one of the many tools used.
So, how does this help you. Think long-and-hard about the methods you're using to promote your business. Are you still stuck among the 2,500 other lawyers advertising in the YellowPages? How does your website look? Is it interactive? Is it tied to your firm's thematic message? Does your firm even have a thematic message? How are you promoting yourself to the younger generations?
Regardless of you opinion of whether he actually promoted policies that would lead to change, President-elect Obama created something extraordinarily special, and meaningful for many people. The essence of Obama's campaign was his theme.
Obama did two really great things to build on that theme, and tie everything together. First, he used the message in every campaign stump. This is something that John McCain failed to grasp, and failed to do well. Obama made sure to notify Americans that he promoted change, and that constant notification gave many people encouragement.
Second, Barack Obama used other media methods to promote his message. Obama's website was a textbook in web-publishing, and the multiple tools only enhanced its appeal. While John McCain appreciated many of the methods, his acceptance and use of these tools dwindled significantly when compared to Obama's. I was especially impressed with Obama's use of television and his website to promote his tax plan. I innocently typed in the specific URL, and immediately a non-descript tax calculator showed up. What a great combination of visual and tactile marketing to encourage and rally tech-savy youth.
Additionally, the Obama campaign masterfully used technology to encourage and retain young voters. Monday's "Get Out the Vote" campaign on Facebook was just one of the many tools used.
So, how does this help you. Think long-and-hard about the methods you're using to promote your business. Are you still stuck among the 2,500 other lawyers advertising in the YellowPages? How does your website look? Is it interactive? Is it tied to your firm's thematic message? Does your firm even have a thematic message? How are you promoting yourself to the younger generations?
Tuesday, October 7, 2008
Get up and running quickly
How long does it take to get yourself an online presence? 1 week. I know, because I did it.
How much did it cost me? About $250. How, you ask? Because I found innovative ways to manipulate the system, while saving some costs. Here's the secrets:
Now, there will be naysayers who will critique my method, especially using templates. I can see the headline/post now, "I would not recommend using someone else's content. Find your own style and spend the money to develop it." Well, sometimes you're stuck with what you've got. I have a web/design budget of $350. When that's gone, it's gone. If I'm seeking the services of someone else, it's going to cost me at least $2000. Budget BLOWN!
With my work-around, I'm within budget (I spent $400 with the SSL upgrade), and I have a web-presence I can be proud of. What's more, I'm online in 1 week, as compared to a colleague who has been paying for his site designing for 3 months, and still isn't online. I'd hate to pay his design bill.
Finally, my method allows for expansion. I can save money now for a future rebuild, or I can pay my web-guy to design a site on my monthly budget, and have the rebuild ready in a year or so.
Side notes:
I agree with Susan Cartier-Liebel in her constant (see here and here) admonition to buy your domain names. It's important for your firm and practice, if you're going to develop the right brand. Remember, despite your aversion to the process, you're just like every two-bit car salesman, auto repair shop, and pizza joint. You need people to remember you, and want to use your services. Build your brand now, and use it effectively in the future. You're small, but you've got the tools to be big.
Second, do not spend time learning HTML in order to "save money" in your web-design. Also, never learn to use advanced coding programs like Dreamweaver or Adobe GoLive. TOO LATE. If you wanted to be a web-designer you should have changed career paths long ago. Cut your losses, and pay someone. Just increase your design budget and move on. These programs have enormous learning curves, and often their "easy" method isn't so easy. I spent 3 hours on one page, fixing code because the drag-and-drop feature didn't place it right.
How much did it cost me? About $250. How, you ask? Because I found innovative ways to manipulate the system, while saving some costs. Here's the secrets:
- Find a cheap hosting service, and pay for the long-haul. I recommend this site for "heavy hitters," and those people seeking full-service web hosting. DISCLAIMER: I'll get a "kick-back" from them, if you tell the site you're referred by me (jbtokc). I'd still recommend their services if you decide not to line my pockets. I also recommend this site for the "faint of heart." Either site does the trick, and provides a method for developing your own content/style sheets. Note: I reviewed MS Office Live here.
- Minimize your initial web-design costs by using web templates, or pre-fab sites. You can use sites like this one to get an idea or design. Note: you will probably need to know some HTML coding (I do) to make these work for you. However, you can still make it work by taking the site to your designer and asking him/her to make your changes. Save even more by writing your website copy, and sending it to your designer to cut-and-paste. Part of the cost of web-design is having to develop the code, and write the content. You've done both, and saved the developer some time. If you need a developer, I'll recommend a guy if you'll email.
Now, there will be naysayers who will critique my method, especially using templates. I can see the headline/post now, "I would not recommend using someone else's content. Find your own style and spend the money to develop it." Well, sometimes you're stuck with what you've got. I have a web/design budget of $350. When that's gone, it's gone. If I'm seeking the services of someone else, it's going to cost me at least $2000. Budget BLOWN!
With my work-around, I'm within budget (I spent $400 with the SSL upgrade), and I have a web-presence I can be proud of. What's more, I'm online in 1 week, as compared to a colleague who has been paying for his site designing for 3 months, and still isn't online. I'd hate to pay his design bill.
Finally, my method allows for expansion. I can save money now for a future rebuild, or I can pay my web-guy to design a site on my monthly budget, and have the rebuild ready in a year or so.
Side notes:
I agree with Susan Cartier-Liebel in her constant (see here and here) admonition to buy your domain names. It's important for your firm and practice, if you're going to develop the right brand. Remember, despite your aversion to the process, you're just like every two-bit car salesman, auto repair shop, and pizza joint. You need people to remember you, and want to use your services. Build your brand now, and use it effectively in the future. You're small, but you've got the tools to be big.
Second, do not spend time learning HTML in order to "save money" in your web-design. Also, never learn to use advanced coding programs like Dreamweaver or Adobe GoLive. TOO LATE. If you wanted to be a web-designer you should have changed career paths long ago. Cut your losses, and pay someone. Just increase your design budget and move on. These programs have enormous learning curves, and often their "easy" method isn't so easy. I spent 3 hours on one page, fixing code because the drag-and-drop feature didn't place it right.
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