Going Solo

Every now and then I'll get an attorney who will come up to me and ask me what going solo is like.  Here's some free advice.

1.  Don't do it straight out of school.  You don't know anything.  You don't know anybody.  You don't have any money.  I did it because, experience wise, it was the best career move I had in what was at the time- and still is to many extents- a God awful job market.  It's much easier to do it after you've had a few years' experience.  You'll have a clientele.  You'll know what you're doing, and thus, be able to take on more interesting cases.  Last, you'll have a little cash in your war chest such that you won't have to live fist to mouth.

2.  Fixed Rent.  Rent sharing is attractive, and sometimes a necessity for people just starting out, especially when it's difficult to project income for a particular month.  However, the downside is the first time you get a decent paycheck you'll wind up coughing up a significant chunk of it.  Also, the key to operating any small business on a long term basis is being able to project expenses on a long term basis.  Another plus is keeping costs fixed instead of variable.  That's the only way that you can realistically plan long term.

3.  Get Quickbooks (or some kind of book keeping/billing program).  You're an attorney.  Your business is practicing law.  You may be the best accountant in the world, but it isn't your business.  You don't have time to be consistently messing around with whether your books balance at the end of the month.  If you're rich enough, you might be able to hire someone to do this for you, but when you first start out probably not (ironically, if you're not somewhat good at this, you'll neer get rich enough to hire someone).  In the mean time, get something that can easily keep track of all of the money, bills, and time.  It'll save you the time in having to do it yourself.

4.  Get Organized.  This really should be #1, but I'm posting these in the order I think of them, and not in order of importance.  Having a messy office is unproductive.  Organize your office neatly.  Everything and everyone should have a file.  Files should be neatly organized so that documents can be easily located quickly.  Make it a point, at the end of every week, to have your desk "clean".  Whatever was on it, during the week is to be finished, or at least at some kind of stopping point.  When you're at a firm, there are other people who can ease your burden when need be.  You have no such luxury.  You're juggling 10 balls at once while dancing on an eleventh.  The only way you can stay ahead is to, well, stay ahead.

5.  Pay All (or as many as possible) of Your Bills at Once.  Pick a day.  Perhaps the day your rent is due.  Make that the day when all your bills will be paid.  Set up auto withdrawal, and just make sure that amount of money is in your account.  This kind of goes back to the whole thing about long term planning and fixed expenses, but it's almost as if you'll get to a point where you just treat that money as if it's not even there. Once you get to this point, everything else is profit!

6.  Send All Bills at Once.  I haven't gotten around to it yet, but I'm trying to set it up to where I send bills out every other Friday.  Collecting money should be just as regular as paying it.  This will allow you to speculate income, going forward.  It's not enough to be able to anticipate expenses.  You also have to be able to anticipate, in June, "What are August and September (tentatively) going to look like for me?"  Sure, a million dollar client can walk in the door at an instance.  But long term planning is what keeps the lights on in the mean time.  The two most important aspects of long term planning, fiscally speaking, are projected expenses, and projected revenue.  While no one can predict the future, the surest way to bet on the future is to get expenses and revenues as fixed as possible.  This way, if a big case should come along, you can treat it as gravy!

7.  Don't Ever Forget Anyone....Ever!  You meet someone, remember him or her.  Remember something- anything.  Get a business card.  Add the person's contact info.  Keep it.  Use it.  Stay in contact.  Message everyone in your contacts frequently and on some kind of periodic scheudle- a weekly e-mail, a monthly mailer, a quarterly newsletter, etc.  Send them Christmas/Hanukkah, birthday, and anniversary (when applicable) notes.  Keep a stack in your office, and write them when necessary.  When a colleague accomplishes something, send a note.  Keep a stack of thank you notes for the same purpose.  The trick is to do a little correspondence every day; that way, you're not bombarded come holiday season!  Oh, and on a more somber note, read the obits.  You'll look like an ass if you send correspondence to someone who's dead- and you'll get kudos for attending the funeral (leave your business cards at home), and sending flowers, etc..

8.  Speaking of business cards, carry them everywhere.  You'll never know when someone will need you.  It's kind of like the story in the Bible when the brides sleep and miss the groom.  You don't want to not be carrying your card when you meet a person who needs a lawyer.  A corollary to this rule is to give your card to everyone you meet.  Here's how you do this without looking like you're soliciting:  whenever you meet someone, ask for his or her card.  This'll give you an opportunity to reciprocate.  If they don't carry a card, then, your opening is, "Well, let me give you mine."  You might also want to get an email or phone number at that point, or some way of contacting the person.  Then, and this is where so many people just put to waste all of the data stuck in their Rolodexes, YOU MAKE THE CONTACT.  There are a handful of exceptions to this rule.  First, never, ever, ever, ever, EVER, be caught dead (pardon the pun) at a funeral service, wake, visitation, cremation, etc. with your business cards.  Secondly, use your better discretion, but places of sanctity (such as mass), while they can be excellent opportunities to gain business, are NOT places where business should be discussed.  Get a name and an idea of the nature of the business, and call on Monday.  Everything has its place and time, and funerals and church just aren't the places for business.  Finally, be careful about talking business when it might "steal someone else's thunder".  Actually, this is a good rule for doing anything that might attract attention to yourself at a time when all attention should be directed elsewhere.  Such events include weddings, graduations, award banquets, etc.  This is clearly someone else's event, someone else's honor, and someone else's day.  It's probably more okay to carry cards here than it would be a church or a funeral, but it's another area where you have to be careful.  Not saying you can't talk shop; just use your discretion.

9.  If someone needs help, give it to him or her.  One of my biggest complaints about my profession is attorneys who won't help other attorneys.  Especially considering I know of no attorney anywhere who has achieved any color of success without the assistance of someone, somewhere- usually another attorney.  As I write this, I am not hiring associates, nor am I seeking interns.  I don't have the case load; I don't have the capital; I don't have the time, and I don't have the experience.  In short, at this time, there is nothing an intern would benefit from basking in my non existent glow.  That said, I do not expect that situation to persist.  Further, if any law student or attorney wishes to meet with me for lunch or coffee, the request is granted.  In 2011, alone, I have helped 5 people get internships or jobs.  This is with my 2-3 years' experinece.  I am sorry, but an attorney with 25 months or years under his or her belt has NO EXCUSE for not giving back; no excuse for not helping another attorney out when he or she has a question about something.  It hurts our profession.  Moreover, if you do it, I think it hurts your career.  Maybe I'm wrong, but I'd like to think that some of the people I've helped will help me if I ever need it, or their friends will help me, or my friends will help them, etc.  I'd like to think that somebody who's just out of law school and has no job prospects and little experience won't be in that predicament forever.  They'll be a partner somewhere someday; or have their own solo practice; or be CEO of something, or whatever.  I'd like to think they'll remember me then.

10.  Keep Expenses Down.  I understand there is an element of vanity with any self owned business; I also get that there are some times when you just shouldn't cut corners.  For example, advertising.  I know that advertising is something you sometimes have to do on a shoe string budget (and that ad dollars can be colossally wasted).  Let's say your ad campaign is centered on radio ads.  You can't just run the cheapest ad you can buy once a month.  You have to commit to it- spend a decent amount of cash on a decent ad, that'll run several times weekly, on a station that a lot of people likely to need your service will listen to.  I know a lot of firms like to have expensive stationary and things of that sort (I also know that this is an area where smaller firms save money).  They have clients (and other attorneys) that they want to impress.  I'm okay with that, actually.  HOWEVER, there's a word for finer things: luxury.  As in, something you pay extra for.  Just make sure that if you're giving your clients luxury service, first of all, they understand that it is in fact luxury service and not ordinary service (vis a vis, either service you provide to other clients, or other attorneys who provide similar service), and secondly, that they pay for the luxury they receive.