Jim Calloway, the director of the Oklahoma Bar Association Management Assistance Program, has a nice set of rules to follow when opening a solo -- or any kind -- of law practice. Tip o' the hat to Technolawyer for spotting The Seven Deadly Sins of Opening a New Solo Law Practice.
1. No clients
The practice of law is an esteemed profession, but a law firm is a business with revenue, expenses and the expectation of making a profit. A business cannot exist without customers nor can a law firm without clients. This does not mean you cannot open your law firm without knowing where your clients will come from. If that were the case, many would not open. But it does mean that client development will be your highest, urgent priority for you to become a success. A website is critical so you can print the address on business cards and stationery. You must send out formal announcements of your new practice to everyone that would appreciate the announcement. You must introduce yourself to local lawyers and business people, as well as judges at the courthouse. This is not a time to be shy or to wait patiently.
2. Too much overhead
3. Taking on work you cannot do or support
4. Not paying enough attention to finances and financial reports
Click here to read the rest of The Seven Deadly Sins of Opening a New Solo Law Practice