This piece, written by Susan Carter Liebel, informatively and clearly lays out a few main points which one must consider before going into successful solo practice. An expert on the topics of solo practice and working for smaller firms, Liebel is the CEO of Solo Practice University, an online educational program which masterfully tackles the questions new solo practitioners often face.
When you open your own law practice (and odds are you will whether directly out of law school or ten years in) you go from wearing the singular hat of “lawyer” to wearing the many hats of a small business owner: lawyer, office manager, accountant, IT, and marketing public relations executive. You are a business person first and foremost and have to approach everything you do as a business person. You are selling you, the lawyer, as your product. And you have to market the product. And no successful business is run without first constructing a business plan.
You don’t have to have an MBA or be an accountant to run a business or be able to write a formal business plan. Whatever shortcomings you perceive, trust me, they are surmountable. You simply analyze these “shortcomings,” then manage them. And whatever your fears, they are certainly no excuse to stay an employee somewhere else if your goal or your need is to be your own boss. Continue reading