I see more lawyers these days who are launching their solo practice. Some line up office-sharing arrangements while others decide to go slow by initially working from home. An article I wrote for the Oregon Bar Bulletin, “Home Alone: Where to Hang Your Shingle” may give some ideas for lawyers thinking about this option.
An over-riding concern of lawyers starting up their solo practice is making sure that they don’t spend too much money all at once. For some, starting up on the proverbial shoestring seems to be the best they can do given the circumstances. Almost two years later, I still find my article “Law Office Start-Up: Law Office on a Shoestring” can help some lawyers think through their early budget. No matter how small, a budget is essential.
Starting up a law practice as a solo is starting up your professional life. Do it with at much thoughtful investigation as you can. Make a business plan and put it in writing. I remember the following adage: “Those who fail to plan, plan to fail” being drilled into my head early in the business world. It made me a planner! Sucessful ventures are usually accompanied by well-thought-out plans.
Not all of us are entrepreneurial. Not all successful solo lawyers are either. It is natural to feel nervous and even fearful starting up a business, especially a law practice. Some starting up now will be successful and some will hang it up before the year is up. The important thing is not to become paralyzed by fear wondering which will be your destiny. It’s not knowable today. Today, the task before is to take the first step. Summoning courage that carried you to this point, enables you to move forward or as Goethe urged, “to begin it.”
“Each indecision brings its own delays and days are lost lamenting over lost days…What you can do or think you can do, begin it. For boldness has Magic, Power, and Genius in it.” – Johann Wolfgang von Goethe