| This thread has been really interesting and helpful to me. Thanks to everyone who contributed. I thought I would sum up some of our major points for other people who are interested in the stuff we have been discussing.
Practical Tips for Starting Your Own Practice
1) Focus Your Firm Around Something You Have Expertise In / a Personal Connection to: This is good for two reasons. One is substantive, in that it will be easier to get a practice off the ground if you don't have to start from a knowledge base of zero. The other is cosmetic: it's valuable for marketing if you have a compelling story to tell about why you entered into a certain practice area and why potential clients should choose you to represent them.
2) Find a Partner with Complementary Skills: I think Jane's observation about this is really astute. I didn't pick up on the fact that Labby seems to be filling in holes in Greenfield's own abilities (and it seems like her connections are probably proving to be helpful to him too). When we talk about starting our own practice in class, I've always envisioned it as being an individual activity. But, thinking about it as something you can do with one or two other people makes it seem more attainable. This raises the question of how to best choose a partner or partners, which is a complicated question on its own.
3) Find Innovative Ways to Reduce Costs: In class Eben mentions how market forces play a significant part in reducing the availability and stability of firm jobs. Solo practitioners / small firms can take advantage of the demand for lower cost legal services by being innovative and flexible in the way their structure their practices. The HangShingles? blog uses a PO box and in class we are learning to use a Twiki. I would be eager to hear about other strategies for doing this.
4) Hustle / Network: This is important for all lawyers to some degree, but more important for solo practitioners because they are responsible for generating their own business. The HangShingles? blog is a great example of what it takes. I think Eben has also hinted at another really valuable lesson for current law students. He mentioned that he got his 1st clerkship (which led to the 2nd one) not because of his grades but because of the relationships he developed in law school. This suggests that people who are interested in being solo practitioner should work to cultivate relationships now, when we have access to a huge network of professors, students, and the various professionals who come through law school.
If other people have practical suggestions, resources, or information, please add them. |