The Best of Solo by Choice Busting Myths and Setting Up a Practice

On November 20 we hosted Solo by Choice in the Current Economy, featuring Carolyn Elefant of MyShingle.com.  Lucky attendees received a copy of Carolyn’s book along with other materials.

Carolyn shared her insight and advice across a wide array of areas.  Along the way, she busted the myths of practicing solo and shared useful tips.  Here is some of what she had to say:

Busting the Myths of Starting a Solo Practice

• Working for yourself is not a “dead end,” it can be a way to find a second chance in your career. 
• You are in control.  This is the best part of being a solo, because you call the shots.  You can reduce overhead, adapt your practice areas, or change your business plan on a dime. 
• Solo practice need not be isolating:  seek out opportunities to work with others.
• Going solo doesn’t mean you won’t be intellectually challenged.  A solo practice can be rich and varied, with complex legal issues. 
• Remember: you’re a lawyer like everybody else.  Why can’t you start your own law firm?

Setting Up a Practice On the Cheap

• Keep overhead low.  Learn from the trends:  Big Law is sending business overseas to cut costs and clients are becoming less and less tolerant of lawyers passing on overhead.
• Grow your practice economically by outsourcing in lieu of hiring full or part-time employees.  Options include virtual assistants, contract lawyers, law clerks, or bookkeeping services.
• Think of meeting with a client in their home as a convenience for them.  You don’t necessarily need to rent office space.
• Mobile technology gives you the freedom and flexibility to run a home-based practice.  Any cash you spend on a laptop, Smartphone or MiFi card will be a terrific return-on-investment.  If your budget won’t allow for mobile technology up front, repurpose what you already have.

Carolyn’s presentation and book, Solo by Choice are available now on the PLF Web site for $30 – a steal if you ask me.  Select Programs on Audio or Programs on Video.  If you missed the live program, order the CD/DVD from this terrific CLE.  I will feature more tips in future blog posts.