« on: October 20, 2005, 12:42:41 PM »
EDIT: your negative to posting ratio is better than mine, so I AM worse than you... sorry.
EDIT: heres some constructive criticism.
I just helped a lawyer create a new solo practice. Here are some things to consider.
1. applying for a license as a corporation. P.C.? L.L.C.? do you need a consultation to figure out which is better? ($$)
2. do you have to carry malpractice insurance ($$$) in your state? And god forbid you do muck up a case up with your ZERO experience- are you prepared to watch your premiums jump 10x? and never go down?
3. are you going to pay an accountant ($$), or do it yourself? do you have an accountants license or background?
4. taxes ($$)- have you ever run a business before?
5. Rent- are you prepared to sign a 5 year lease? 15-75$/ square feet ($$$$)? do you have collateral, equity, own a home?
6. do you have excellent credit, or are you going to purchase all infrastructure yourself up front ($$$)?
7. westlaw accounts can be 5,000/person, due up front ($). or you have to buy books. or you could walk to the library...
8. do you have a mentor? what happens if your ZERO experience in your field puts you in a malpractice/disciplinary situation? who do you turn to?
9. are you going to advertise, ($$$) or just rely on cases fed to you? are you at lease going to pay for a martindale-hubble entry ($)? What happens when clients look you up and realize that you dont even have a C- martindale grade?
10. bar fees, subscriptions, CLE classes, all of this adds up over time. And you need to throw down for it too ($).
granted, this guy was probably the premiere med mal attorney in my state, but it was hard even for him. Lots of planning, consultations, and OVERHEAD. He had the cash to pay for it out of pocket. Do you? he ran a 1.3 million dollar bill before he opened his practice...granted, you dont need to purchase a 400,000$ medical library, or oil paintings... but you should still think about this before putting yourself into much more debt than law school ran you.
or maybe my boss just did things right, im sure you can cut every corner i just mentioned. except the malpractice one, which is deadly for solos. And if this all fails, you think a firm/agency/judge will hire you after you tell them that you started off solo, got sued, and declared bankruptcy?
just a bit of reality. Solos are running businesses, and the business world can be cruel.
though im sure they cover all of this in your solo practice seminar.