Carr - New Law Practice: A New Lawyers Guide to Starting and Building a Law Practice, Economically!

New Law Practice

Professional and Business Publishing

First Printing, July 2017

Printed in the United States of America

Copyright 2017

All rights reserved

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Copyright 2017

All rights reserved

DEDICATION

Alice,

Heres to new beginnings!

INTRODUCTION

Congratulations!

Either, you just graduated law school, orhave finally decided to go out on your own. Whatever the reason,congratulations are in order. New opportunities and options areright in front of you. This is a defining moment in your life.Ready or not, you are here.

Maybe you are finding yourself here,unexpectedly. The recent effects of the economic down turn, and asuper saturation of new law school graduates caused a marketphenomenon. Many law firms are not hiring as before. There seems tobe more lawyers than lawyer job opportunities. Combine this withthe large number of displaced lawyers that are still trying tostabilize their careers after the recession, with a new graduatingclass of new lawyers every year, and you understand the greatcompetitive situation. I will bet that you never thought that alawyer would be in this situation. The legal profession has held analmost sacred status, and always symbolized power, security, andprestige. It still does, but just like any other service offeredfor compensation, it must compete in the market place. Just likeany other business, the law firm must compete for clients in orderto survive.

The majority of you reading this book arenot here because of your choice. I am sure that most of you wouldprefer to be securely employed in a large powerful law firm,enjoying a big salary. With so many law firms becoming lean,downsizing and closing, why would this be a good time to go solo?Stay hopeful! There are many reasons.

First, the larger firms have huge overheadand must downsize if the amount of business drops. As a solo firm,you do not, and can survive with a fraction of the amount ofbusiness. Remember, all your production is yours to manage. You donot need to share it with others.

Second, the law firms that are not run likea business fail just like any other poorly managed business. Duringthe good times, there was plenty of business to be had. Law firmsdid not need to hunt for clients. Many never learned how. Now thattimes are tight, those who lack the knowledge and ability to seenew opportunities and find new clients will find it very difficultto survive. You, as a new solo practitioner, are going out for yourpiece of the pie. You are educating yourself in the most importantfunction of business: how to get clients. You are stepping awayfrom the norm. Your chances for survival have just increased wellbeyond the average lawyer.

It feels a bit scary and exciting at thesame time; doesnt it? I know. I have been there many times in mylife. I assure you there is not a more rewarding experience thanstarting and building your own business. There are proven ways tosucceed and to fail. The wheel does not have to be reinvented.Commit yourself to learning how to be an entrepreneur and a studentof your own business.

From this day on, you are declaring yourindependence. You will be in complete control of how successful youwill be, and how long it will take you to get there. No one but youwill decide your worth or quality of life. Work will be morefulfilling because the rewards are all yours.

Lets begin

My definition of Entrepreneurship is the creation ormanagement of any business, guided by unwavering initiative andpassion, and involving great determination and management ofrisk.

To be an entrepreneur, one must adoptcertain traits and think a certain way. It is a level of awareness,motivation, and thought about creating and operating a business ofyour own, your way!

Many universities and graduate schoolsattempt to teach entrepreneurship. Many of them even have acurriculum to follow. The entrepreneurship programs I have examinedare no more than a collection of business management courses.Studying business management, although helpful in learning businesstheory, does not make you an entrepreneur. Entrepreneurship is nota degree, but more of an attitude and desire.

If entrepreneurship sounds philosophical toyou, it is because it is a belief, more so than it is knowledge.Feel good about this! It is not another school course orcomplicated material that you will have to force yourself to learn.It is more of a realization or clarification of an awakened desireto create and nurture something that will provide emotional andfinancial satisfaction.

How can entrepreneurship be truly learned inits most pure form? The lesson begins with a series of verypersonal questions to ask of yourself. The answers are differentfor everyone. They are different because the questions meansomething different to everyone. They require that you search deepfor your own personal needs, purpose, reasons, and motivation. Theanswers will have a profound meaning to you, and you alone. Bystarting your personal quest for answers, you will start to see andfeel the right path to becoming a true entrepreneur, in every senseof the word.

A. Why do you want to start a law practiceof your own?

Maybe it is because you cant find a job, or areabout to lose one. Maybe it is because you desire more freedom towork the way you want, instead of being told what assignments youare allowed to work on. Perhaps it is because you want more controland a better balance between work and life. Whatever the reason, itis a good reason, because it is yours! Whether your reason(s) areout of necessity or by choice, it doesnt matter. Motivation ismotivation, no matter the source of inspiration.

B. Do you have what it takes to start a SoloPractice?

Of course, you do! Dont be afraid of the question.The meaning of the question is, Do you want to start a SoloPractice? We all have what it takes. All that is required isdetermination and the willingness to learn. You dont need any moretraining to be a lawyer. The state Bar that admitted you says thatyou are a lawyer. The rest is business strategy, which we willdiscuss later in the book.

C. Does the idea of owning your own law practiceexcite you?

If you feel butterflies in your stomach, or somefear and curiosity of the unknown, the answer is yes. Just the factthat you are reading this book affirms this. All you need at thisstage is a bit of curiosity, fear, and maybe excitement. The bestthing that follows is more excitement, as you start to see resultsthat you created from nothing but an idea and desire.