In my first official week as a solo practitioner, I have collected $2,150 in flat fees. Though I have little looming on the horizon for the rest of the month, and that amount is only a little more than my monthly overhead (and doesn’t touch my loan balance for start-up costs), I am still patting myself on the back for this initial “success.”
Just like anyone running a business, I have financial goals to meet, in addition to other markers of a successful business and law firm. My crude draft of a business plan and projected earnings/goals has me “turning the corner” at six months, and last week’s performance makes me feel a little more optimistic about that milestone. If I can just keep getting my name out there, and working hard (and long) hours toward finishing work quickly and getting new clients, I should be able to keep growing my income over the coming months. Maybe I can even avoid that lagtime that so many new business owners experience before they become profitable. I would love to refrain from borrowing any more off of my business credit line, although I had planned for that in my projections.
Many of the books I have read about starting a solo practice make a point to remind readers that running a law office is indeed a business, as much as some would like to believe that they can make it by “just practicing law.” I have entered this situation with equal parts business and law research, and hope to make smart decisions on each side. It would be a shame to be a good lawyer who failed because I couldn’t run a business. (On the flip side, lots of bad lawyers do quite well for themselves, at least for a while, because they are natural entrepreneurs and salesmen. I don’t want to fall into that category, either. Somewhere in between would be ideal.)
All of that to say this: Now that I have settled many of the initial requirements to open my doors and begin practicing in earnest, I need to turn my attention to marketing efforts. Notice I didn’t say advertising, though there are surely some appropriate advertising channels for lawyers. But marketing is so much more than advertising. I’m interested in developing a comprehensive marketing plan; one that projects my “brand,” if you will, into the public’s stream of consciousness and introduces me and my services to potential clients and referral sources.
I have plans for making contact with past business associates with notecards bearing my firm’s name (I opted against formal announcements). I have a design in mind for a general services brochure, as well as one for each of the three areas of law in which I plan to concentrate. I have been shadowing a friend, and fellow sole practitioner, as she goes to the local county and municipal courthouses for her hired and appointed cases, just to familiarize myself with the courtroom and its procedures. Having no litigation experience (I’ve always been exposed more to contract and transactional law), I want a general idea of the actual inner workings of the court system before I jump into anything. I have made applications to the bar associations in the area, and plan to pick a couple of sections of each in which to become active.
I also plan to network outside of the lawyer circuit, with people in related areas of business. I am gathering information about a few complimentary professional organizations, and considering membership to those in which I can not only make good contacts with people who may be in need of my services, or cater to those who may, but in which I can become a member who can contribute to the organization as a whole. I’m still brainstorming about whether to commit time to an organized volunteer group, as I need to weigh the time requirements against its business value to me. That’s not to say I won’t do any philanthropical work — I just reserve the right to do it on my own schedule. I have found the program for me regarding pro bono work, which isn’t mandatory in my state, but has rewards of its own.
All in all, this is my business plan. Sure, the actions enumerated above don’t specifically identify the financials of my law firm, but they do prescribe a course of action that I am confident will steadily build business and, thus, success. If anyone has any suggestions, I’m open to them. I am paying attention to advice from every source offering it — sorting through the information to determine what works for me and my goals. I am learning more now than I did in law school, and faster, but it’s a lot more interesting to be experiencing it firsthand — and a lot more motivating when it’s your paycheck and license on the line.
