What's Keeping You From Starting Your Practice?
I talk to a lot of people that want to start their own practice, but don’t know how to get started. The main problem some people have is not with logisitics of getting office space, a computer and a desk, but in getting the gumption to get started in the first place.
Sheryl Sisk Schelin of the Inspired Solo Blog describes some of the rood blocks that keep people from going solo:
When I contemplated going solo, there was always a “yes, but …” at the end of every thought:
Yes, but - I don’t have enough experience.
Yes, but - I don’t have enough money saved.
Yes, but - I don’t want to practice law like everyone else does with all the billable hours and nonsense.
Yes, but - what can I do? I’ve been practicing municipal/county law for so long.
Sheryl describes an Inspired Solo as someone who likes the practice of law, is happy, likes their clients and treats people right. I’m paraphrasing, you can click on the link for her full description.
Sheryl also writes
We’re starting to see more and more South Carolina legal blogs. That’s a good thing that more lawyers are willing to share their information.
This is a post I could not help but comment on. I was an insurance defense associate billing my hours and taking my doctor's depositions when my employer and I had a parting of the ways (in a drawn-out drama which resulted in another associate being fired, I might add).
Before the parting-of-the-ways, I was a 'yes but' man who could not imagin how it would be possible to start your own law practice from scratch. All I knew how to do was defend personal injury and workers' comp. cases. 2 1/2 years later, I am still struggling to get enough clients, loving the fight against insurance companies, and dreaming someday of advertising on television. It has been the greatest 2 1/2 years of my life. I just needed the situational impetus to get me started.
P.S. Keep me in mind for referrals. Thanks
Access to capital to cover operating expenses and advance case expenses is crucial. When I left an insurance defense firm 17 years ago, I was fortunate to find a de novo bank that would give me a line of credit based on 100% of the equity of my house. Between that, a small supply of billable cases I was able to take with me, and my wife's teaching salary, I was able to operate long enough to start generating fees on plaintiffs' cases. It's always been a roller coaster, but access to funds to be able to work the cases was indispensable.
