Solo practice lawyer advice

[Zone Read]

I'm a Patent Attorney about to make the jump from government work to solo practice. I was in solo practice 15 years ago, obviously things have changed a bit. I currently do government IT contracting and some Intellectual Property work (patent and trademark), would like to continue to do both but want to try to build an Intellectual Property practice. Need to know about law office management software, websites, billing, marketing, etc. Any advice from some of my fellow Longhorn lawyers? Thanks.

 

[TxStHorn]

Get your accounting software in order ASAP.

Also, if you don't already, having online access to your banking is of great assistance. Not sure if you use IOLTA's in IP law, but being able to transfer attorney's fees into my operating account quickly online proved invaluable.

I use Amicus Attorney software, but a lot of attorneys I know swear by Needles. It evidently has more integration with other popular software that many use (I don't, so was satisfied with Amicus).

The more clients you can bring with you will make a big difference initially, of course. My practice consisted primarily of contingency fee cases, so I found it necessary to have about 6 months of savings on which to rely until some of my early cases started resolving/paying off.

Take anyone and everyone you know who might be a good source of referrals to lunch, and make certain they have a handful of cards when you leave them.

If there is some sort of IP lawyers organization with a forum or listserve, join it. It's a great resource of ready access to legal questions, and the exposure you get to other attorneys in your field and potential referrals. Becoming a member of TTLA made me a better lawyer 200x over, easy.

Where are you planning on opening an office?

Unless you've got a lot of ready cash, I'd highly suggest finding a law office that is looking to lease out some space, and might also be willing to share printer/copiers, phone systems, etc. If in Austin, I might be able to give yo some names.

I'd recommend possibly leasing/sharing with attorneys who specialize in other practices than yours. Rather than competing for clients, you might have the opportunity to refer clients to one another (IP companies looking for a contracts/business attorney, and visa versa).

The Yellow Pages aren't worth a damn, anymore. Practically everyone goes to the internet. You can have built a decent workable website for a lot less than a lot of web designers want to charge you, so call around. A lot of them really want to (in my opinion) rip you off and charge you out the wazoo for something you can get for 1/4 of their price.

Don't be embarrassed of your fee. You worked a hell of a lot to get where you are and learn what you have, and don't let a potential client (or the need for cash) convince you otherwise.

Lastly - some of the most profitable cases are the ones you DON'T take.

 

[Zone Read]

Wow, lots of great information. Thanks TsSTHorn. I'll be located in San Antonio. I'll be office sharing with a friend who has a bankruptcy firm here. I'll be covering hearings for her in exchange for the space in the building she owns. I just emailed you through the State Bar website page, I'd really appreciate the chance to pick your brain further sometime.

 

[uhlaw2k1]

For a pretty slick small practice management interface, check out goclio.com... it's only $50/month/attorney and all online so it's always backed up and you can access it anywhere.

 

[THEYESOFTXS]

I agree 100% with everything that TxSt said... I made the jump about 2.5 years ago. I would only add the following:

1. Plan on making $0 for the first 90 days.
2. Have an exit strategy just in case. for example... Give yourself enough time to give it a go... but if it goes in the shitter - decide, if I am not at x within six months, time to pack it in and pay off my debts and find something else.

3. Hire an accountant to help you out before you start... This will save you at least a week of time trying to fix what you screwed up.

4. Like TxSt said, defend your fee... Let people walk out if they cannot afford you. It is worth it.

5. Above all else, know this - -for the first 3 - 6 months you have three jobs, business manager, marketer and lawyer... plan on working 15 hour days, seven days a week... months 6 - 9 you will feel safer but be prepped to continue to work six days a week... After about month 9 - 10, you will want to take a whole weekend off. But you won't mind it after the first few checks come in... and the first few clients say thank you.

6. If you can do it, it will be one of these best decisions you have ever made.

 

[VYFan]

I love Quickbooks. Very easy for accounting.

Used furniture and file cabinets.

Small "trick of trade"--send bills out on about the 26th or 27th of each month, to arrive before the 1st. Gets you paid when the company sits down on the 1st to pay everything.

Don't hire anyone you can't bill out. When you do hire an atty or legal asst, make them happy and keep them that way.

Watch out for those quarterly federal deposits--they don't come every 3 months as you would logically expect!

Speak at seminars. Send Christmas cards. Go ahead and make believe you are desperate for business, and do that. (And I personally like having a lower billing rate than my competition, but that's just me.)

I am 8 years in on my own practice after 18 years with firms. This is the best period of my career, hands down.

 

[1leggedduck]

If you make a good call, you get money. If you make a bad call, you learn and go on. There is no egomaniacal ******* standing in your office taking out his sexual frustrations by yelling at you. I almost never have the urge to throw a guy through a wall anymore. And, I like my clients, because I decide who gets to be my client. Good luck.