It has officially been a month since my law firm has been in business and things have gone very well to this point. But as they say, "Not everything came up roses." So I thought that I would share some of the difficulties and issues that I have experienced in my first month of solo law practice. Most of these items were expected considering the fact that I made the transition with no ongoing matters and no official clients.
The first difficulty relates to cash flow and this is relevant for all fresh-of-the-box start up businesses. There is a lag between being retained and getting paid. That is just a fact of life. This is especially the case in my estate planning practice where I am paid upon completion and execution of the documents. This is not to say that I do not require a retainer. It just means that I do not draw down the retainer or otherwise cash the check until the plan is completed. The estate planning process typically takes a couple weeks to a month depending on everyone's schedules. With that in mind, the clients that have retained me so far are not likely to provide positive cash flow until this month. As I said before, this slight lag was expected and it will not be a lasting issue. It is just worth mentioning and considering when completing a business plan.
The second difficulty relates to the administrative tasks around the office. By design, I am pretty much a one man shop. I do have a shared receptionist and a share paralegal for the witnessing of documents and what not. But the day to day functions of my law firm, including copying, scanning, mailing, scheduling, etc. fall on my shoulders. Again, this was expected and thankfully I enjoy doing all of that stuff. It is mentioned as a difficulty because it is something a bit different than the way I practiced before and it takes a little getting used to.
The third and last difficulty I wanted to mention is finding time to update this blog. With the launch of my firm I started a website/blog for my law firm and a estate planning/tax/elder law related blog. On top of that I have managed to attract a number of clients through referrals in addition to the clients that followed me. So here I sit with a decent sized client/case load, three blogs, two golf leagues and the best weather of the Summer so far, and I have to find the time to squeeze it all together. No problem. Time management is the name of the game. If you look at it all together it can be too much, but if you take it all in stride it is definitely doable.
As each day passes I am happier and happier about my decision to go solo. I will gladly take these few difficulties I mentioned above in exchange for the many positives I have experienced on a daily basis. I am already getting to the point where I ask myself why it took me so long to see the light. Either way I am very glad that I did and that I took the leap into solo practice.
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