Description
How To Go About Starting Your Own Practice
[00:00:00] I'm considering opening a solo practice instead of leaving law entirely. A few questions. If you answer one, I would greatly appreciate it.
What are the risks? Okay.
How do you need for startup capital?
What type of service to offer clients?
It is difficult for attorneys...
Okay. These are all great questions. I have articles that I've written about starting your own practice. There are also some books out there. There's one, an old one by J Finberg and that sort of thing. So, in order to start your own practice, the risks are that you'll fail, of course. But honestly, if you learn how to build a website and learn how to write articles and things, and you should be able to get business.
I don't think you need a lot for some money to start. You can meet clients all over. If you work alone, I know lots of attorneys that are very successful. Immigration is one. Trusting the states. Tax resolution is another one, and those are very good practice areas to get into.
I would say a tax resolution is a good one. And then you also have family law. And, anything that's consumer-facing. You can make a lot of money doing these. There are family law attorneys in Los Angeles who charge a thousand dollars plus, per [00:01:00] hour.
You can definitely get into work and no, it's not difficult to find people to hire. But, you have to have ongoing work, first. I know lots of attorneys that do these. I placed people in these practice areas. And, you're better off trying to do practice areas where you're not competing against large law firms or even very organized law firms, but all of these can do well. The other thing too, is there are lots of online classes where you can learn how. People teach people to do these type of practice areas where you can learn how to do family law or tax resolution, or how to set up trust in the state.
Trust in the states, where you hold dinners and invite old people and to plan their trust. There are different things you can do to get jobs in each of those. They're usually fairly easy. It's not uncommon by the way for immigration attorneys to have multi-million dollar practices very quickly.
I know lots of them. So, I think opening your own practice can be very easy. There's also personal injury. You can do well with that. I have an attorney that used to work for me who did that. There's also plaintiff's employment work.
You have to decide what you want.
I don't know how much startup capital you [00:02:00] need. I would be careful. I don't think you really need a lot. I think you might've in the past when you needed offices and so forth. You may need an office, but a lot of people will just work in offices where they share space. You can research, but if you do research online you can find all sorts of classes and groups for people that teach you how to do these practice areas.
It's really not that complex.
Is it too early to open your own practice when you have two to three years of practice experience?
Absolutely not. I know people that opened their own practice and were never able to get a job. And I know one woman that has a trust in the states or an immigration firm that does at least 5 million a year, and she never got a job and she's four or five years out of law school.
So, you can do exceptionally well. If you have any practical experience, that's great. But, you need to throw yourself into it. And, if you're opening your own practice, you'll probably do much better than when you were in a law firm, because you'll be excited.
You'll actually see the results of your work and your mistakes. And, will be much more excited. You wanna choose a practice by the way that other people aren't doing.
I had the strangest experience. I saw an attorney that I've [00:03:00] known for 15 years and he's basically done. He sold life insurance. He started a software company. He started something where he was suing school districts for accommodations for learning disabled scholars or something. Making, a very profitable practice, education law. He just figured something out.
There are all sorts of practice areas you can find. But, you have to research it. You have to say, does immigration interest you? Does trust in the state's interest you? Does family law, personal injury, plaintiffs employment.
You have to see what interests you .
