Lawyer

Abraham Lincoln did it, so why can’t you? It has been fashionable to mock the “single shingle” lawyer, but opportunities to join huge firms right out of law school—and make huge bucks—have just about vanished today. One way to use the degree you have just suffered through is to start your own business. You create the clientele, you develop the specialty, you do the billing, you reap the rewards. Can you find a way to show total commitment to the success of small businesses in your area? Are you able to disentangle the affairs of wealthy individuals and help to keep them in control of their lives? Can you deal with the anguish of divorcing people and help them manage the separation process through mediation and negotiation? If you answered yes to any of these questions, you can make a go of your single-shingle.


Many solo practitioners share office space, support staff, and other necessary costs of setting up in business. You’ll need an appropriate and professional-looking space in which to meet your clients, and you must produce and store the paperwork. Spend at least $5,000 on your office and its contents. Include an extra $2,000 for a high-power computer to make online searches less time-consuming and, hence, less costly. Bill out at around $125 to start. After your reputation is as good as old Abe’s, you can start charging like the big boys (and girls) at $200 to $300 per hour.


Probably the most important factor in your success will be your connections to the community you hope to serve. The average Joe tends to have a negative view of all lawyers, and you’re going to need to keep struggling against this stereotype. Building trust is so challenging that you will have little chance for success unless you start with a network of people who know and like you. Eventually you will become known as the helpful, skilled lawyer to go to when a need for work in your specialty arises. Another challenge is that you will be constantly asked to work for free. Everyone needs a lawyer from time to time, but many people are reluctant to pay for a lawyer’s experience, expertise, and legal skills. It will be your job to track hours, send bills, and make sure the funds are collected. This is a tedious, time-consuming process. Consider offering prepaid legal services, which works much like insurance.


Stanford M. Altschul, sole practitioner based in Long Island, New York, says he picked a niche and set about servicing it with free information in the form of marketing materials such as brochures and newsletters.“I market myself regularly to my clients, keeping my name in front of them via newsletters, brochures, and other direct mail pieces I produce myself.”


Altschul could not do without a computer and laser printer, telephone, copier, and fax machine.


“You should definitely be networking with certain industries that will bring you referral business, such as accounting, real estate, and banking. All of these professionals are in regular contact with those who need your services.”


“I made a mistake in being in a partnership that wasn’t a good partnership . . . It took me over twenty years to figure out that I prefer working alone.”

Approx. cost of start-up: $15,000 to $30,000 (less if sharing space and resources)


Approx. potential earnings:$50,000 to $80,000


Typical fees: $125 per hour outside the major cities; $175 to $250 per hour in major metropolitan areas


Where to promote: Yellow Pages, networking, association memberships, Web site with your specialty areas highlighted; many legal restrictions on attorney advertising apply


Qualifications: Law degree, persistence, people skills


Things needed:Office space decorated in a professional (not necessarily ostentatious) manner, access to law library, computer with Internet access, fax, software, laser printer, business cards, letterhead, envelopes


Required staff:No


Hidden costs: People wanting free advice, insurance, Internet Service Provider fees