This is the age old question and my friend, Chuck Newton, addresses it in his new post, “Why Do Not More Young Lawyers Start Their Own Law Practices.” Yes, coming from me this may sound like a promotion for Solo Practice University. But it’s not. Chuck has no skin in the game. He has no [...]
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Feb 9, 2010 in Demographic/Economic Trends
There is a joke I heard recently from a small law firm who stopped renewing their ABA membership. The lawyer I spoke to said, “We get 13 things for our ABA dues – 12 nice magazines and a bill. Those are very expensive magazines.’ This is from someone who bought in to the idea, ‘graduate law school and join the ABA.’ No longer are students mindlessly joining an organization because it exists. Somewhere along the way any perception of value disappeared.
Feb 8, 2010 in Demographic/Economic Trends
It’s a trend that began after the economic downturn of the late 1980s, as many laid-off professionals became consultants. Then it seemed temporary, though, tied to bad times. Evidence now suggests that this is our new economic condition. Today, in fact, 20% to 23% of U.S. workers are operating as consultants, freelancers, free agents, contractors or micropreneurs. Current projections see the number only rising in coming years.
“Self-pity is easily the most destructive of the nonpharmaceutical narcotics; it is addictive, gives momentary pleasure and separates the victim from reality.”
John W. Gardner
An increasing number of civil cases go forward without lawyers. Litigants who cannot afford a lawyer, and either do not qualify for legal aid or are unable to have a lawyer assigned to them because of dwindling budgets, are on their own — pro se.
Dec 21, 2009 in Demographic/Economic Trends
The other night I was listening to talk radio and I heard something which was both dismaying yet exhilarating at the same time. Bear with me. The show was discussing how two great professions, the medical field and the legal field, were now closing in on the least desirable professions to pursue. But…..
Nov 17, 2009 in Demographic/Economic Trends
Deflation is coming. The problem with deflation is that not only do debts remain constant, but incomes fall as well. The early signs of falling wages are here, and the long-term ramifications are not comforting. How will deflation impact your clients and by extension your solo practice?
In this time of economic uncertainties it will be a challenge to sustain oneself in business if you don’t understand how to make the right choices.
The smart solo needs to develop competency in more than one practice area and then develop strategies to maintain and grow those practice areas as the economy evolves and changes.
There is a video embedded which everyone, not just lawyers, should watch.
Aug 19, 2009 in Demographic/Economic Trends
It is a caste-system, but one has to accept one’s caste assignment. It isn’t forced upon you. As a licensed attorney, one is free to practice law or not. One is free to sign up for the doc review hustle, or not. You can always sell life insurance or real estate. Or, God forbid, you can actually go solo, get your own clients — and attract an employer –if that’s one’s real goal or dream.
Well, let me tell you what I would be doing if I was a law student who didn’t have that job lined up. And this comes from the mentality of one who wants to go solo but recognizes she needs experience and connections for when she graduates.