I cannot say this enough: If you want to be a successful solo practitioner, observe other attorneys as often as you possibly can. During the first 6 to 12 months of your practice, you are probably not going to be consistently busy with work. It can be difficult during those times where you have little business to keep up your momentum and spirits. Use that time wisely. How can you use that time wisely? Observe other attorneys.
Go to a courthouse that you practice in on a regular basis or hope to practice in on a regular basis and take a seat. (Hint: you may want to look online or call ahead of time to see what the day's docket looks like). You will see great lawyers and not so great lawyers. Take notes. Talk to the attorneys afterwards and if appropriate, ask questions. At first you may feel uncomfortable just sitting in the courtroom when you don't have a case but it's normal. Every attorney who is successful has observed attorneys in the past and likely still do so when possible. Whether it was a senior partner or an attorney mentor, we've all done it.
And don't just observe the lawyers. Observe the judges; this is especially true if you want to practice regularly in that courtroom. First of all, the judges will get used to seeing your face in the courtroom, you'll get used to seeing them in the courtroom which will make your first few appearances in front of them a little less intimidating. Pay attention to which judges ask a lot of questions (hot bench) and which judges just listen (cold bench). If there is an opportune time, introduce yourself to the judge. Even better, if you know an attorney in the courtroom well, ask that attorney to introduce you to the judge before or after their case gets started.
Aside from observing and learning from different attorneys and judges by watching, being at the courthouse is good for you and good for your practice. You will slowly learn to mingle with the attorneys, which means more business contacts and more confidence in yourself. You may even find a mentor in the process. Many people say, and I certainly agree, you get business when you are in the courtroom. It may not be your perfect golden case, but people who are appearing in court and need an attorney often ask other attorneys in the courtroom to take their case (before accepting their case, read this article, specifically about representation letters).
And in case you haven't heard yet, December is notoriously a slow month for just about all attorneys nationwide. So take this slow month and make the best of it by learning and observing while you have the time to do so.
If you have opened your own firm or are considering "flying solo" and would like to talk about the process and experience, please contact us at (804) 447-0146 or clbaudean@baudeanlaw.com.
Tuesday, December 9, 2014
Monday, August 11, 2014
Flying Solo: Marketing
Owning your own law firm can come with many stresses, one of the biggest being how to obtain new clients on a regular basis. This is where your marketing strategy comes in to play. Now, I'm a lawyer, not a marketing expert, but can provide you with my past experiences.
Know your target.
Are you targeting divorce clients, criminal defendants, those in need of estate planning? Each of those groups are going to look in different places to find an attorney to help them. It's important you think about this before you spend money on advertising.
Know your budget.
What kind of budget do you have to spend on marketing? If you have a decent budget, think about hiring a professional to help you come up with a strategy. If you don't have much of a budget, use your time, rather than money, on marketing. What I mean by that is join free or low-cost networking groups to meet people and get your name out there or host free seminars to your target audience.
Keep track of your advertising returns.
Pay attention to where your leads are coming from. It is simple enough to have a question on your client information form that asks where the prospective client heard of you. Was it from that advertisement you spent a few hundred dollars on or was it from a person you meet at a networking event? This is important for two reasons: you should focus your advertising on where you are getting seeing clients come from and you should thank those who refer their friends and family to you (make sure to ask the client's permission to do this).
If you have the budget to do so, I would highly recommend using a professional in the marketing field to at least guide your marketing plan and provide some amount of advice.
If you own your own law firm or are thinking about "flying solo" and would like to discuss the process, please contact us at (804) 447-0146 or clbaudean@baudeanlaw.com.
Know your target.
Are you targeting divorce clients, criminal defendants, those in need of estate planning? Each of those groups are going to look in different places to find an attorney to help them. It's important you think about this before you spend money on advertising.
Know your budget.
What kind of budget do you have to spend on marketing? If you have a decent budget, think about hiring a professional to help you come up with a strategy. If you don't have much of a budget, use your time, rather than money, on marketing. What I mean by that is join free or low-cost networking groups to meet people and get your name out there or host free seminars to your target audience.
Keep track of your advertising returns.
Pay attention to where your leads are coming from. It is simple enough to have a question on your client information form that asks where the prospective client heard of you. Was it from that advertisement you spent a few hundred dollars on or was it from a person you meet at a networking event? This is important for two reasons: you should focus your advertising on where you are getting seeing clients come from and you should thank those who refer their friends and family to you (make sure to ask the client's permission to do this).
If you have the budget to do so, I would highly recommend using a professional in the marketing field to at least guide your marketing plan and provide some amount of advice.
If you own your own law firm or are thinking about "flying solo" and would like to discuss the process, please contact us at (804) 447-0146 or clbaudean@baudeanlaw.com.
Flying Solo: Forms and Why You Need Them
Surely as an attorney you've heard about "forms". What exactly is everyone talking about when it comes to forms and why is it so important?
There are two types of forms attorneys refer to: firm management forms (forms that help you run a smooth operation) and legal forms (forms that make drafting legal documents easier in the long run). While both are important, this post is focusing on firm management forms.
Firm management forms are a way to organize your law firm and provide consistent documentation of each case. There are a few important forms that every attorney should use. You may also want to check with your malpractice carrier to determine what forms they require or offer a reduced premium if your firm uses them (check out this post form more information on malpractice insurance).
Client Information Forms.
Client information forms should be filled out prior to consulting with any prospective client. The extent of your client information form is up to you but my philosophy is the more information, the better. The essential information you should obtain before consulting with a prospective client is: name, date of birth, address, related parties and the nature of the case. This information should be put into your conflicts of interest check to ensure you are not representing the opposing party or someone closely related to the case.
Additional information you may want to ask for is: how does the client intend to pay, where did the client hear of your firm, how urgent is the client's case in their mind, etc. This information can help you assess whether you want to take the case at the end of the consultation and what the appropriate fee may be for that particular case.
Engagement Letters.
Engagement letters formalize your agreement to represent a client. This is usually signed at the time the client pays your retainer fee. You will want to include the amount you will charge, when payment is due, the results of non-payment by a client and when you can collect your fee (i.e. transfer from your trust account to your operating account). This will protect you and the client in the event of a disagreement and should be signed by both you and the client and dated. Other things you may want to include are: length of retention of the file (when will you destroy documents), expected time line of the case, how often you and the client will follow up with each other, etc.
Non-engagement Letters.
These should be used when you meet with a client but the client has decided not to retain you as their attorney. This reduces confusion between a potential client and the attorney and protects you, the attorney, from claims that you represented the client when you did not. These should make clear to the client that no attorney-client relationship was formed and you will not be representing the client. It may be a good idea to inform the client that it is his/her right to seek other legal counsel (keep this in mind when a client comes to you with a claim that is subject to a statute of limitations).
Closing Letters.
These letters should be sent when a case is concluded and your representation is terminated. This will clarify to the client that he/she should not expect to hear anything additional from you unless the client initiates communication. This will also give the client the opportunity to let you know if he/she believes she needs something else from you (such as another copy of the final court order). This can be accompanied with a final invoice or can be sent separately.
These forms provide a clearer understanding of the attorney-client relationship and what the attorney and client should expect to happen. They also provide a basis for the attorney and client to reference if there is confusion or a dispute about a case and the way it is handled.
If you are a solo practitioner or are thinking about "flying solo" and would like to discuss the process, please contact us at (804) 447-0146 or clbaudean@baudeanlaw.com.
There are two types of forms attorneys refer to: firm management forms (forms that help you run a smooth operation) and legal forms (forms that make drafting legal documents easier in the long run). While both are important, this post is focusing on firm management forms.
Firm management forms are a way to organize your law firm and provide consistent documentation of each case. There are a few important forms that every attorney should use. You may also want to check with your malpractice carrier to determine what forms they require or offer a reduced premium if your firm uses them (check out this post form more information on malpractice insurance).
Client Information Forms.
Client information forms should be filled out prior to consulting with any prospective client. The extent of your client information form is up to you but my philosophy is the more information, the better. The essential information you should obtain before consulting with a prospective client is: name, date of birth, address, related parties and the nature of the case. This information should be put into your conflicts of interest check to ensure you are not representing the opposing party or someone closely related to the case.
Additional information you may want to ask for is: how does the client intend to pay, where did the client hear of your firm, how urgent is the client's case in their mind, etc. This information can help you assess whether you want to take the case at the end of the consultation and what the appropriate fee may be for that particular case.
Engagement Letters.
Engagement letters formalize your agreement to represent a client. This is usually signed at the time the client pays your retainer fee. You will want to include the amount you will charge, when payment is due, the results of non-payment by a client and when you can collect your fee (i.e. transfer from your trust account to your operating account). This will protect you and the client in the event of a disagreement and should be signed by both you and the client and dated. Other things you may want to include are: length of retention of the file (when will you destroy documents), expected time line of the case, how often you and the client will follow up with each other, etc.
Non-engagement Letters.
These should be used when you meet with a client but the client has decided not to retain you as their attorney. This reduces confusion between a potential client and the attorney and protects you, the attorney, from claims that you represented the client when you did not. These should make clear to the client that no attorney-client relationship was formed and you will not be representing the client. It may be a good idea to inform the client that it is his/her right to seek other legal counsel (keep this in mind when a client comes to you with a claim that is subject to a statute of limitations).
Closing Letters.
These letters should be sent when a case is concluded and your representation is terminated. This will clarify to the client that he/she should not expect to hear anything additional from you unless the client initiates communication. This will also give the client the opportunity to let you know if he/she believes she needs something else from you (such as another copy of the final court order). This can be accompanied with a final invoice or can be sent separately.
These forms provide a clearer understanding of the attorney-client relationship and what the attorney and client should expect to happen. They also provide a basis for the attorney and client to reference if there is confusion or a dispute about a case and the way it is handled.
If you are a solo practitioner or are thinking about "flying solo" and would like to discuss the process, please contact us at (804) 447-0146 or clbaudean@baudeanlaw.com.
Thursday, July 24, 2014
Flying Solo: Things to Watch Out For
You've made the awesome decision to open your own law firm and now you're in the thick of figuring out logistics. Here are a few things to watch out for when setting up your office:
Shared Office Spaces. State Bars have regulations on using a shared office. First and foremost, confidentiality must be maintained. Secondly, your clients must know that the receptionist and other employees are not your full time staff. Third, if you use it for a mailing address only, you need to let your clients know it is only a mailing address and not your full time office space. A shared space may be right for you but remember, you and you alone are responsible for making sure your office space is in accordance with your state bar regulations. There are similar issues when using a phone answering service that you need to consider as well.
The Cloud. Backing up to the cloud is becoming more and more common even in the legal field. It sounds easy and there are tons of services that you can pay to use. Again, you MUST ensure confidentiality is kept. No one else should be able to access your files. It should be a secure upload so that it cannot be hacked into. It may also be a good idea to back up to another source as well (again, make sure it is safe and secure).
Clients v. Non-clients. It can become very easy to talk with people over the phone or in person about a legal issue they may be encountering. It's important you make it clear to those you talk to that an attorney-client relationship may not be formed at that time. An easy way to make these relationships clearer is to use engagement letters, non-engagement letters and closing letters. Set it out in writing what the relationship is and what the expectations are for that relationship.
Conflicts of Interest. Issues regarding conflicts of interest usually stem from not making the attorney relationship clear with prospective clients. Set up a way to keep track of everyone you consult with (whether you use a case management system or a simple spreadsheet). If you've consulted with them, you could face conflict of interest issues in the future. BEFORE you speak to any new or potential clients, run your conflicts check to ensure there is no conflict of interest. You should also keep the potential for conflicts of interest in mind when you consult with a mentor on a case. Even when you client your client's identity confidential when talking with your mentor resources, a conflict of interest could arise from that consult.
This is a non-exhaustive list of things that should be on your mind when setting up your law firm and beginning to practice. When in doubt, err on the side of caution and ask more experienced attorneys (remember, your state bar likely has an ethics hotline you could consult). If you are opening your own firm or thinking about "flying solo" and would like to talk about the process, please contact us at (804) 447-0146 or clbaudean@baudeanlaw.com.
Shared Office Spaces. State Bars have regulations on using a shared office. First and foremost, confidentiality must be maintained. Secondly, your clients must know that the receptionist and other employees are not your full time staff. Third, if you use it for a mailing address only, you need to let your clients know it is only a mailing address and not your full time office space. A shared space may be right for you but remember, you and you alone are responsible for making sure your office space is in accordance with your state bar regulations. There are similar issues when using a phone answering service that you need to consider as well.
The Cloud. Backing up to the cloud is becoming more and more common even in the legal field. It sounds easy and there are tons of services that you can pay to use. Again, you MUST ensure confidentiality is kept. No one else should be able to access your files. It should be a secure upload so that it cannot be hacked into. It may also be a good idea to back up to another source as well (again, make sure it is safe and secure).
Clients v. Non-clients. It can become very easy to talk with people over the phone or in person about a legal issue they may be encountering. It's important you make it clear to those you talk to that an attorney-client relationship may not be formed at that time. An easy way to make these relationships clearer is to use engagement letters, non-engagement letters and closing letters. Set it out in writing what the relationship is and what the expectations are for that relationship.
Conflicts of Interest. Issues regarding conflicts of interest usually stem from not making the attorney relationship clear with prospective clients. Set up a way to keep track of everyone you consult with (whether you use a case management system or a simple spreadsheet). If you've consulted with them, you could face conflict of interest issues in the future. BEFORE you speak to any new or potential clients, run your conflicts check to ensure there is no conflict of interest. You should also keep the potential for conflicts of interest in mind when you consult with a mentor on a case. Even when you client your client's identity confidential when talking with your mentor resources, a conflict of interest could arise from that consult.
This is a non-exhaustive list of things that should be on your mind when setting up your law firm and beginning to practice. When in doubt, err on the side of caution and ask more experienced attorneys (remember, your state bar likely has an ethics hotline you could consult). If you are opening your own firm or thinking about "flying solo" and would like to talk about the process, please contact us at (804) 447-0146 or clbaudean@baudeanlaw.com.
Monday, July 14, 2014
Flying Solo: Get Certifications
You may have never wanted to do criminal law before or maybe you don't think you like divorce work. When you're starting out, you may have to get past your likes and dislikes in the law. Even if you don't like the practice, get certified for court appointed work. This includes misdemeanors, felonies, and guardian ad litem work (for more information on GAL's, read here).
As a court appointed attorney, the court will give you some amount of work. The pay is not the best for attorneys but it is a good supplement for income to keep your head above water at the beginning at least. It will also provide you with valuable training that can extend into other areas of law that you want to practice. For example, as a guardian ad litem, you will interact with judges and attorneys who regularly practice divorce law. You can observe those attorneys, learn from those attorneys and gain confidence in the courtroom.
Depending on your jurisdiction, the requirements for these certifications will vary. If you can't figure out what is required, ask more experienced attorneys, someone in the court system or call your state bar. Typically, there is a requirement that you obtain continuing legal education in those areas every few years or so. Remember, just because you are on a court appointed list, does not mean you cannot seek help from more experienced attorneys, aka mentors (read here for more information).
If you get into an area of law and find it's not for you, there is no requirement that you continue to practice in that area of law. So when you're starting out, as long as you feel competent to handle the case, try out different areas of law and use your mentors to guide you along the way (you can always request someone co-counsel with you if you feel you will need a more experienced attorney).
If you are a solo practitioner or thinking about "flying solo" and would like to talk about the process, contact us at (804) 447-0146 or clbaudean@baudeanlaw.com.
As a court appointed attorney, the court will give you some amount of work. The pay is not the best for attorneys but it is a good supplement for income to keep your head above water at the beginning at least. It will also provide you with valuable training that can extend into other areas of law that you want to practice. For example, as a guardian ad litem, you will interact with judges and attorneys who regularly practice divorce law. You can observe those attorneys, learn from those attorneys and gain confidence in the courtroom.
Depending on your jurisdiction, the requirements for these certifications will vary. If you can't figure out what is required, ask more experienced attorneys, someone in the court system or call your state bar. Typically, there is a requirement that you obtain continuing legal education in those areas every few years or so. Remember, just because you are on a court appointed list, does not mean you cannot seek help from more experienced attorneys, aka mentors (read here for more information).
If you get into an area of law and find it's not for you, there is no requirement that you continue to practice in that area of law. So when you're starting out, as long as you feel competent to handle the case, try out different areas of law and use your mentors to guide you along the way (you can always request someone co-counsel with you if you feel you will need a more experienced attorney).
If you are a solo practitioner or thinking about "flying solo" and would like to talk about the process, contact us at (804) 447-0146 or clbaudean@baudeanlaw.com.
Monday, July 7, 2014
Flying Solo: Mentoring
In my last post, I discussed the importance of networking and getting your name out there. As a result of practicing what I preach, I was asked to write an article for Law Technology Today. For today's post on mentoring, I will direct you to that article: Mentoring: From Mentee to Mentor.
Wednesday, July 2, 2014
Flying Solo: Network and Get Your Name Out There
When you work for a law firm, you may or may not be given some clients and you may or may not be expected to bring in some clients of your own. When you go out on your own, you will absolutely NOT be given clients and you absolutely WILL have to bring in all of your clients yourself. The importance of letting everyone know what you do cannot be overstated.
Get your name out there. Call your family, friends, acquaintances, teachers and anyone else you know. Let them know what your doing and how you can help them and their family and friends. Make it a personal conversation and have this conversation often. How many times have you been in a situation where a friend needed a referral and you knew you knew someone who could help them but couldn't remember who it was off the top of your head? Everyone has a lot going on in life and needs to be reminded of what exactly it is that you do.
Network. Network over the Internet (Google+, LinkedIn, etc.). Network in person. Just do it. Meet as many people as you can and be prepared to explain briefly and in layman's terms what it is you do. Networking goes both ways so be sure to have a sincere interest in what it is that person does as well. You can do this informally through acquaintances or you may choose to join a formal networking group. Depending on where you practice and the type of law you practice, you may choose different forms of networking.
Your phone simply won't ring if people don't know how you can help them. Push back the initial reaction to be shy about it and be proud of what you do and how you help people. Form long lasting relationships and show an honest sincere interest in other people.
Finally, never stop networking. It's easy to push networking on the back burner when you get busy but don't do it. You constantly need to have new clients coming in and networking is one way to continue to spread the word about what you do and the types of people you can help. Schedule time in your week/month to devote to networking and stick to your networking plan.
If you are a solo practitioner or are thinking about "flying solo" and would like to discuss the process, please contact me at (804) 447-0146 or clbaudean@baudeanlaw.com.
Get your name out there. Call your family, friends, acquaintances, teachers and anyone else you know. Let them know what your doing and how you can help them and their family and friends. Make it a personal conversation and have this conversation often. How many times have you been in a situation where a friend needed a referral and you knew you knew someone who could help them but couldn't remember who it was off the top of your head? Everyone has a lot going on in life and needs to be reminded of what exactly it is that you do.
Network. Network over the Internet (Google+, LinkedIn, etc.). Network in person. Just do it. Meet as many people as you can and be prepared to explain briefly and in layman's terms what it is you do. Networking goes both ways so be sure to have a sincere interest in what it is that person does as well. You can do this informally through acquaintances or you may choose to join a formal networking group. Depending on where you practice and the type of law you practice, you may choose different forms of networking.
Your phone simply won't ring if people don't know how you can help them. Push back the initial reaction to be shy about it and be proud of what you do and how you help people. Form long lasting relationships and show an honest sincere interest in other people.
Finally, never stop networking. It's easy to push networking on the back burner when you get busy but don't do it. You constantly need to have new clients coming in and networking is one way to continue to spread the word about what you do and the types of people you can help. Schedule time in your week/month to devote to networking and stick to your networking plan.
If you are a solo practitioner or are thinking about "flying solo" and would like to discuss the process, please contact me at (804) 447-0146 or clbaudean@baudeanlaw.com.
Tuesday, June 24, 2014
Flying Solo - Reconciliations
One of the biggest headaches I encountered when I opened my own law firm was figuring out the reconciliation requirements by the Virginia State Bar. They are extremely important but there seems to be little helpful information out there on what is actually required.
Read your state bar rules. Read them again. And read them again. Handle the reconciliation rules like you would handle the law in any of the client's cases. Dissect them, pull them apart and break them down into subsections. If you don't understand any of those subsections, email a long-time practicing attorney and ask. Chances are, they'll be happy to explain it in simplified terms.
Once you understand what is required, do it and do it on time. In Virginia, we are required to do some reconciliations monthly and some reconciliations quarterly. The point of these reconciliations is to ensure that you trust account is in order, the funds are all accounted for and the proper disbursements have been made. This allows the attorney, in the case of a mistake, to catch it quickly and remedy that mistake. Personally, I prefer to do my monthly and quarterly reconciliations every month. It provides me with a more standard routine and is an even quicker check on my trust account than waiting every three months.
As with everything, schedule your reconciliations. On the 30th of each month, schedule a time, let's say from 4 - 5 p.m. to sit down and do your reconciliations. Putting it on your calendar will ensure that it does not fall through the cracks and will ensure you actually complete them within the required time frame.
Reconciliations are extremely important, especially for a solo practitioner who is handling a multitude of tasks at all time. Do not put your reconciliations off and if you are ever unsure, simply ask someone.
If you are a solo practitioner or thinking about "flying solo" and would like to talk about the process, please contact us at (804) 447-0146 or clbaudean@baudeanlaw.com.
Read your state bar rules. Read them again. And read them again. Handle the reconciliation rules like you would handle the law in any of the client's cases. Dissect them, pull them apart and break them down into subsections. If you don't understand any of those subsections, email a long-time practicing attorney and ask. Chances are, they'll be happy to explain it in simplified terms.
Once you understand what is required, do it and do it on time. In Virginia, we are required to do some reconciliations monthly and some reconciliations quarterly. The point of these reconciliations is to ensure that you trust account is in order, the funds are all accounted for and the proper disbursements have been made. This allows the attorney, in the case of a mistake, to catch it quickly and remedy that mistake. Personally, I prefer to do my monthly and quarterly reconciliations every month. It provides me with a more standard routine and is an even quicker check on my trust account than waiting every three months.
As with everything, schedule your reconciliations. On the 30th of each month, schedule a time, let's say from 4 - 5 p.m. to sit down and do your reconciliations. Putting it on your calendar will ensure that it does not fall through the cracks and will ensure you actually complete them within the required time frame.
Reconciliations are extremely important, especially for a solo practitioner who is handling a multitude of tasks at all time. Do not put your reconciliations off and if you are ever unsure, simply ask someone.
If you are a solo practitioner or thinking about "flying solo" and would like to talk about the process, please contact us at (804) 447-0146 or clbaudean@baudeanlaw.com.
Thursday, June 19, 2014
Flying Solo - Keep Your Books Regularly
Now you've set your books up, which is certainly important. Maybe more importantly, however, is keeping your books regularly.
Whether you use a manual system or a program, make sure you keep your books up-to-date. Depending on the amount of activity in your firm, this may require updating your books daily. At the end of each day, or at the very least the end of each week, compile all of your receipts. Enter those purchases into your bookkeeping system (use as much detail as possible so that each purchase is easily identifiable). Keep your receipts in a specific, safe, confidential location. This will make your life much easier when it comes time to do your taxes.
It may be time to sit down with an accountant now, even if you are handling your books on your own. You will want to make sure you know exactly what you can deduct on your taxes now rather than later. It is much easier to keep track of expenses/deductions as you go rather than waiting to compile all of that information at the end of the year. If you wait until the end of the year, chances are you will forget some things. Forgetting expenses and deductions results in higher tax liability, meaning: you pay more money.
Depending on your level of organization, you may want to schedule a time in your day/week to take care of your bookkeeping to make sure it does not slip through the cracks. It is an easy task to push off but it is not an easy thing to fix when you've missed things in the past.
If you are a solo practitioner or thinking about "flying solo" and would like to talk about the process, please contact us at (804) 447-0146 or clbaudean@baudeanlaw.com.
Whether you use a manual system or a program, make sure you keep your books up-to-date. Depending on the amount of activity in your firm, this may require updating your books daily. At the end of each day, or at the very least the end of each week, compile all of your receipts. Enter those purchases into your bookkeeping system (use as much detail as possible so that each purchase is easily identifiable). Keep your receipts in a specific, safe, confidential location. This will make your life much easier when it comes time to do your taxes.
It may be time to sit down with an accountant now, even if you are handling your books on your own. You will want to make sure you know exactly what you can deduct on your taxes now rather than later. It is much easier to keep track of expenses/deductions as you go rather than waiting to compile all of that information at the end of the year. If you wait until the end of the year, chances are you will forget some things. Forgetting expenses and deductions results in higher tax liability, meaning: you pay more money.
Depending on your level of organization, you may want to schedule a time in your day/week to take care of your bookkeeping to make sure it does not slip through the cracks. It is an easy task to push off but it is not an easy thing to fix when you've missed things in the past.
If you are a solo practitioner or thinking about "flying solo" and would like to talk about the process, please contact us at (804) 447-0146 or clbaudean@baudeanlaw.com.
Tuesday, June 17, 2014
Time Out: Find your Passion
While you're in the process of opening your own law firm, there are a lot of things to overwhelm you: the books, the clients, the practice areas, taxes, etc. Take a break every now and then and find your passion. Why are you doing this?
If you are doing this because you need to do it, find something in your practice that you are passionate about. Whether you are passionate about working with children, defending criminals or consulting with businesses, define your passion. When you get overwhelmed by the other aspects of running your firm, take a time out and work on your passion. It may help you re-focus and gain momentum to keep growing.
Your practice is just that: yours. It is only going to succeed if you want it to succeed. In order to do that, you need to constantly remember why you are doing what you are doing and what keeps you pushing forward. You can only succeed on your own if you have a passion to succeed on your own. There will be no one hovering over you to make sure you are getting your work done (except for maybe your clients) and you won't grow unless you are pushing yourself and your practice to grow.
If you are a solo practitioner or thinking about "flying solo" and would like to talk about the process, please contact us at (804) 447-0146 or clbaudean@baudeanlaw.com.
If you are doing this because you need to do it, find something in your practice that you are passionate about. Whether you are passionate about working with children, defending criminals or consulting with businesses, define your passion. When you get overwhelmed by the other aspects of running your firm, take a time out and work on your passion. It may help you re-focus and gain momentum to keep growing.
Your practice is just that: yours. It is only going to succeed if you want it to succeed. In order to do that, you need to constantly remember why you are doing what you are doing and what keeps you pushing forward. You can only succeed on your own if you have a passion to succeed on your own. There will be no one hovering over you to make sure you are getting your work done (except for maybe your clients) and you won't grow unless you are pushing yourself and your practice to grow.
If you are a solo practitioner or thinking about "flying solo" and would like to talk about the process, please contact us at (804) 447-0146 or clbaudean@baudeanlaw.com.
Monday, June 16, 2014
Flying Solo - Keeping your Books
Assuming you've completed the tasks in my previous post, you are now licensed and insured and ready to open up shop. This may be in a shared office space (check your bar rules to make sure you are in compliance with where you operate), a private office space or a home office (again, check your bar rules).
You're ready to take on a client...or are you? Where are you going to deposit the check your first client hands you? How are you going to record that deposit?
You need to set up your books and bank accounts. These are two very important tasks and you need to take your time to make sure they are set up properly and in accordance with your bar rules. You will need an operating account and a trust account. You may choose to set these up at two different banks to reduce the chance of accidentally depositing trust account money into your operating account. Make sure your accounts are distinguishable in some way so that you are clear when you are writing a check from your operating account or your trust account (different check sizes, designs, etc.). Talk with your banker about account fees: you will need to make sure you are covering an trust account operating fees out of your own pocket and that it is not coming out of the trust account itself (remember, the funds in the trust account are still owned by the client, not you).
Once your bank accounts are set up, you need to determine how you will keep your books. You always have the option of hiring someone to do this for you. If you choose to hire someone, remember that you are ultimately responsible for all of the funds in your law firm and you need to closely supervise that person. If something goes wrong, the responsibility and/or blame will fall on you. Assuming you don't want to hire someone, do your research. Use a program that works for you and that you fully understand. See if there are some free or cheap seminars on how to use a particular program. You will want to have a complete understanding of the program. If your books are not set up properly at the beginning, it will be a huge headache trying to figure them out later. Remember, your state bar can likely ask to inspect your trust account books at anytime to ensure you are following the proper rules.
Take your time setting up your bank accounts and books and ask someone if you need help understanding any part of it. This is one of the most important aspects of running a law firm and it is essential that you set up a process that is easy for you to follow and that your records are complete and accurate. If you have decided to "fly solo" and would like to talk about the process, please contact us at (804) 447-0146 or clbaudean@baudeanlaw.com.
You're ready to take on a client...or are you? Where are you going to deposit the check your first client hands you? How are you going to record that deposit?
You need to set up your books and bank accounts. These are two very important tasks and you need to take your time to make sure they are set up properly and in accordance with your bar rules. You will need an operating account and a trust account. You may choose to set these up at two different banks to reduce the chance of accidentally depositing trust account money into your operating account. Make sure your accounts are distinguishable in some way so that you are clear when you are writing a check from your operating account or your trust account (different check sizes, designs, etc.). Talk with your banker about account fees: you will need to make sure you are covering an trust account operating fees out of your own pocket and that it is not coming out of the trust account itself (remember, the funds in the trust account are still owned by the client, not you).
Once your bank accounts are set up, you need to determine how you will keep your books. You always have the option of hiring someone to do this for you. If you choose to hire someone, remember that you are ultimately responsible for all of the funds in your law firm and you need to closely supervise that person. If something goes wrong, the responsibility and/or blame will fall on you. Assuming you don't want to hire someone, do your research. Use a program that works for you and that you fully understand. See if there are some free or cheap seminars on how to use a particular program. You will want to have a complete understanding of the program. If your books are not set up properly at the beginning, it will be a huge headache trying to figure them out later. Remember, your state bar can likely ask to inspect your trust account books at anytime to ensure you are following the proper rules.
Take your time setting up your bank accounts and books and ask someone if you need help understanding any part of it. This is one of the most important aspects of running a law firm and it is essential that you set up a process that is easy for you to follow and that your records are complete and accurate. If you have decided to "fly solo" and would like to talk about the process, please contact us at (804) 447-0146 or clbaudean@baudeanlaw.com.
Flying Solo - Where to Start
Once you've decided to start your own law firm, where to start can be particularly overwhelming. Sure, you know there are a ton of things you need to get done and put in place, but what needs to be first.
The answer to that question is probably going to depend on why you're opening your own law firm. Do you want to open your own law firm or are you doing it out of necessity? If you're flying solo because you want to, then you may have the luxury to take some time to get everything in order. If you're flying solo because you need to, you may need to move a little quicker to get some income coming in the door. That does not, however, mean you should skip over necessary parts of the process to ensure you are flying solo correctly.
What is the name of your firm going to be? Make sure it is in compliance with your local and state bar rules (for example, you may not be allowed to use certain words that would associate you with a state, county, city, etc. and you need to ensure that if you are an LLC or PLLC that you law firm name includes that designation).
Once you've determined your name, you need to register. Depending on your locality, you will need to register with multiple organizations/agencies. Register with your state corporation commission (remember to include a registered agent), your state bar and most likely with the locality in which you're office (remember, this might be your home at first) is located. These typically require some amount of filing fees to be completed but are necessary to do BEFORE you start practicing law.
The next big thing to get in order is your insurance, particularly malpractice insurance. You will want to have malpractice insurance in place before you begin practicing law so that you are not only in compliance with your ethical rules but so that you are protected legally. This can take a few days to complete the application and get approval. Talk with various insurance companies to find out their rates, if they will apply the malpractice insurance back to the date of application and whether they take installments for payments.
Once those tasks are completed and your licenses and insurance are in place, you're ready to take the next step in opening your law firm. If you are thinking about flying solo or are currently in the process and would like to discuss your experience, please contact me at (804) 447-0146 or clbaudean@baudeanlaw.com.
The answer to that question is probably going to depend on why you're opening your own law firm. Do you want to open your own law firm or are you doing it out of necessity? If you're flying solo because you want to, then you may have the luxury to take some time to get everything in order. If you're flying solo because you need to, you may need to move a little quicker to get some income coming in the door. That does not, however, mean you should skip over necessary parts of the process to ensure you are flying solo correctly.
What is the name of your firm going to be? Make sure it is in compliance with your local and state bar rules (for example, you may not be allowed to use certain words that would associate you with a state, county, city, etc. and you need to ensure that if you are an LLC or PLLC that you law firm name includes that designation).
Once you've determined your name, you need to register. Depending on your locality, you will need to register with multiple organizations/agencies. Register with your state corporation commission (remember to include a registered agent), your state bar and most likely with the locality in which you're office (remember, this might be your home at first) is located. These typically require some amount of filing fees to be completed but are necessary to do BEFORE you start practicing law.
The next big thing to get in order is your insurance, particularly malpractice insurance. You will want to have malpractice insurance in place before you begin practicing law so that you are not only in compliance with your ethical rules but so that you are protected legally. This can take a few days to complete the application and get approval. Talk with various insurance companies to find out their rates, if they will apply the malpractice insurance back to the date of application and whether they take installments for payments.
Once those tasks are completed and your licenses and insurance are in place, you're ready to take the next step in opening your law firm. If you are thinking about flying solo or are currently in the process and would like to discuss your experience, please contact me at (804) 447-0146 or clbaudean@baudeanlaw.com.
Flying Solo
Flying Solo is a blog that is intended to provide practical experience of opening my own law firm after law school. In this first post, I will give you my brief background to get started. You can expect to hear anectdotes, lessons learned, and current struggles and my attempts to overcome them.
Upon graduating law school, I had a great job lined up and was ready to tackle the bar exam. I spent that summer doing just that and passed the bar exam in October. I was working my first full-time legal job, clerking for my hometown Circuit Court and trying to figure out what to do next. See, when I graduated law school, the legal economy was still changing drastically. New lawyers expectations, however, had not caught up with those changes. We (new lawyers) were still being told we should have our next job lined up 9 months in advance. Meanwhile, firms were only hiring for positions open within the next couple of months. During the 9 months from passing the bar exam until my clerkship ended, I talked at length with many people in my life about where I would go from there.
During those 9 months, I discussed the possibility of "flying solo", "hanging a shingle", or just plainly: opening my own law firm. While I liked the idea and knew I could do it, I ended up taking an associate position with a local law firm. Turns out, that position was just the push I needed to go out and open my own law firm. I learned quickly that I like to be in charge and in control of my own practice of law, my reputation and the cases I take. So, the October after my clerkship ended, I started my own law practice.
There have been ups and downs and many obstacles I did not expect to encounter along the way. I hope sharing my experiences with you will help you in opening your own firms and to become successful solo practitioners. If you would like to discuss my experiences, your experiences or the process of "flying solo" at any time, please contact me at (804) 447-0146 or clbaudean@baudeanlaw.com.
Upon graduating law school, I had a great job lined up and was ready to tackle the bar exam. I spent that summer doing just that and passed the bar exam in October. I was working my first full-time legal job, clerking for my hometown Circuit Court and trying to figure out what to do next. See, when I graduated law school, the legal economy was still changing drastically. New lawyers expectations, however, had not caught up with those changes. We (new lawyers) were still being told we should have our next job lined up 9 months in advance. Meanwhile, firms were only hiring for positions open within the next couple of months. During the 9 months from passing the bar exam until my clerkship ended, I talked at length with many people in my life about where I would go from there.
During those 9 months, I discussed the possibility of "flying solo", "hanging a shingle", or just plainly: opening my own law firm. While I liked the idea and knew I could do it, I ended up taking an associate position with a local law firm. Turns out, that position was just the push I needed to go out and open my own law firm. I learned quickly that I like to be in charge and in control of my own practice of law, my reputation and the cases I take. So, the October after my clerkship ended, I started my own law practice.
There have been ups and downs and many obstacles I did not expect to encounter along the way. I hope sharing my experiences with you will help you in opening your own firms and to become successful solo practitioners. If you would like to discuss my experiences, your experiences or the process of "flying solo" at any time, please contact me at (804) 447-0146 or clbaudean@baudeanlaw.com.
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