Should you open a solo law practice? Will it suit your personality? Do you have the financial resources to establish your own business?

1. Is Solo Practice for You?
Posted on 11/12/2013 by beverlym
How do you know whether solo practice is right for you? As you weigh the
pros and cons, consider the following advice from our If I Only Knew panelists
at Learning the Ropes 2013:
Independence
You have complete independence as to case choice and income; you also
have complete responsibility for it. Compare this to an associate at a large
firm, who has no independence but has minimal responsibility and a steady
paycheck. Small firms tend to be in the middle: some responsibility and some
independence.
Flexibility
Sole practice requires a lot of time and work, but you don’t have anyone
looking over your shoulder. You can work when it is convenient for you. You
make all decisions as to how, where, and when to practice law and manage
your cases.
Finances and Resources
Take a look at your own situation. What resources are available to you? What
financial demands and commitments do you have (i.e. loans, alternative
source of income, or sole income for yourself or family)?
Personality
Are you personally suited for sole practice? Sole practice means:
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Responsibility, freedom, and uncertainty
Being self directed and self regulating. Can you get the work out without
someone supervising?
Juggling! Can you practice law, run a business, and keep it all in
balance with your personal life?

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Networking and marketing. Can you create your own networking
opportunities and business contacts?
Variety. Do you need routine?
Taking care of yourself – including avoiding isolation
Creativity and knowledge – finding solutions to people’s problems in the
real world
Pride in ownership
If you are interested in hanging out your own shingle, contact the Practice
Management Advisors at the Professional Liability Fund for free and
confidential assistance.
Originally posted at http://oregonlawpracticemanagement.com/2013/11/12/issolo-practice-for-you/ on November 12, 2013. All Rights Reserved.