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- Assess your ability to get the legal work accomplished: Create
the systems and procedures to provide superior legal work and attentive
client service..this is the minimum your clients will expect.
- Contact your state bar's practice management advisor for resources
in a variety of management areas.
- Be Clear about the practice areas you want to be involved in and
steer away from those you don't. It is much harder to be a 'jack
of all trades' that a 'master of one or two'.
- Obtain a Federal Employer Identification Number. Many banks will
not allow you to open a business checking account without an EIN.
- Don't count on the revenue from the practice to support you during
the first six months to a year.
- Make sure you have a copy of and read your ethics rules, especially
the rules pertaining to client property, trust accounts (including
IOLTA requirements), and communicating about your services (e.g.,
advertising and letterhead issues).
- Make sure you have a complete copy of your old firm's conflicts
data.
- Know that your life will morph into four phases: getting clients,
doing the work, billing the clients/admin stuff, and ... a life
out of the office. Don't neglect the last, if you don't take care
of yourself, you will not be able to take care of anyone else -
clients or loved ones.
- Find a "buddy" who will provide emergency assistance to your clients
if you become unexpectedly unavailable through illness, injury,
etc. Include in your fee agreement a clause to obtain authorization
from your clients for the named attorney to, if needed, review the
file, obtain continuances or take other emergency action until the
client can determine how they want to dispose of their matter. Buddy
arrangements are usually reciprocal. By the way, your malpractice
insurance carrier may require this.
- Get good accounting and time & billing software. Seriously
consider case management software too.
- Determine your entity status. So many things follow or flow from
that decision. For example, if one chooses no entity status there
may be no need to register with the corporation division or to obtain
a state tax registration from the Department of Revenue or file
an Intangible Tax Return at the end of the year. (As required in
some states.)
- Make sure you have good daycare and a great housekeeper.
- Plan now to create networking opportunities on a regular basis
that will enable you to avoid isolation, obtain guidance on cases,
and provide referral sources for new business.
- Get the support of your spouse or significant other. Let them
know that things are going to change and you will be counting on
them to pick up more of the pieces since you will be concentrating
on making the business a success.
- Develop a well-though-out business plan with clear realistic goals
so that you can establish adequate financing or line of credit with
your bank. A business plan should included your anticipated expenses
as well as your marketing and client development plans.
This Practice Tip is a service of the Practice Management Advisors
Committee of the ABA Law Practice Management Section and appeared in
the Pennsylvania Bar Association's Solo and Small Firm Practice
Section News.
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