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If you are independently wealthy and practice law just for fun, stop reading. For the rest of you, I need to impart a piece of advice that, as far as I know, is universally accepted as true by people who have "been there." By "been there," I mean people who started law practices without a significant client base. If you really think about it, even if you have oodles of clients, some months are inevitably better than others. So what am I talking about? Will I finally get to the point? O.K., here it is: MAKE SURE YOU HAVE A STEADY SOURCE OF INCOME. Like all other wisdoms repackaged and sold to the public, this piece of advice is painfully obvious. The only difference is that I am providing it to you free of charge. What isn't so obvious is where this steady source of income is going to come from. Money can come from a number of sources: savings, Mom & Dad, an infinitely patient and understanding spouse, a military pension, a second job or a steady client/group of clients. I would like to explore the last two items in more detail. The second job may or may not be law related. I did everything from data entry for Courage Center to running a video camera for a child psychologist to teaching paralegal classes. A friend of mine got a part-time job advising a labor union and another did environmental consulting. The key is to do something that won't be detrimental to your practice, or even better, will enhance it. When choosing a second job, consider the possible impact of your clients and colleagues finding out. Imagine delivering pizza to your client or detailing opposing counsel's car, not that there is anything wrong in either case. But consider how your choice impacts on your life. If a second job doesn't appeal, consider a strategy to get reliable income from a steady group of clients. The clients might include other attorneys providing overflow contract work, collection work for an agency, closing work for a title company, corporate counsel for a business -- the list goes on. I found that business owners can really get hooked on having a "Johnny on the Spot" lawyer. Charge them reasonable rates for legal tasks, and often they will think of you whenever something comes up, instead of trying to do it themselves. Chances are that in a short time they will be unwilling to risk doing anything without having their lawyer look at it. You will have worked your way into their budget. The point is to seek out a core source of income you can rely on. There are many variables in law practice income, but there are certain fixed expenses both you and your business must pay. To meet those expenses, you need a steady source of income. Whatever course you chose, I wish you luck! |