Wouldn’t it be nice if owning and operating a solo law practice was easy? As a solo attorney, you are not necessarily faced with the same exact hurdles that you might have while working for a large law firm. However, as the owner of a small law firm, you must constantly face and overcome specific obstacles as part of your professional routine.
Every solo law practice is unique, but many challenges that a solo attorney faces on a regular basis are common. Being a solo attorney is accompanied by the responsibility of running your own business and managing your own office. As the owner of a solo law firm, you have job responsibilities that simply do not exist for attorneys who are employed at a law firm, in a corporate setting, or for a local, state, or federal institution.
What are some of the most common challenges that solo attorneys face?
Building a base of clients and client turnover. A majority of solo law firms open their doors with either no clients or only a handful of clients. Finding and signing new clients is always a challenge, and it’s important to always be prepared (mentally and financially) for the loss of one or more clients. Some of your firm’s clients might seem stable and able to provide you with ongoing work, but there’s never a guarantee that clients will be around forever. It’s important to constantly look for ways to grow your client base.
Handling paperwork and other tasks on your own. If you are an excellent attorney but you are not good at completing and filing paperwork, your firm might suffer. The ability to handle all aspects of your business – ranging from the exciting to the mundane – is an ongoing challenge that most solo attorneys must manage.
Knowing when and how to hire help. If you are at the point where you cannot handle all of your required office tasks on your own, you might elect to hire someone to help. Being able to recognize when you need help is an important skill. Also, understanding how to screen potential employees and effectively manage one or more employee is essential.
Taking care of accounts payable and receivable. When you are paid by a client, it’s important to record the payment and allocate the money to the correct account. Along the same line, your business expenses must be paid on time and recorded properly. Accounting is not necessarily a fun task, but it’s critical. If you are not up for the challenge, finding and hiring a reputable accountant can be helpful.
Balancing your professional and personal life. It’s not uncommon for solo attorneys to get so wrapped up in work that they neglect their personal life. It’s important to balance your professional and personal life. This is an on-going challenge that many small business owners face.
Being responsible for your firm’s marketing efforts. Another challenge that solo attorneys must handle is the managing of their firm’s marketing campaign. It’s important to not neglect marketing efforts – even when things seem to be going well.
Operating and maintaining a solo law practice is not unlike running a small business of any type. If you are not experienced or trained in business management, the challenges of running your law firm might be especially difficult during the first months or years that your firm is in business.
A successful solo law practice cannot and will not run itself! It’s important that any solo attorney attempting to run a thriving solo firm be an excellent attorney and also a competent business owner. These two traits go hand in hand, and they are essential when inevitable business-related challenges arise.
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