One of the greatest fears of moving from BigLaw to solo practice is your ability to attract and retain clients. This fear is typical among lawyers who are contemplating self-employment and the loss of a guaranteed paycheck.
Attorneys who decide to practice solo should prepare themselves for a couple of years of non-billable time, lean earnings and most likely a few frustrations. However, this lean time will pay off as you reap the benefits of more independence and freedom in your practice. If you are considering going into a solo practice and can get through these first couple of years, you will have equipped yourself with good client and public relation techniques that will help ensure a fulfilling practice.
So, how do you run a successful solo law practice?
Invest in Marketing
It is amazing how many solo lawyers are not able to identify the value of marketing. Across the world of business, companies regularly invest a third of their income in advertising and, for growing companies, this percentage may run much higher.
Why should it be any different for your solo practice? Swallow hard and spend time planning your marketing strategy, which could include both paid advertising and other methods that will require the investment of your time.
Pick a Specific Niche
Providing deep experience in one field of law helps differentiate you from your competition. Seek a niche or two that appeals to you and dig deep. Learn all there is to know. Turn yourself into the go-to lawyer in your niche. In early stages, it might be difficult to turn away clients who are outside your concentrated area, but this tactic will pay large dividends in the long run.
New solo law practices require some upfront costs, including software and hardware, but you can save money by purchasing a refurbished PC or laptop instead of a new one. Another consideration is to opt for open source software and free e-mail management programs. For research, go to the library at a convenient law school or courthouse. A simple, DIY website will help establish your online presence while you build business. Then, as you earn more business and revenue, you can consider upgrades.
In addition, shared office space or co-working space will help you save on overhead costs. These spaces offer you the benefit of conference rooms, WiFi, office equipment and more without the hefty price tag.
If you are a solo lawyer looking for a place to grow your business and connect with your legal peers, visit LawBank to learn about our suite, office and co-working options in Denver.