Law school creates thousands of stressors for students, and the greatest of those stressors is finding a job. When we entered Georgia State, we were scared into thinking that if we weren’t in the top 10% of the class we would never land a job with a high enough salary to cover our student loan payments. But, as we moved on, survived RWA, finals, and realized when grades came out that some of us will never be in the top 10%, we discovered that there are several career options available.

During Law Week, PAD hosted Bil Heath to lecture on his experiences as a sole practitioner. After working in a mid-sized firm for a few years, Mr. Heath decided that the real estate niche was an excellent one for a sole practitioner and he left the mid-size firm to hang his own tile.

Having a solo practice is very different from working in a firm. One of the major good points is that you’re your own boss. However, he was quick to point out that as the only attorney in the office, there is no one to pick up your responsibilities while you’re on the golf course so your clients end up setting your hours. And because a solo practice is in essence a small business, you are constantly reminded that nine out of ten small businesses will fail.

When you open up your own practice, having enough cash is very important. You must go into the venture with about $80,000. There are several expenses when starting a small business, and there are major expenses related to a law firm that most people may not realize: two couches for the waiting room--$4000, a decent conference room table--$7000, at least four chairs to go around that table--$500 each, office sign--$1000. So it’s easy to see how $80,000 can be quickly spent even before the office opens. It’s not a good idea to get that your starting capital from credit card advances. In the beginning, you usually spend more money that you bring in and those credit card payments come due every month whether you get a paycheck or not. The best way to do it is with cash, and that means strict saving for a few years.

The cash is certainly necessary, but it is in no way sufficient to guarantee a successful practice. Before an attorney can venture out on his own he must realize that because he is his entire staff in the beginning, he must be an accountant, a public relations genius, and a secretary. The accounting of starting a new firm is a nightmare, and bank accounts can get very complicated. Most disbarred attorneys are sole practitioners who have misused their trust accounts in some way, so it is imperative that you know how to use a trust account and that you use it right.

Moving out on your own may be a very attractive option if working 80 hours a week at a large firm doesn’t fit your lifestyle. But remember, although a solo practice brings has revenue potential that exceeds some large firm partners’ salaries, there are also some risks and sacrifices to deal with. Make sure you pick an area of law that is well-suited for a solo practice, have enough cash to follow through with the venture, know how to be an accountant as well as how to bring in clients through word-of-mouth, and last but not least, do not violate the rules of ethics.