Folks who opened their own law firm - what were some challenging issues that you didn’t plan for? Looking back, would you do it again? What are some tips you would like to share ?

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If you plan on taking on employees, don't cheap out. Get a program that does the payroll, cuts the checks or direct deposit, and submits the taxes and tax returns for both state and federal taxes. I found Paychex to be affordable and saves a TON of time.

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My advice is start with a very low overhead, my overhead for a long time was 300 a month. Once I got to 500k of revenue I hired a good paralegal she’s actually a international lawyer. She saved me a ton of time.

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I don’t have my own firm but I act as outside General Counsel to small law firms - the #1 takeaway I’ve seen is to outsource everything you can to focus on what you’re good at/like doing.

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Are you contemplating a solo practice or a small firm with others? I have started 2 small firms with others, but never a solo practice. Yes it was worth it - intellectually, financially and emotionally. I agree with low overhead - at the beginning everyone had multiple roles and admin responsibilities. Only hire when everyone is overworked- don’t hire because one person is having a busy month. If you are coming from a mid-size or large firm, don’t think they have the right structure and therefore you must copy it. Finally, don’t be hesitant to fire the people who aren’t working out; in a small firm you can’t afford to keep those people. (That doesn’t mean you can’t offer generous severance to help them land elsewhere.)

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