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I think you should start by taking some CLEs on starting a practice. Before I started my small practice, one of the city bar associations had a 10-part series on “Starting and Maintaining a Law Firm” which was great. Each session had experienced lawyers present on different aspects of starting a practice, which is what you need before you just jump out there. Solid direction from experienced counsel is key.
I'm a bit concerned for you regarding burn out. Starting and maintaining a solo practice is hard work. It is quite different from form work, but its demands are high.
I second the recommendation to take time off/FMLA leave prior to dusting the practice. You need to heal and to know what the demands of starting a practice are so that you can make sure that you are prepared and able to handle them.
Another piece of advice: build up a good financial cushion. In addition to form startup expenses (rent, utilities, software, research tools, malpractice insurance, business and renter's insurance, staff (if any), etc.), I recommend AAT LEAST six months of living expenses. Now, those funds can come from savings, loans, support from a partner/parents, etc. But having to earn enough to pay for the office and for your living expenses can be incredibly stressful, so the more funds you have available, the better
Wishing you the best in your new endeavor!
I've heard a lot of people recommend having a year in savings. If you can't that's that, but I was solo for a year, wasn't very successful, and if I had been able to keep going I might have. But I was in debt, and had to pull the rip cord when an opportunity presented itself
Step 1 is to take FMLA or at least a vacation. Step two is to learn about it and set it up, at least partially, then leave
Quick reminder that owning your own business is 50% what you do and 50% all the other business-running stuff that nobody will pay you for. IT, marketing, accounting, payroll, HR, collections, taking out the trash. You can (and should!) outsource some/all of this, but it all comes out of your pocket. Just something to think about.
Yes, and pay right away for a person to do your quickbooks online. There's this certificate people who do this get and their rates are low. A regret of mine when I did this was not using a service like this from the very beginning.
I had my firm pretty much ready to go when I quit, so I was able to take on clients right away. I’d been miserable for months so I’d been working at figuring out how to go solo.
Congrats on going solo! How did you do this? I’m also looking at starting but I’m hesitant about starting anything (even website, which of course wouldn’t be live until I start). What did you do? Have a virtual office membership or office? I’m just not sure what I can or cannot do while employed now.
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Check whether your state provides a professional corporation option for attorneys. Then look into the requirements for setting up a business, and how much it costs just in filing fees, getting an agent for service of process etc. This research will help you start a budget and timeline if you do ultimately decide to go solo.
I agree with the comments below, having just started to set up my solo firm in Sydney.
The "Burnout Issue" is a big one and important to stay mindful of. There does seem to be a different feeling associated with the burnout of working long hours for yourself, compared to working long hours for your EMPLOYER.....emotionally it feels less exhausting somehow.
Another big factor in burnout is how much you feel that your hard work is recognised and valued as helpful, important hardwork.
I am really interested in anyone's experience of this ....