What should one expect in terms of income in their first year as a solo? How much money does it take to start a firm?

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I think you will get a lot wide answers. My first year I was felt like I was doing a horrible job. But so learned people lie about how much they make. Instead of focusing on how much you will make focus on how you will make money. Do you have a referral source? Will you advertise? What ROI do you expect on your advertisements? I understand you might be trying to budget for a family. But expect to make nothing then and focus more on a 5 year plan for business. I suggest creating a business plan (doesn’t need be full plan but business model canvas will do) and budget create networking and market plan before you go out on your networking plan before you go out on your own.

As to how much it will cost? If you have a referral source you can start with laptop, virtual office and Google phone number. I know people pay west law, pay lead services, sign contracts for marketing, etc. they throw money down the toilet b/c they think it’s what their supposed to do. And then they quit in 2 years b/c their grossing 10k a month and spending 8k. That’s why you do research and make a plan/budget. The biggest obstacle is getting the phone to ring. Everything else is easy. You don’t need a fancy office b/c you can zoom meetings. You don’t need to pay for west law b/c most research can be done for free. You don’t crm b/c you just started.

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What is your practice area? Different practice areas have different costs associated with them. Some need little more than a computer and printer. Some need significantly more than this (support staff, etc.).

The general rule is to assume you will net zero profit (and may lose money) the first year. Network and get your name out there. Hustle the first year like the hungry attorney you will likely be. Track your leads and where they come from. Track the money you make and your expenses monthly so you can keep a good pulse on what you are doing and if it is working. Keep in mind some efforts may take longer than others to see ROI. Once you have your first year down then you will have a baseline to compare to going forward. The more years you are in practice the more years of history you will have to compare ROI for new efforts.

My business’ income went up and down quite a bit within the first year. It’s still a bit like that in the second year but it’s less extremes and has a slow growth trajectory. But, this will be different for everyone.

Save as much as you can before you go out on your own. It will give you the security to press on when you have a month or two with very little movement. But, if you have a significant amount saved up you may be less inclined to really hustle and the hustle of being out there connecting is what has paid off for me the most.

If you can find a niche it is easier because people can remember a niche better. Everyone knows “an attorney.” Far fewer know an attorney who focuses on a very specific area of law.

You want people to remember your unique space and to be walking advertisements for you. When a friend complains about something relevant you want your connections to say “oh, I’ve got someone for you. He/she does ‘x’ and it sounds like that’s exactly what you need.” Now they come to you having already had the first step of vetting you completed by the referring person.

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No idea, but imagine this is a great time to start one given you can get away with low overhead!

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I started mine during the pandemic. My monthly overhead is $1200. I’ve had good months, bad months and a great month.

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