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Solo In Chicago

...empowering the Second City's entrepreneurial legal community

Thursday, August 31, 2006

Good "flying solo" article from Lawcrossing.com

Lawcrossing.com has a pretty good 'flying solo' piece here. I think most of the advice from the piece is pretty right on from my experience.

If you are in the pre-client (or few client) stage upon start-up, I think you need to go home office or space-for-services set-up with other lawyers. I had some five clients when I started our practice in April 2005 in a space-for-services deal. I was immediately profitable...my expenses weren't too much. The thunderbolt that I had to deal with was when the lawyer who owned the office condo I was in got up and left for a law firm job and put the floor on the market. Having to pay rent probably increased my expenses by some 300% immediately.


At 7:12 PM, Blogger RJon@HowToMakeItRain.com said...

I've helped many lawyers go the space-for-services route. After witnessing a fair number of disasters but plenty of successes too. Here's my prescription for a happy space-for-services relationship:

The most successful arrangements are based on an agreed hourly rate and an agreed monthly rent. The tenant does work and tracks the bill. The firm expects to be paid each month but accepts hours instead of cash.

In months where the services exceed the rent, the firm has the option to pay cash or give a credit against future rent. In months when the hours do not equal the rent, the lawyer signs an IOU for the deficit collectible only against services.

All out of pocket expenses are paid in cash and everything is in writing.

Ignore any element of this advice at your own peril!


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