Embarking on the journey of establishing your own law practice is both an exciting and formidable endeavor. A pertinent question often arises among legal professionals:
At what point do we think there’s enough evidence to go solo? Is it a good financial decision?
This inquiry highlights the twin concerns of timing and financial readiness—two key factors that weigh heavily on anyone considering the leap into solo practice.
The Big Idea
Starting a solo law practice requires a blend of self-assessment, strategic planning, and practical preparation to ensure both professional competence and business viability.
While no single moment will ever feel like a flashing green light, there is a mindset shift that makes all the difference.
The Most Important Advice
“Go solo when you honestly believe that at least some potential clients would be better off with you than with most of your competitors.”
This kind of clarity not only gives you confidence—it makes it easier to sell your services. When you believe you can deliver better outcomes for a certain type of client, you’re no longer asking whether you can go solo. You’re asking whether you’re willing not to.
The Solo Practice Readiness Checklist
To support your decision, here’s a detailed checklist. Though inspired by a criminal defense attorney’s question, it applies broadly to any legal professional contemplating solo practice:
1. Self-Assessment
- Reflect on whether you truly believe you can outperform the competition for a specific client type.
- Ask yourself if you’re ready to handle both the legal and operational demands of a business.
2. Experience
- Ensure you’ve gained hands-on experience in your practice area.
- Work under or alongside experienced attorneys before launching independently.
3. Mentorship
- Build relationships with experienced lawyers who can offer guidance.
- Consider informal mentors or official bar association mentorship programs.
4. Business Skills
- Learn the basics of managing a business: budgeting, billing, taxes, marketing, and client service.
- Invest time in understanding how law firms actually run.
5. Networking
- Cultivate a network of peers, mentors, and referral partners.
- Join legal associations, attend events, and stay active in your community.
6. Financial Planning
- Save enough to sustain your business and living expenses during the early ramp-up period.
- Create a simple but realistic budget that includes software, insurance, CLEs, and marketing.
7. Continuing Education
- Stay current in your field through regular CLEs and case law updates.
- Consider business education as well, especially for solo-specific legal tech and practice management.
8. Technology & Office Setup
- Choose tech tools (practice management, billing, intake) that streamline your solo workflow.
- Decide whether you’ll operate virtually or lease physical space—and set it up accordingly.
9. Compliance & Licensing
- Make sure you’re set up legally and ethically to operate: business registration, malpractice insurance, IOLTA accounts, etc.
10. Marketing Strategy
- Develop a clear message about who you help and why you’re better.
- Leverage SEO, local partnerships, and social media to create awareness and trust.
Final Thoughts
Going solo is less about having everything figured out and more about being prepared to figure it out. If you’re asking the question, you’re already thinking like a business owner. Use this checklist as your foundation, and trust your instincts when the time feels right.
And remember: you don’t have to be perfect. You just have to be ready enough.
