Solo best practice: specialize your practice

GOING SOLO

A successful solo practice requires careful preparation and planning. One of the first and most important decisions you will face when starting a solo practice is what type of law you want to focus on. Your practice area will not only determine the universe of law you hope to succeed in, but will provide you direction for the type of law practice you are looking to build. There is one general rule that most solo practitioners hear often and early, and it continues to hold true - the best practice for a solo is to specialize their practice.

The legal market is not what it used to be. The days of hanging up a shingle downtown and having everyone know your name are over, unless you plan to start your practice in a small town or rural setting. If you are planning to start a practice in a larger city, chances are there will be an existing legal community covering a broad range of practice areas. Deciding on a specific practice area can make all the difference in finding early success and catering to a niche market that may be untapped.

Understanding what type of law you will practice can help you identify what you need to succeed. A solo doing litigation may want to locate an office close to the courthouse, while someone who is practicing transactional work may not even need a full-time office. Depending on your practice area you can choose how to start your practice off and what you will need for success.

For example an attorney who is hoping to start a practice focused on civil litigation will need to take into consideration the requirements of such a practice. This includes having the money to advance costs on contingency based cases, and the knowledge that a given case may take considerable time to settle. Other considerations include the logistical capacity and proper staff support to prepare for the rigours of trial.

The obvious pro's to starting such a practice is that you may be in for some nice paydays once you get the ball rolling. If your practice is focused on personal injury that first settlement may finally get you out of the red and into the green. However, that may also be a con, as working on a contingency basis may mean you don't get paid if you win. A daunting prospect if you don't have a financial safety net.

You can contrast that with the relatively low overhead required to start a practice focused on immigration, where you might spend money on association fees and marketing, but don't need much other than a computer to begin a practice centered around form filling and client interaction outside of the courtroom. The benefits of such a practice are the relative ease with which you can represent clients, mostly through form-based petitions, which you can eventually hire someone to complete for you. The downside may be the lack of a "rainmaker" type of case walking through your door, as most fees in this practice area are usually set on a flat rate.

Some attorneys find that covering two complementary practice areas provides them with the variety to keep them stimulated and the business to keep their lights on. For example an office that does bankruptcy and tax law may find the two areas to be complementary in both the legal work and client base.

The immediate benefit would be your ability to market yourself towards a specific population - those who are concerned with how the law may affect their financial situation. Clients who are looking to file bankruptcy may have a natural need for tax help, and vice versa. Combining these services under one roof may provide your clients with a one-stop shop for such needs. The downside can be the sheer complexity of both of these practice areas, particularly tax law. In the long term you may find that one area takes up more of your time, while not producing a justifiable profit.

Success as a solo practitioner often means recognizing what you can do, and what you may not yet be ready for. Keeping up to speed on multiple practice areas while balancing an existing caseload may simply be too much to start off with.

It's always easier to start a small practice and let it grow. But an overly broad practice runs the risk of losing visibility among peers, and losing focus in your own productivity - something which can be a real challenge during your first few years as a solo. Developing a focused practice and specializing in one area of law can provide you with the concrete direction you need to build up a practice from scratch and conquer a particular area of law.