Starting a Solo Law Practice: Financial Tips from LawCrossing
LawCrossing, a leading legal job search site, recently published an article on the costs of opening a solo practice. The article advises having at least six months of working capital on hand to cover ongoing operating expenses such as rent (this is apart from the cash a lawyer will need to cover various start-up expenses such as furniture and fixtures, office equipment, computers, software, law library, malpractice insurance, deposits, initial inventory of office supplies, telephone equipment, stationery, and numerous odds and ends that you will need to open the doors).
To save money, the article recommends looking for other attorneys willing to share space, which might eliminate some startup expenses such as a law library.
All in all, very helpful advice for those considering a solo practice, but who want to go in with their eyes open.
See the full article here.