Post on 26-Mar-2015
Starting Up or Starting Over Hanging Your Own Shingle
Presented by:Christopher AndersonJohnathan StoneRichard Vanderslice
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Introduction to Panel
Christopher Anderson Started out as assistant district attorney in NYC and Athens, GA before working his way from associate to managing partner of an eight-attorney firm in GA.
Johnathan Stone Recent graduate who decided to start out as a solo practitioner at the Law Office of J.D. Stone, PLLC in Austin, TX.
Richard Vanderslice Previously a large law attorney, left and partnered with another attorney, and later broke off to be the managing partner of Richard L. Vanderslice PC in Philadelphia, PA.
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Items of discussion
• Selecting an area of practice
• Law firm formation– sole proprietor, professional corporation, limited liability company, limited liability partnership (should you consult a CPA to understand tax and reporting issues?)
• Developing a start-up budget and plan
• Identifying and knowing your competency when it comes to running a business like project management, marketing, and getting and staying organized
• Lease Office space or go Virtual
• When does it make sense to hire an assistant vs. outsource
• Investing in a web site and technology – DIY, outsource, self-hosted or hosted, hardware, software
• Office equipment, services and supplies
• Insurance protection
• The items you didn’t learn in law school
• Other resources to leverage
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Selecting An Area of Practice
Considerations you should take when selecting an area of practice:
1)Prior experience2)Formal education3)Market need4)Accessibility to get up to speed through CLE, courses, certifications
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Law Firm Formation
? Sole Proprietor? Limited Liability Company? Limited Liability Partnership? Professional Corporation
There are Pros and Cons for each formation type.
What questions should you ask yourself before choosing?
Know when to engage with an expert like an Accountant to understand tax and other implications
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Developing a Start Up Budget and Plan
By failing to prepare, you are preparing to fail. (Benjamin Franklin)
For every minute spent in organizing, an hour is earned. (Unknown Source)
The general who wins the battle makes many calculations in his temple before the battle is fought. The general who loses makes but few calculations beforehand.
(Sun Tzu)
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Self Analysis - SWOT
Understand your strengths, weaknesses, opportunities and threats when it comes to running a business
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Lease Office Space or Virtual Law Office
• Formal office space
• Client phone calls and consultations i.e. in-person client meetings
• P.O. Box or Physical Address for clients
• Depreciate office or not
• Turning off the office
• Contractual obligation
• Client meeting space
• Furnishings
• Shared services (e.g. administrative and janitorial)
• Parking
• Location
Equipment covered under separate topic
Lease Office Space Virtual Law Office
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Hiring vs. Outsourcing Staff
• When does it make sense to hire an employee vs. outsourcing the resource through a temporary agency or business?
• Is there a threshold, calculation or methodology you should use to figure this out?
• Other considerations and risks:A contractor who might be classified as an employee,
know your state laws and regulationsDo back ground checks and get references
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Web site and other technology
DIY = do it yourself or
BILL = brother in law labor
Web site creation:• Reputable company who has references and expertise in the area of
marketing, not just building a web site; importance of ranking and search ability
Other technology:• Hardware – computer: Mac vs. PC; stationary vs. laptop; other mobile
devices, i.e. iPads, tablets, phones; hosted vs. on-premise• Software – types – project management, billing, accounting; hosted vs.
on-premise; word processing; etc.
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Equipment, Services and Supplies
Tips and Tricks
CopiersScannersPrintersAll-in-oneCourier and process servicesOffice supplies
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Insurance Protection
Sources for finding more information about:
• Insurance for health, life and disability
• Professional liability insurance
• Other - Bonding employees / D&O insurance
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Develop an Exit Strategy
Be prepared for closing your business!
Many reasons:• You get an offer to work somewhere else • Your firm was not profitable and you were not able to make
ends meet• You run into health problems• Etc. etc.
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What You Didn’t Learn In Law School
• The importance of continuing legal education courses and webinars.
• Accounting and business management• Dealing with difficult clients
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Additional Resources
[list resources you know of – could include local bar association; solosez; ABA solo small firm division; your practice management advisor; web sites you’ve found etc.]
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Questions and Contacting Us
• Use the Go to meeting window pane to type in your questions for the panelist(s)
To contact panelists
directly, email them at:
Christopher Anderson
ca@myfirmmanager.com
Johnathan Stone
johnathan@stonelawtexas.com
Richard Vanderslice
rlv@vanderslicelaw.com
To learn more about LexisNexis Firm Manager™ visit us at: www.firmmanager.com