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Hanging Your Own Shingle

Georgia Association of Black Women AttorneysProfessional Development Academy

October 26, 2013

Mawuli Davis, Esq.Davis Bozman Law

Jamala S. McFadden, Esq.McFadden, White, Sprattlin & Davis

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Before You Hang Your Shingle …

Personal Consideratio

ns• Are you ready?

• Is it right for you?

• Is it the right time?

• Do you really want to be your own boss?

Practical Consideratio

ns• What will you

do?

• Who will your clients be?

• How will you get clients?

• How much will it cost?

Foundational Consideratio

ns• Will you have

partners?

• Will you have office space?

• Will you need administrative support?

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Experience

On-The-Job Training

Partnering with an Experienced Attorney

Volunteering with Legal Organizations

Competency is Your Legal Requirement. Malpractice is Real.

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Reasons NOT To Start Your Own Law Firm

You hate business development

You require a steady paycheck

You don’t want to work hard

You only want to do legal work

You are not self-motivated

You are inflexible with your schedule

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Reasons To Start Your Own Law Firm

You are ready

You want to be your own boss

You want to handle all aspects of the case

You want flexibility in your work schedule

You want flexibility in your workspace

You want flexibility in choosing your matters

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Rewards and Challenges of Starting Your Own Law Firm

Rewards

• Determine your own destiny

• No minimum billable hours

• No internal politics

• Schedule flexibility

• Ability to choose your own matters

• Developing your own brand

Challenges

• No one to look over your work product

• Limited opportunities to collaborate with other attorneys

• No Work, No Money

• The business of law

• The risk of “Burn Out”

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Steps To Starting A Successful Practice

Preparation

Learn Your Craft

Informational

Interviews

Business Formation

Business plan

Identify Practice

Areas

Other Revenue Streams

1, 5, 10 Year Goals

Marketing Plan

Develop a Brand

Build a Network

Business Developm

ent

Financial Budget

Costs of Doing

Business

Keep your Overhead

Low

Line of Credit

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Steps To Starting A Successful Practice

Successful Practice

Preparation

Business Plan

Marketing Plan

Financial Budget

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Steps to Maintaining a Successful Practice

Working in Your Law Firm• Meeting with clients

• Doing legal work

• Professional development

• Document management

• Billing

Working on Your Law Firm • Business

development/Marketing

• Creating systems for your firm

• Human resources

• Budgeting

• Strategic planning

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Resources

• State Bar of Georgia, Law Practice Management – Natalie Kelly

• Small Business Development Center

• Other Lawyers

• How to Start a Law Practice – Jay G. Foonberg

• Solo By Choice: How to Be the Lawyer You Always Wanted to Be – Carolyn Elefant