Reduce the level of difficulty of facing law firm leadership
Traditionally, sole practitioners have comprised the majority of all lawyers and, with large firm layoffs, there will be more. How can they reduce the level of difficulty and expense for facing law firm leadership for the first time?
LexisNexis would have you believe that “the first step to launching a successful law firm” is to purchase their products. Yes, Time Matters and PC Law software are important. But first, control overhead on office/conferencing needs so you can focus on critical success factors — finding clients and providing talented services.
Starting solo. New lawyers are advised to resist the temptation of taking every case that walks in the door and spreading themselves too thin, said Nelson Berg, and the same holds true for those laid off.
After visiting many good executive suites and examining programs, Michael Weber signed up with Executive Suites of Minnesota, owned by the Freeman family, because he liked the people and the space — what’s not to like about the IDS, one of five traditional locales that the Freeman’s operate in Minneapolis.
“I have a more professional image than my limited capital otherwise would have allowed," he said.
As one of 25 attorneys in the program at the IDS alone, Weber, who started in what’s called a “virtual office” or “office presence,” not physical space, is already negotiating a full office lease because his practice has grown.
Say the magic word: “Turn key.” A “turn key” arrangement, such as the Executive Suites of Minnesota’s services, means that a separate entity provides everything for business startup. Items can be plugged in, turned on and off as needed, and operated with little or no additional configuring.
For example, office support is provided through a receptionist or staff, from word processing to copying — or a telephone system — all items of infrastructure that are expensive and time consuming to try to establish. “And even more expensive when it doesn't work,” said Weber.
“We can stand at the copier for you,” said Janis Nelson, marketing director of Executive Suites of Minnesota.
From small beginnings. Not just important to solos, even the large firm of Fish & Richardson, made the Freeman family operations their first Twin Cites office home, as did other law firms:
• Leonard Segal, now at the five-attorney firm of Oberman Thompson & Segal, started at Executive Suites of Minnesota. “I liked the all-in-one price with nothing hidden and a fixed rate for extras. It was nice to know there were other lawyers there.”
• Kate DeVries Smith, now at the five-attorney firm of Pauly, DeVries Smith and Deffner. “We chose the IDS specifically to be physically close and centered in downtown Minneapolis. It helped with our credibility and our integrated networking with colleagues and law school friends. It’s professional looking, central to downtown amenities and to CLEs.”
“With monthly lease payments and no build-out costs such as wiring for high-speed Internet, we were able to put more money from our start-up loan into computers and the many software applications."
“It was very helpful to have other lawyers nearby in the suites. We'd chat about how to keep an electronic practice and new scanning devices and that's how we chose one.”
• John Hartmann, now at five-attorney firm of Brutlag, Hartmann & Trucke. “I knew going in exactly what costs would be so I didn't have to contemplate expenses that weren't listed in the price quoted by Executive Suites of Minnesota.”
CPA perspective. When Don Gorowsky and Fran McCloskey began their partnership, controlling costs was hugely important. Otherwise, it was going to mean that their families would have to make some significant sacrifices, Fran said.
“It takes a while before you can establish your billing cycle, at least 60 to 90 days before you can 1.) provide services, 2.) bill for services, and 3.) collect for those services.”
Life was good. “The day my partner and I left our positions, we went to the cash machine, both took out $200 and opened a business bank account. Then we went over to Wayne Freeman’s. Wayne was willing to get us an office and get started with very little money down. We signed an agreement for a relatively short period of time. Then on Monday, three days later, we brought in our gear — folding tables, chairs and a borrowed computer — and started working that day. Away we went.”
“Wayne had the phone extension set up, he gave us a code for the copier, the receptionist knew our names, she answered our phones with our company name when we weren't able to answer them ourselves, and life was good.”
Now heading the six-CPA, Financial Advisors LLC, Gorowsky, a licensed attorney, said, “As a result of our quick start, during the first two months we had greatly exceeded our expectations and planned to add staff.”
It’s not just law grads these days who have to find ways to reduce the level of difficulty and expense for for administering their practices when they become sole practitioners for the first time.
* Thanks to David Phelps, Star Tribune law reporter for coining the article title.
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