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E-Honora: GRAWAs Electronic Newsletter | ||||
'Starting Your Own Law Firm' Topic of Brown Bag Lunch What are the pros and cons of opening your own legal practice? |
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Sharon Kelly Sayers shared her thoughts on this and related questions about starting your own law firm in an informal discussion featured as a “brown bag lunch” event by the Greater Rochester Association of Women Attorneys on March 9. “Starting with the cons,” said Sayers, with more than 20 years of experience in matrimonial practice, “it's a scary experience to have the responsibility of paying office space, support staff and every pen, pencil and computer for the business. You have to generate enough business to pay all these expenses plus your own health insurance, payroll taxes and save for a pension plan. You are competing with full service law firms.” “But the rewards are fantastic,” she continued. “You have total autonomy.” Sayers suggested there is a right way and a wrong way to start a law practice, admitting that she didn't necessarily do it the right way when she rented office space in 1977 -- fresh out of law school without much of anything in the bank. “I've learned that subletting is a way to minimize expenses. I also advocate putting your name in Martindale Hubbel and/or building a website so people can find you,” she said. “Look at the areas you are interested in focusing on and join whatever community organizations align with that topic.” She also advised that you take advantage of contacts you make in whatever setting. “If a judge or colleague says ‘let's have lunch,' make the phone call,” Sayers emphasized. “Take the time to have the lunch meeting. The more you keep your face in front of people, they more likely they are to refer business to you. It is also important to identify mentors that can help you in your specific area of law.” Running A Law Firm Once you start your own law practice, you must remember that you are running a business. Do you need to advertise? It probably depends upon the type of law you are practicing. “For matrimonial cases, the demand tends to be higher than the supply, so I've never really had to advertise,” said Sayers. “For other fields, you need to evaluate the competition and determine what ways you will use to attract clients.” Tracking your time and making sure what you are doing is billable is another key point that Sayers made in speaking to the group. “You must be ruthless about collecting fees. Write down how you've spent your time every day, and manage the accounts receivable. If a client isn't paying, have a plan for collection or fee arbitration and, if need be, withdraw from the case.” Sayers admitted that she made mistakes along the way and initially had a terrible time finding good, dependable employees. She hired a management consultant that helped her hone her interviewing and business management skills. Time Off Of course, when you work for yourself, there are no paid holidays or paid vacations. But, Sayers is strongly believes time off is essential to keeping from drowning in stress. “At the beginning of the year, sit down with the calendar and mark the weeks you are going to take off,” she suggested. “Matrimonial law is especially stressful. I know I need regular breaks to refresh, so I usually schedule six weeks of vacation.” Sayers noted that you need to build rewards into your practice since there is no boss to give you praise or performance reviews. Those in attendance asked various questions about “coverage” during vacation, establishing good relationships with the court and building a knowledge base for a specific area of concentration. Sayers graduated from RIT in 1974 and completed her JD at the State University of New York at Buffalo in 1977. She has been active in local, state and national bar activities over the years, including: chairing the Monroe County Bar Association Family Law Section and serving on the Women's Bar Association of New York State Matrimonial Committee and board of directors. Brown Bag Series This was the second in a series of “Brown Bag Lunch Workshops” sponsored by GRAWA this year. In February, legal recruiter Jennifer A. McCall-LaSalle, from McCall Staffing Associates, led a discussion about "Building Your Legal Resume."
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