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Are You Fit for Solo Practice?

Here is a good list of ten qualities of an entrepreneur. The list has relevance if you are contemplating striking out on your own (or starting a new firm with partners). Item #4 is probably the hardest one to translate to the law (Do you have a unique service or product?) It's hard to come up with a new practice area that the marketplace needs.

"Unique" in this context may relate more to the clientele you serve or how you deliver your services. For example: find effective ways to bill clients that do not rely on traditional hourly billing; identify an emerging industry that has a common set of legal problems; create a firm that provides a multi-disciplinary approach to solving a set of business or individual problems (making sure to adhere to the ethical rules which bar non-lawyers from owning law firms).

The point is that you need to distinguish yourself from service providers that already exist.

Full post as published by Counsel to Counsel on May 08, 2009 (boomark / email).