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New Lawyers Practice of Law Starting a Law Practice

3 Tips Before Starting a Law Practice

Particularly in solo and small law practices, income growth typically is irregular and for the most part slow in the first year of practice. Before you decide to go solo or join a new practice, do some financial planning and consider these three tips.

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New Lawyers Practice of Law Starting a Law Practice

Starting Your Law Practice: Taking the First Steps

ThinkstockPhotos-491574828The following is a guest blog post by Jeremy M. Evans, Managing Attorney at California Sports Lawyer, representing sports and entertainment professionals in contract drafting, negotiations, licensing, and career growth.

“Those who never try or quit too early end up working for those who tried and never quit.” True in any business and life in general, even more so in the solo practice of law—going solo requires you to step out and charge ahead.  

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Checklists New Lawyers Practice of Law Starting a Law Practice

Do You Have What It Takes to Go Solo?

ThinkstockPhotos-135544881Not every attorney is suited to solo practice. But if you are, it can be a very fulfilling and profitable way to practice law. Do you have the personal attributes needed to open your own practice?

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Employment Law Practice of Law Starting a Law Practice Tax Law

Opening a Law Practice? Pay Attention to Tax Issues

460413025Updated 2/2/18: Under new IRC §199A, owners of passthrough entities including a law practice organized as a partnership or professional corporation may deduct 20 percent of qualified business income, excluding reasonable compensation for the business owner. No deduction is allowed for passthrough income from personal services, including legal services, and the deduction is limited to 50 percent of wages paid to employees, but these limitations are phased in above an individual income threshold ($157,500 for single taxpayers, $315,000 for married taxpayers filing jointly). Taxpayers below the income threshold may deduct 20 percent of law practice income derived from the services of paralegals, associates, and other employees.

You’ve decided to open your own law office and are ready for your clients’ cases, but are you also ready to handle the tax issues that go hand-in-hand with running your own business?

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New Lawyers Practice of Law Starting a Law Practice

Should You Generalize or Specialize?

177130937Whether you’re straight out of law school, considering leaving a large firm, or making a life-style decision, a solo or small firm practice is an appealing prospect for many attorneys. But going solo can be daunting. One of the first decisions you have to make is what practice areas you will cover: Should you generalize or specialize?

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New Lawyers Practice of Law

Don’t Get Paralyzed by the Fear of Mistakes

55974144The following is a guest blog post by Benjamin ScottBen is a solo estate planning attorney, a graduate of Concord Law School, a former high school physics teacher, and a father of three. 

“A good plan violently executed now is better than a perfect plan executed next week.” -General George S. Patton.

What would have happened if General Patton sat down in the North African desert and refused to move because he was afraid of making mistakes? Although good lawyers should always try to avoid mistakes, a lawyer who is constantly paralyzed by the fear of mistakes will never become competent.

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New Lawyers Practice of Law Starting a Law Practice

Should You Go Solo?

Before taking the plunge and opening your own law practice, there are some initial considerations you should ponder. Your success may depend on your personality, resources, and ability to get up to speed fast.