Third-year law student is thinking ahead. What should she do after she gets out of school so she can start her own profitable law practice?

QUESTION.
I am about ready to graduate from law school at the end of the Spring semester. I have good grades, but I didn't get on law review. I expect to get two job offers in the next couple of weeks for employment to start in the Fall. I plan to take two bar exams together. I am wondering if you think it is wise that I accept one of the job offers, or should I try to start my own law practice right out of school? Any advice you can provide would be helpful. Thanks.

ANSWER.
If you plan to practice law, then I highly recommend you take one of those two jobs you expect to be offered. They will give you some experience regarding the practice of law, and help you understand what it is really like to practice law. Hopefully the job offer you pick will provide you some exposure to the professional associations, the local chamber of commerce, and other attorneys who you can examine as role models or at least someone to use as a benchmark of good versus bad.

While you are practicing you should be documenting what the practice of law is like that you are experiencing. Make sure to analyze whether the practice in which you are involved uses a business model that is profitable. If it does, then great. If it doesn't, then you will have a little work ahead of you when you use your notes to create a business plan for the law firm you want to start on your own.

It is critical that you figure out a business model for your law practice that you can enjoy and that is profitable. Not many attorneys do this! But not many attorneys are really happy with the way they earn a living. That's why so many are getting out of the profession.

I recommend you join a Toastmasters club (www.toastmasters.org) to get some experience doing public speaking. Also, try to help manage the club in order to get leadership skills. To market your law practice you almost definitely will have to do seminars and workshops. Public speaking skills will be necessary to do that. You should expect to write articles for the Net, too.

I suggest that you contact your local SCORE chapter when you decide to sit down and write your business plan. SCORE volunteers excel at helping SCORE clients prepare great business plans. Our meetings are free and confidential, so you have nothing to lose by contacting us and setting up a face-to-face session or sessions to prod you along in writing your business plan.

You definitely need a business plan that is sound and can act as a roadmap or cheatsheet for you to follow in running you practice so it is profitable.

I've given you some things to think about. Good luck! Regards, -Jeff

Jeff Lippincott
SCORE.org Counselor
Princeton, NJ
scoreprinceton @ aol.com
www.scoreprinceton.org
www.jlippin.com