7 Factors That Lead to a Successful Solo PracticeToday there are more attorneys than ever heeding the siren call of the solo practice or small firm experience these days in order to achieve a better work/life balance.
You may think that seeking a solo practice is counterintuitive when it comes to finding balance in life. But if you do it right, a solo practice can be a highly satisfying way to employ yourself and serve clients the way you’ve always wanted to.
I have personally counseled thousands of lawyers in solo and small firm practices on ways to manage and market their firms more efficiently and effectively. From that experience, I’ve discovered 7 factors that lead to a successful solo practice:

  1. Realize you are running a business.  You may have studied the law, but you are running a business.  And to be successful, client development needs to be your first priority.  If you don’t know anything about marketing a law firm, make it a priority to learn.
  2. Keep overhead low.  The pleasure you may gain from having a fancy office is nothing compared with the worry of making those big payments every month.  Don’t strap yourself with too many financial obligations.
  3. Identify your niche.  Lawyers who specialize reap bigger rewards than generalists.  Focusing on a niche that you can own helps you differentiate yourself from the competition and attract clients who can pay you for your specialty.
  4. Identify your ideal target market.  You can’t be everything to everyone; define your ideal client and focus all your legal marketing efforts on attracting them.
  5. Pay attention to the finances.  The bottom line is the measurement of success for every business.  Pay attention to how you are doing now and track projections for months out as well.
  6. Use technology to improve efficiency and cut operating costs.  Lawyers have been famously averse to adopting new technologies, but thankfully that is changing.  Automating many of your operating and marketing tasks will help you save time and money.
  1. Micro-manage the client experience.  You must ensure your clients have the best possible experience with your firm.   You not only want them to return and refer, you want the word on your good reputation to be spread via social media. This can only be accomplished by paying very close and careful attention to managing the experience your clients have with your firm.
There is no financial reward that beats the pleasure of being your own boss because if you don’t have control over your own destiny, no amount of money will buy you the time and freedom to spend it!