starting up or starting over hanging your own shingle presented by: christopher anderson johnathan...

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Starting Up or Starting Over Hanging Your Own Shingle Presented by: Christopher Anderson Johnathan Stone Richard Vanderslice

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Page 1: Starting Up or Starting Over Hanging Your Own Shingle Presented by: Christopher Anderson Johnathan Stone Richard Vanderslice

Starting Up or Starting Over Hanging Your Own Shingle

Presented by:Christopher AndersonJohnathan StoneRichard Vanderslice

Page 2: Starting Up or Starting Over Hanging Your Own Shingle Presented by: Christopher Anderson Johnathan Stone Richard Vanderslice

2www.firmmanager.com

Introduction to Panel

Christopher Anderson Started out as assistant district attorney in NYC and Athens, GA before working his way from associate to managing partner of an eight-attorney firm in GA.  

Johnathan Stone Recent graduate who decided to start out as a solo practitioner at the Law Office of J.D. Stone, PLLC in Austin, TX.

Richard Vanderslice Previously a large law attorney, left and partnered with another attorney, and later broke off to be the managing partner of Richard L. Vanderslice PC in Philadelphia, PA.

Page 3: Starting Up or Starting Over Hanging Your Own Shingle Presented by: Christopher Anderson Johnathan Stone Richard Vanderslice

3www.firmmanager.com

Items of discussion

• Selecting an area of practice

• Law firm formation– sole proprietor, professional corporation, limited liability company, limited liability partnership (should you consult a CPA to understand tax and reporting issues?)

• Developing a start-up budget and plan

• Identifying and knowing your competency when it comes to running a business like project management, marketing, and getting and staying organized

• Lease Office space or go Virtual

• When does it make sense to hire an assistant vs. outsource

• Investing in a web site and technology – DIY, outsource, self-hosted or hosted, hardware, software

• Office equipment, services and supplies

• Insurance protection

• The items you didn’t learn in law school

• Other resources to leverage

Page 4: Starting Up or Starting Over Hanging Your Own Shingle Presented by: Christopher Anderson Johnathan Stone Richard Vanderslice

4www.firmmanager.com

Selecting An Area of Practice

Considerations you should take when selecting an area of practice:

1)Prior experience2)Formal education3)Market need4)Accessibility to get up to speed through CLE, courses, certifications

Page 5: Starting Up or Starting Over Hanging Your Own Shingle Presented by: Christopher Anderson Johnathan Stone Richard Vanderslice

5www.firmmanager.com

Law Firm Formation

? Sole Proprietor? Limited Liability Company? Limited Liability Partnership? Professional Corporation

There are Pros and Cons for each formation type.

What questions should you ask yourself before choosing?

Know when to engage with an expert like an Accountant to understand tax and other implications

Page 6: Starting Up or Starting Over Hanging Your Own Shingle Presented by: Christopher Anderson Johnathan Stone Richard Vanderslice

6www.firmmanager.com

Developing a Start Up Budget and Plan

By failing to prepare, you are preparing to fail. (Benjamin Franklin)

For every minute spent in organizing, an hour is earned. (Unknown Source)

The general who wins the battle makes many calculations in his temple before the battle is fought. The general who loses makes but few calculations beforehand.

(Sun Tzu)

Page 7: Starting Up or Starting Over Hanging Your Own Shingle Presented by: Christopher Anderson Johnathan Stone Richard Vanderslice

7www.firmmanager.com

Self Analysis - SWOT

Understand your strengths, weaknesses, opportunities and threats when it comes to running a business

Page 8: Starting Up or Starting Over Hanging Your Own Shingle Presented by: Christopher Anderson Johnathan Stone Richard Vanderslice

8www.firmmanager.com

Lease Office Space or Virtual Law Office

• Formal office space

• Client phone calls and consultations i.e. in-person client meetings

• P.O. Box or Physical Address for clients

• Depreciate office or not

• Turning off the office

• Contractual obligation

• Client meeting space

• Furnishings

• Shared services (e.g. administrative and janitorial)

• Parking

• Location

Equipment covered under separate topic

Lease Office Space Virtual Law Office

Page 9: Starting Up or Starting Over Hanging Your Own Shingle Presented by: Christopher Anderson Johnathan Stone Richard Vanderslice

9www.firmmanager.com

Hiring vs. Outsourcing Staff

• When does it make sense to hire an employee vs. outsourcing the resource through a temporary agency or business?

• Is there a threshold, calculation or methodology you should use to figure this out?

• Other considerations and risks:A contractor who might be classified as an employee,

know your state laws and regulationsDo back ground checks and get references

Page 10: Starting Up or Starting Over Hanging Your Own Shingle Presented by: Christopher Anderson Johnathan Stone Richard Vanderslice

10www.firmmanager.com

Web site and other technology

DIY = do it yourself or

BILL = brother in law labor

Web site creation:• Reputable company who has references and expertise in the area of

marketing, not just building a web site; importance of ranking and search ability

Other technology:• Hardware – computer: Mac vs. PC; stationary vs. laptop; other mobile

devices, i.e. iPads, tablets, phones; hosted vs. on-premise• Software – types – project management, billing, accounting; hosted vs.

on-premise; word processing; etc.

Page 11: Starting Up or Starting Over Hanging Your Own Shingle Presented by: Christopher Anderson Johnathan Stone Richard Vanderslice

11www.firmmanager.com

Equipment, Services and Supplies

Tips and Tricks

CopiersScannersPrintersAll-in-oneCourier and process servicesOffice supplies

Page 12: Starting Up or Starting Over Hanging Your Own Shingle Presented by: Christopher Anderson Johnathan Stone Richard Vanderslice

12www.firmmanager.com

Insurance Protection

Sources for finding more information about:

• Insurance for health, life and disability

• Professional liability insurance

• Other - Bonding employees / D&O insurance

Page 13: Starting Up or Starting Over Hanging Your Own Shingle Presented by: Christopher Anderson Johnathan Stone Richard Vanderslice

13www.firmmanager.com

Develop an Exit Strategy

Be prepared for closing your business!

Many reasons:• You get an offer to work somewhere else • Your firm was not profitable and you were not able to make

ends meet• You run into health problems• Etc. etc.

Page 14: Starting Up or Starting Over Hanging Your Own Shingle Presented by: Christopher Anderson Johnathan Stone Richard Vanderslice

14www.firmmanager.com

What You Didn’t Learn In Law School

• The importance of continuing legal education courses and webinars.

• Accounting and business management• Dealing with difficult clients

Page 15: Starting Up or Starting Over Hanging Your Own Shingle Presented by: Christopher Anderson Johnathan Stone Richard Vanderslice

15www.firmmanager.com

Additional Resources

[list resources you know of – could include local bar association; solosez; ABA solo small firm division; your practice management advisor; web sites you’ve found etc.]

Page 16: Starting Up or Starting Over Hanging Your Own Shingle Presented by: Christopher Anderson Johnathan Stone Richard Vanderslice

16www.firmmanager.com

Questions and Contacting Us

• Use the Go to meeting window pane to type in your questions for the panelist(s)

To contact panelists

directly, email them at:

Christopher Anderson

[email protected]

Johnathan Stone

[email protected]

Richard Vanderslice

[email protected]

To learn more about LexisNexis Firm Manager™ visit us at: www.firmmanager.com