The Perks of Flying Solo Posted By Daniel Kaiser, Esq. on May 13, 2010
Thinking of becoming what The American Lawyer[1] calls the Lone Wolf? Recession and all, the trend shows that many lawyers think this is the perfect time to go solo—or to go boutique. It comes down to two attractive perks: value for clients and autonomy for lawyers.
In terms of value, there’s nothing to match the experienced lawyer who decides to go small. These days even big clients are looking to capture economies in new places, and solo attorneys and start-up firms are reaping the benefits. Anchored by attorneys with field experience in larger blue-chip firms, these smaller players are becoming known for delivering conventional big-law quality coupled with unconventional flexibility in terms of billing. Smaller office space (with freedom from long-term lease agreements), pared-down staffing (making use of contract attorneys and virtual paralegals as needed), alternative billing schemes (using flat fees or bonus fees for successful outcomes in place of billable hours), streamlined legal claims and subbing in autonomy and ownership in the place of higher profits are all elements contributing to the rise of the Lone Wolf.
When it comes to flying solo, the growing numbers haven’t been missed by the American Bar Association. The ABA points out that over 30% of American attorneys are now solos, and yet fewer than 7% of these solos are members of the Association.[2] Wanting to capture that segment, the ABA will be cutting annual dues in half for solo practitioners as of September 1, 2010.
Of course not just any graduate is ready to go solo… for those new to the profession the notion of solo practice might just descend to the level of malpractice. Small firms require a full skill set ranging from legal experience to marketing abilities. But for those lawyers established enough to be able to bring clients along with them, small can be golden. Efficiency is the new black.
[1] For a full write-up on this topic see The American Lawyer, Economy Model, 57-61 (Feb. 2010).
[2] ABA Journal, ABA Halves Dues for Solos, 65 (March 2010).
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