Benikov writes about the steps one needs to take before opening a law practice. It is clear there is a lot to think about. The first part of the chapter discusses where to open a practice. I have always been someone who gets tired of living in the same place after about five years. It would be very difficult if not impossible to move frequently if I wanted to open my own practice.
The economy is a huge factor. Of course, this might be hard to predict. It seems Tampa is a pretty safe place to practice, but the economic situation can and will change over the years. There are certainly a lot of attorneys in Florida and the Tampa Bay area, which means that there would be more competition. The population has increased so much, though, that I don't know a single lawyer who can't find work here.
Florida is certainly an unpleasant place to live weather-wise and I do worry about the state of our environment in a decade, or two decades, or three. I am only 30 and it feels that Florida becomes more and more inhospitable as global warming takes its toll. I fear that Florida will not be a safe or realistic place to live down the road.
Another major factor for me if I decided to open my own practice would of course be where to get the money. Benikov talks about how simple is good, just as we also discussed in class. Law practices don't need the kind of capital that a restaurant would need. If I choose a type of law that would allow me to work from a home office, that would greatly reduce the overhead, especially with how expensive real estate is in Tampa. An SBA loan seems that it would be the best option regardless of what type of law I decide to practice because of the lower interest rates as compared to a traditional loan.
Benikov talks about a number of other factors to consider, but location, money, and whether or not to have a partner seem like the most important. Having a partner is great if you don't have as much money to start your business, but it requires cooperation and agreement, which could be tricky. It seems that it would be better off to start solo so that you can have all of the work. As the workload increases, it seems having a partner to discuss ideas with, take over hearings when there are time conflicts, and share costs with would be more beneficial.
Benikov highlights that there is a lot to consider and starting a practice. This seems overwhelming, but if you are successful, very rewarding.
Taylor, you are right to note the importance of deciding where to practice. Alex was hindered by the fact that he moved to a new city (Phoenix) where he knew no one and had no professional contacts on which to build. His family was from Portland and he could have gone there or stayed in Michigan where he had experience interning with the public defender. Yet even with those disadvantages, he was able to make it work - although it might have been easier elsewhere.
ReplyDeleteHe picked a fast-growing area with much unmet legal services need, particularly in criminal defense. So that was a positive.
It is also good that you see what many of our government leaders (especially here in FL) don't see or don't want to see for ideological reasons - climate change could make Florida less live-able in the coming decades. Even today, we all pay a huge price in skyrocketing homeowners and car insurance (mine has tripled and doubled, respectively, in the last few years) which is largely due to risks associated with more severe weather.
It isn't time to write off Florida just yet as a place that will remain viable in the coming decades. But if you are younger than me, as all of you are, it is a factor worth considering when deciding where to practice law.
And there is the phenomenon of "half backs." These are people who moved to Florida from up north, are now discovering some of the disadvantages (spiraling cost of living), and are going halfway back to someplace like the Carolinas. It would be possible to become licensed in FL where you have contacts and then do remote work from a "half back" location that doesn't have many of Florida's extremes (climate, financial, and political).
Hey Taylor - your take on the challenges of staying in one place for long periods if you start your own practice really hit home. I hadn't thought about how tied down you can get. The economic angle is huge—Tampa seems stable now, but who knows how things will change moving forward (I think the rapid expansion of the Bay Area following covid showed us that)? I liked your practical approach when it comes to funding like considering SBA loans for better rates. The solo vs. partner debate is spot on too—having a partner can be tricky but sharing the load might be worth it as the practice grows. Benikov's insights really show how starting a practice can be both overwhelming and rewarding. Nice job breaking it all down.
ReplyDeleteAgreed with Allan, you never know when instability might strike anywhere you end up living and how that'll shift how you practice law. Also agreed on the partner debate - it seems in general to be the most critical decision when deciding how to start and the sheer scope of it all does make a partnership feel like the logical choice.
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