Diversification

In addittion to Foonberg's book, one source I have found particularly helpful is a packet distributed by the ABA's General Practice, Solo & Small firm section. It can be found by Googling "All By Myself Going solo in Today's Legal Market Place". One section of the program deals with diversification. Starting out, I am sure I will be tempted to take any client that is willing to pay me, regardless of whether they have estate planning needs. One point they make, however, is to avoid combining practice areas that do not relate to each other. For example, they suggest that you should not combine criminal law with estate planning and probate. If you go too broad, you increase the risk of making more mistakes becuase you are maintaing multiple file systems, checklists, etc. It can also create more stress.

About Me and This Blog

I am a second year law student at the University of Tulsa. After graduation I will be opening a solo practice in the Dallas/Fort Worth Area. Fortunately for those wanting to start their own practice, there is a lot of information out there. The purpose of this blog is simply to consolidate that information into one location. Since my interests lie in estate planning and elder law, much of the information I post will be geared towards those areas of the law. For those of you looking for a broader range of subjects related to starting a solo practice, I highly suggest you check out Luke Anthony's Oklahoma Solo.

Advertising

Here are some cost efficient ways I came up with for a solo estate planner to advertise and obtain new clients:

1) Network with local financial planners.(Referrals)
2) Advertise in newspapers/magazines specifically geared towards the elderly(i.e. Arthritis Today)
3) Advertise in weekly church bulletin. (Typically costs between $7-$10 a week)
4) After you pass the bar, email every person you have ever known and inform them of your practice… Access high school and college alumni websites for email addresses. Likewise, pass out a business card to every person you meet.
5) Post advertisements on library bulletin boards.
6) Meeting rooms at libraries are often free. Book one and hold a free estate planning education program.(check with ethical rules)
7) Take out a small add in the yellow pages.
8) Ask bigger firms in town if they have any spillover work.
9) Website links.
10) Customer Service. The best advertising is word of mouth. Treat your clients with respect, take their cases seriously, keep them informed and happy, and they will refer you.