Subscribe to LexTalk to stay on top of today’s legal issue and trends.
Catapult Your Career |
Industry Insights & Trends |
Product Training & Tips
Sam Glover, a lawyer and columnist for The Lawyerist recently wrote a blog post that has proven to be controversial and generated a large amount of comments. In the blog post, Sam attempts to answer the question of what the cost is to start a solo legal practice. Based upon his estimates, Sam predicts that the cost is somewhere around $3000. This cost does not include, malpractice insurance, forming a corporation or llc nor does it include stationery and or business cards.
What is included in his estimate are things like a computer, accounting and time keeping software, data back-up, scanner, printer, fax service, telephone and Internet. He also predicts that the second year in business, the cost goes down to $839 per year since you wouldn't need to purchase the equipment again.
From my perspective, having been a lawyer and a business owner, this is a rather naive view of the real costs of starting a business, any business. As a lawyer, you better make sure you have malpractice insurance first and foremost. There are other costs he hasn't accounted for like a web site, hosting, and other related marketing costs.
What are your thoughts on this topic and Sam's post? Do you believe its possible to start a solo practice for $3000? What other items might Sam be forgetting? Share your thoughts