More at the Door
By Duane Crone | February 1, 2010
Law School Applications are up dramatically as law firm layoffs continue. Why? Common sense would seem to dictate a drop in applications in a down economy but common sense does not appear to be driving these statistics.
Cornell Law School reports an unprecedented 52% jump in applications for the next term with cut off for applications Feb 1st. I would like to suggest two likely reasons for this seeming disconnect. With employment opportunities scarce, some of the brightest of the unemployed are loathe to accept subsistence wages and elect to put this time to its optimum use in a professional school.
The second reason is harder to categorize except with the aphorism, “Hope springs eternal in the human breast”. As I talk with newly minted lawyers each day, I try and get an idea of their “vision” of their future careers. A good many of them are more practical than you might think. They know full well that a traditional law firm career path is far from certain. They do, however share a remarkable faith that a law school education will open opportunities somehow, somewhere. I say this is remarkable as the school debt most have accumulated is breathtaking, usually in 6 figures.
I may not share their unbridled optimism, but I have not changed my deep respect for their enthusiasm and willingness to work hard for their own future and for the future of the profession.
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The best advice is get the best advice
By admin | November 16, 2009
Legal work for large and medium size law firms continues to shrink and consequently firms continue to lay off associates. Many of these lawyers will choose to “hang out a shingle” and become solo practitioners. For some it’s a stop gap solution till the economy improves. Many others will remain solo or continue to practice in a very small firm for the duration of their legal careers. A sobering statistic is that the success rate for solo start up firms is no greater than for small business of any type…. Roughly ½ will fail in the first 5 years.
Success is rarely determined by proficiency in legal skills. That’s understandable as operation of a small business is not part of the law school curricula. State and local bar associations have recognized this for some time and have stepped in with some excellent CLE programs. If you find yourself in the situation of starting a solo practice, a day long seminar of this type is a wise investment. Try and find one that is strong on the “how to” of generating clients. As distasteful as this subject is to most lawyers, it’s the critical issue you will need to address. Most of the other small business headaches can be overcome if you have paying clients at your door.
One of the “business” issues solo practitioners are ill prepared to deal with is their own professional risk. What if I make a mistake? Lawyers leaving an established firm have not had to address the issue of professional insurance and are starting with no understanding of the basics such as: How to buy it; what it is and how it works. The best advice is get the best advice. There are many skilled, conscientious insurance professionals to help. However, there is only one company that exclusively handles the professional liability insurance needs of solo practitioners and small firms. That’s Mainstreet.
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Welcome to the Mainstreet Blog
By admin | April 13, 2009
This is an exciting time to be in the practice of law. Why? It’s changing, that’s why.
Since Mainstreet specializes in providing professional insurance protection for solo practitioners and small law firms, we find ourselves right in the middle of the chaos of an industry shift. Larger firms are struggling to deal with shrinking revenues and layoffs continue even into this 16th month of our official “recession”.
Law schools keep pumping out new lawyers who have a real need for meaningful employment to pay off law school debt. The result is a whole new cadre of lawyers starting up new solo and small law firms. The successful ones will utilize a variety of new techniques to stand out and separate themselves from others with designs on the same market niche. Marketing savvy, may replace lawyer skills as the key ingredient in setting up a new practice.
That’s where Mainsteet gets involved. More than ever before, competent professional advice about lawyer professional liability is needed to avoid the pitfalls and traps of private practice.
In the upcoming series of articles we will strive to address many of these threats while keeping an eye on developing trends. We will endeavor to provide practical advice for the small firm practitioner. One thing we have learned over the years is that there is not enough time to go around. So, will keep these blogs short and packed with useful tips. Parsimonious sufficiency will by our montra. Look forward to articles on these topics:
- The Claims made policy trap.
- How can I be sure I am buying the best insurance product from the best source?
- What policy limits might best fit my practice?
- When does a “situation” rise to the level that you need to report a claim to your insurer?
- What happens if you stop buying professional insurance?
- How to say no to a client.
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