Recalibration of law practice economics

Posted on October 30, 2009 by Ed Poll

NALP survey suggests that 2% of 2008 graduates opened a solo practice within 9 months of graduation! That's a lot of folks who will be representing clients without prior experience either in the management of a practice or much experience in the technical practice areas (tax, family law, bankruptcy, etc.).

I wonder what kind of representation their clients are receiving ... and how does one interpret or define "competence?''  What do you think?

There is a movement afoot to create an apprenticeship program for lawyers.  Georgia and Utah both require first year associates to enter a mentor program; of course, there is no requirement that senior lawyers be mentors, so I'm not sure how their programs work in actual practice.

And Howery has recently announced an apprentice program that is getting a lot of attention. Their new hires will split their time between shadowing senior partners, taking classes and working on "low-grade" client matters, being billed out at very low rates.

The recession/depression ("The Great Reset") has provided the excuse for a recalibration of the economics of law practice by many, both clients and law firms.

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Gabriel Cheong - October 31, 2009 7:54 PM

I've been in practice several years now and I was one of those people who opened up their own law practice straight out of law school. At the time, there wasn't as much out there for new attorneys in terms of teaching us to run a business and practice law. Things have changed a little, thanks in part to the recession.

For example, in Massachusetts, we now have a group devoted to helping solos who start a practice straight from law school called Starting Out Solo (www.startingoutsolo.com).

I think the goal is to reach out and educate and help those who want and have the drive to succeed, not to discourage them by questioning their competence and ability to learn.

It's my second year of practice now and I just hired an associate and I'm expanding my practice.

Julie A. Fleming - November 2, 2009 11:20 AM

I think that with so many new lawyers opening solo practice right after graduation, there need to be more business management and marketing classes offered to law students so that they'll know how to manage and expand their firm when they start out.

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