When starting a solo or small practice, a lawyer has to consider many new business details that were unnecessary while working for a larger firm. How do taxes differ for sole proprietorships versus other entity types? What are the necessary business or trust accounts for each individual lawyer? What is the most important thing to...
Adriana Linares is a law practice consultant and legal technology coach. After several years at two of Florida’s largest...
When starting a solo or small practice, a lawyer has to consider many new business details that were unnecessary while working for a larger firm. How do taxes differ for sole proprietorships versus other entity types? What are the necessary business or trust accounts for each individual lawyer? What is the most important thing to consider when paying taxes and acquiring insurance? Any lawyer who is starting a solo practice, confused by the options and information available, can make costly mistakes.
In this episode of New Solo, Adriana Linares interviews Reba Nance and Bill Gibson, two experts in the field of law practice management, about what steps lawyers can take in the beginning of their solo practice to optimize their chance of success. Nance recommends several bank accounts with clear paper trails that are reconciled regularly, acquiring malpractice insurance even if the state does not require it, and not taking shortcuts when pressured by clients. Gibson encourages lawyers who have newly gone solo to seek help and talk to a CPA, pay taxes and automate their payroll systems, and not overlook general liability and workers comp insurance. Both practice management experts highly advise any lawyer to carefully read the professional conduct rules and ethical regulations of each state. Starting a new practice is difficult; no lawyer should be afraid to ask for help.
Reba Nance is a law practice and risk management manager of the Colorado Bar Association. In addition to being a frequent presenter on topics such as legal technology and malpractice prevention, she is the first female chair of the ABA tech show.
Bill Gibson has practiced personal injury litigation in Portland, OR since 1979. Working as a full-time neutral since 2000, he has also written several books on law practice management including one of the latest ABA books called Flying Solo.
Special thanks to our sponsor, Solo Practice University.
New Solo covers a diverse range of topics including transitioning from law firm to solo practice, law practice management, and more.
Taylor Darcy talks about why he chose to go solo and the technology that has helped make his practice successful.
Tom Martin gives tips and tricks on implementing chatbots on small law firm's websites.
Greg Garman talks about New Solo’s new sponsor Lawclerk and what it offers to solo and small firm lawyers.
Renee Thompson and Zack Zuroweste talk about how law firms can prepare for and recover from natural disasters.
Greg McLawsen talks about the life of the nomadic attorney and shares how he built his law firm around his desire to travel.
Bill Galione talks about how he combined research, personal interest, and passion to establish a niche within personal injury law.