  Welcome back to our new blog series. Today we have the pleasure of learning what it takes to start your own law firm from Mitchell Rose: 1. Tell me a little about your law firm/practice. I established my firm on July 1, 2019, so it has just turned one! It’s called Mitchell Rose Professional Corporation (“MRPC”), and it has two divisions: Rose Dispute Resolution, which provides mediation and arbitration services, and Mitchell Rose Law, which is my legal division providing settlement counsel (dispute resolution lawyer) services for employers and employees, as well as for various civil disputes. Although MRPC has two divisions, it has just two employees currently: A practice assistant, Sandra Pakosh, and, of course, me. MRPC is a virtual firm. Both Sandra and I work from our respective homes. We have a membership at an Intelligent Office in North York – close to my former office - for mail, reception and telephone services, and with an ability to rent meeting rooms for when I need them (which is almost never, even pre-COVID). 2. Why did you start your own firm? How did you make this decision? I never thought that I would go out on my own, but here I am. I was a partner in a small, full-service firm with a wonderful group of people for 20 years. Around six months before the end of our lease in mid-2019, and facing the responsibility of assuming a management role, I came to realize a number of things as a result of speaking with my family, working with my lawyer coach, and seeking the expertise and advice of trusted colleagues:
3. What are some of the benefits of running your own firm? We know that ‘time is the most valuable currency’; in my own firm, I call the shots with my time and where I invest it. I am free to pursue my own interests and goals. I have always had an independent streak, so I also love having complete accountability for success or failure. I am free to accept or reject work. I enjoy not having the responsibility of overseeing multiple people or dealing with office politics. I also love working from home as I can keep my overhead relatively low. As well, I certainly do not miss commuting to an office. These days I do not even need to commute to off-site mediations as I can conduct virtual mediations from home. As well, even before we were working from home, I enjoyed being able to see my family more often. 4. What are some of the challenges of running your own firm? How have you tried to overcome them? I was used to doing things the way I always did them with my old firm. I had to try to break that mentality quickly. I also never realized how much was done for me at a larger firm that I now have to do myself. That has probably been the biggest challenge – so it is a good thing that I have saved myself commuting time! I know my strengths and the areas where I am not as strong (like administration), so I have a strong administrative support person. Working virtually does not mean working solo, but you need to work hard to ensure that you maintain your social and professional networks. My involvement in the ADR Section of the Ontario Bar Association has also helped in that regard. I just became the section chair, so that will keep me busy interacting with colleagues. 5. What advice would you give to a lawyer thinking about starting their own firm?
 Thank you for participating in this series Mitch and I love your last piece of advice. When you run your own firm or business you sometimes forget the answers to these questions. This is a great reminder to reflect back on the career and job that you truly want. ICYMI our previous posts featured Lisa Feldstein and Ellen Low. Stay tuned for more profiles coming soon.... Want to have these profiles sent directly to you? Sign up for our e-newsletter:
0 Comments
  Welcome back to our new blog series where lawyers will find some great advice on going solo and running your own practice. Today's profile features Lisa Feldstein: 1. Tell me a little about your law firm/practice. I am a health lawyer focused on helping clients create and protect their families. For almost two years I have been joined by an amazing associate (former articling student) Priya Somascanthan. Our firm is focused on Family Health Law™. Broadly speaking, we have two main categories of work that both touch on the intersection of health care and families. One part of our practice is all about helping family caregivers navigate the health care system. It is actually broader than it sounds. It encompasses helping families access psychiatric services for a loved one, dealing with conflicts in long-term care facilities, or applying for guardianship when a client’s relative has lost the mental capacity to make decisions. Much of our work is behind the scenes, although we occasionally have to litigate. The other part of our practice is reproductive law. We help clients build families through third party reproduction, such as surrogacy and ova donation. We also advise organizations who are part of the fertility industry. While our firm is based in Markham, we serve clients all over the world. Transitioning to fully remote work in March was a breeze because we already had the right systems in place. 2. Why did you start your own firm? How did you make this decision? Starting a firm is a complex decision that involves weighing many factors. One reason that compelled me forward was because I had identified what I saw as a gap in legal services. As a health lawyer I had noticed that all of my colleagues were serving health care providers, organizations or patients, but no one was dedicated to advising or advocating for family caregivers. In my first year of practice at a health law boutique I had been approached twice by lawyers interested in making referrals for family caregivers in need of legal advice, but I was unable to accept the referrals due to a conflict of interest. I had also attended a Consent and Capacity Board hearing in which an elderly man with dementia had no representation even though the case involved whether his unconscious wife would have her life support withdrawn. He wanted to speak but was not really heard. I don’t think the outcome of the case would have been any different if he had a lawyer, but it felt wrong to me that he was not a party to the hearing. It planted the seed for thinking about the role of the family member as patient advocate and the need for family caregivers to be empowered through counsel. 3. What are some of the benefits of running your own firm? Undoubtedly the flexibility. In the early years, when I did not have children, I was working all the time. But now that I have two young kids, and am married to a spouse who does shiftwork, I am so grateful that I can set my own hours and not worry about face time. The flexibility also makes it easy for me to teach at York University, which I’ve been doing for the past 10 years. My classes are often scheduled mid-day and I don’t think I would have accepted the opportunity if I was an employee. I also love being able to make and implement decisions quickly and without being accountable to anyone else (although I frequently consult with my associate). If I want to speak to the media, offer a discount or submit feedback on proposed legislation, I can do so without permission. 4. What are some of the challenges of running your own firm? How have you tried to overcome them? It is easy to let math fool you. Example: “At my hourly rate if I did just one hour of billable work a day I’d make my salary, wow that sounds doable!” The reality is, it is very difficult to land clients. There are many more expenses to running a business than meet the eye. And there is a ton of non-billable work that needs to be done, even in a very small office. I guess I could summarize these challenges by saying it’s harder to make money than it sounds! To overcome some of these challenges, I have found a variety of software to do some of the non-billable work for me. I do a happy dance ever time I set up a new automation. We also take a systems perspective and if we notice ourselves repeating a task, we explore how we can eliminate the step altogether by changing our processes. 5. What advice would you give to a lawyer thinking about starting their own firm? (1) Go niche. That could mean a niche practice area, or could be a broad practice serving a specific client base. You can also create your own niche, as I have done. While this can be intimidating because it feels like you are excluding potential clients, think of it this way: if you are the only person on an island, you are also the only expert. And when you narrow your practice, you will gain that expertise quickly. (2) Put on your entrepreneur hat. It is not enough to be a good lawyer. To have a successful practice, you must think of yourself as a business owner. Read some books. Download some podcasts. Explore resources that are not just for lawyers. Get inspired and think bigger and differently about how legal services can be offered. (3) Keep your overhead as low as possible. Live within – or below – your means. As money starts to come in, don’t spend it all. Keep cash in the bank so you can survive a rainy day. Or a pandemic. -------------------------------------------------------------------------------------------------------------------- Thank you Lisa for participating in this series. It is true that people often forget about the hidden costs of running a law firm, thanks for the advice to keep this top of mind. Flex Legal can help with keeping law firms' overhead low. If a lawyer is not ready to take on a full time associate but needs assistance with their files we are here to help on an as-needed basis. ICYMI our previous post featured solo lawyer Ellen Low. Stay tuned for more profiles coming soon.... Want to have these profiles sent directly to you? Sign up for our e-newsletter:   Welcome to our new blog series profiling lawyers who have struck out on their own and built successful law firms. We hope this series will provide helpful advice for those either thinking of going solo, or, for lawyers who already have their own firms but are looking for new ideas or information. Our first profile features Ellen Low of Ellen Low Employment Law: 1. Tell me a little about your law firm/practice. I am an employment and human rights lawyer. My practice runs the full panoply from contract review and exit terminations to specific questions about statutory compliance, etc. I also assist with general human resources questions as well, such as dealing with internal human resources departments, progressive discipline issues and providing advice on how to respond to internal disputes and other issues. I work remotely for the most part, although I do have two physical locations in metro Toronto. I have an admin/law clerk and a couple of associates who work for me remotely. 2. Why did you start your own firm? How did you make this decision? The decision to open my own firm was made over a few years and was certainly not a decision that I made lightly. At the beginning of my career, running my own firm was never on my radar. But as I became a senior associate and then a partner, I got to the point where I needed a different challenge. I felt very comfortable with the law and with legal strategy. I had the experience and I felt that I could do things a little bit differently. Not only did I want to do things a little bit differently, I wanted a little more control over the files that I was taking, the clients I was working with, and the way I was working with them. And, I wanted (what I thought at the time was ground-breaking) a practice that was predominately paperless and agile and to some degree remote. To be able to work anywhere and to serve clients from all over was a new thing for me. 3. What are some of the benefits of running your own firm? One of the major benefits, for me, in running my own law firm is that I get to choose who I work with, both in terms of clients as well as staff, and that is a really important thing. Other benefits would include more flexibility, which I appreciate. But flexibility doesn’t necessarily mean I am working less - it means I get to be a little more creative in the way that I work. I am also challenged and stimulated by the different things that I am working on. I now have a small business and I can relate more to my small business clients. It’s not just 100% law all the time. It also includes business strategy and developing and testing out different technology, which I’m finding really fun. I like the idea of figuring out what sort of software I can work with so that everything is automated. I can now generate electronic invoices which makes it easier for my clients. My clients can just click a link and pay the invoice. My clients can also book their meetings electronically. When working with contemporary clients, they expect that. They expect a faster turnaround. They expect to be able to book things immediately and not have to call an admin person who then must talk to me to check my availability. I like the idea of having control over how I run my business to best serve my clients. 4. What are some of the challenges of running your own firm? How have you tried to overcome them? There is no one else to blame! There are moments where I have uncertainty, for example, over a strategy on a file, or, uncertainty over what is the most appropriate or expeditious docketing software. And all of that can be overwhelming when you are also running an active law practice at the same time. In terms of how I overcome these challenges, I have to remind myself that I still have what I call my “Brain Trust” that I can reach out to - I have other people I can work with who are either doing the same thing because they have their own small law firm or are experts in their field. So, I remind myself that I can, and should, and do, reach out to those people for mentorship and guidance. 5. What advice would you give to a lawyer thinking about starting their own firm? Write a business plan. Pretend like you are applying for a bank loan and you need to convince a bank to give you money based on your business plan. In my view, if you can think through all the issues in a business plan, then you will be in a better position to know what you are getting in to with respect to running your own firm. Without this plan, people can be a little overwhelmed by everything they need to do. Another suggestion is to track your own self-generated files and collections for a little while before you decide go out on your own. This may give you a little more information on whether you are able to generate enough income to survive. These two things, writing a business plan and looking critically at your own numbers may give you some additional peace of mind. I did both of these things, but I’ve always been very metric driven. This helped with my decision to start my own firm. I didn’t want to move firms, I liked the firm that I was at, and I didn’t want to go in-house because that didn’t appeal to me. Then a friend of mine asked “Why don’t you open your own firm?” My immediate reaction was “Ugh, I don’t want to do that.” But because I was always interested in metrics, and had always tracked my own data, one night I sat down and started crunching the numbers. Because I had this data,I could model year-over-year self-generated growth. That was helpful. This told me that even if I only had the files that I self-generated, I could be fine. If I could control things like my overhead and expenses because of the way I operate my firm, then based on numbers and data, things were going to be fine. Also, talk to people. Talk to as many as you can who have started their own firmand really listen to what they are saying. There are upsides and downsides. Running your own business while practicing law is not for everyone. You have to know yourself and whether or not you are entrepreneurial. If you are, this may be a good fit for you. But if you are not necessarily entrepreneurial, and you’ve spoken with a bunch of people and you are of the view that the downsides outweigh the possible upsides, then running your own firm may not be for you. ---------------------------------------------------------------------------------------------------------- Thank you Ellen for taking the time to participate in this blog series, we love your answers and are sure many lawyers will find them helpful. Stay-tuned for some more profiles coming soon..... Want to have these profiles sent directly to you? Sign up for our e-newsletter.  We've been working on something cool behind the scenes at Flex Legal. We are super excited to announce the start of our new blog series called: "Secrets of Success: Starting Your Own Law Firm". The series will feature successful lawyers who have started their own solo practice or firm. Each profiled lawyer will explain why they chose to start their own firm, discuss the benefits and challenges of running their own practice, and provide tips and advice to any lawyer thinking of striking out on their own. If you have ever been curious about going solo, or perhaps you are already on your own and are looking for some helpful advice, this is the blog series for you. Stay tuned......!  Have you started your own firm? Do you have some advice to give? Please reach out to be profiled in our series: info@flexlegalnetwork.com (please use the subject line - "Blog Series")
|
Categories
All
SIGN UP FOR OUR NEWSLETTER & HAVE THESE ARTICLES SENT DIRECTLY TO YOU:
|
RSS Feed
|
CONTACT:
Email: info@flexlegalnetwork.com Main Phone: 647.250.9292 Address: 3080 Yonge Street, Suite 6060, Toronto, ON M4N 3N1 (by appointment only) |
Disclaimer: Flex Legal Network Inc. ("Flex Legal") is not a law firm and does not perform legal services. The information provided in this website should not be construed as legal advice. Transmission of information from this website is not intended to create, and its receipt does not constitute a solicitor-client relationship with Flex Legal or any of its individual network lawyers or personnel. Use of Flex Legal services does not establish a solicitor-client relationship. If you use our website or services you agree to our Terms and Conditions and Privacy Policy.
Our Commitment to Anti-Racism: Read Here
(C) 2015-2022 Flex Legal Network Inc. All rights reserved. "Flex Legal Network", "Flex Legal", & "Flex" are all registered trademarks of Flex Legal Network Inc.
Our Commitment to Anti-Racism: Read Here
(C) 2015-2022 Flex Legal Network Inc. All rights reserved. "Flex Legal Network", "Flex Legal", & "Flex" are all registered trademarks of Flex Legal Network Inc.