[MRM]

Dueller, let me know next time you hear of an insurance company giving away that deal again.

BF, you should look into the office sharing idea. It is probably the best chance you have of getting reasonably priced office space that will be nice enough to help you attract clients. It is almost invariably what new sole practicioner lawyers do. You do have to worry about appearances if you are attracting corporate work. It doesn't have to be fancy but it needs to be nice and accessable. If you can find a small law firm that has an extra office, you can get inot the office with phones, internet, receptionist and your name on the door for almost nothing.

The best fit is somewhere professional that will show clients you have some substance but doesn't cost an arm and a leg, has other professionals who can give you referrals and who you can refer clients to, and who has a a secretary who you can use to do your clerical work on an hourly per-use basis.

I went out on my own almost three years ago. It was the magical convergence of a couple of events. I was unhappy at my previous employer, I had a large client who told me they wanted to send me work if I started my own firm, and my wife makes enough that we could almost cover our expenses on her salary if we cut way back. We saved up so that we had enough to live on with me not taking any money home for a full year. Each month we planned to take a certain amount out of savings to cover our expenses, preparing worst case for a year without income. The combination of the client going with me and savings with a draw down plan made going out on my own possible and livable without stressing out over everything.

Do a budget and don't scrimp on capital equipment. You need good computers, software, etc. Good infrastructure will (doesn't need to be luxurious) make your practice much more efficient and easier to live with. At the same time don't spend a penny unless the money you spend returns you more in value than the cost of the item. Be generous in the budget to handle any unforseen expense. It always seems like something comes up. Compare your budget to the income you anticipate you can generate from the clients you will take with you. Don't leave until you have a good plan in place for getting clients. Don't be unethical about stealing your firm's clients, but be realistic in identifying clients who will sign up with you when you're on your own. Don't borrow money to start up, but do get a line of credit in place before you leave in case you need it to ballance out cash flow. Figure out your billing system in advance so you don't spend all your time on administrative details.