I remember opening my first office. It was nothing but an 8’x10’ room with a desk and a couple of chairs. I had nothing but a used computer and a fake plant for decorations. I purchased the desk for under $100 at a local used furniture dealer. I don’t remember where the plant came from; I think I may have taken it from home. The desk was made of pressed wood and was all messed up on the working side, but it looked alright from the perspective of the client. A very good friend made me a wooden sign that I put over the door. I had no idea what I was getting into.
Even in an improving economy, there are a lot of law school graduates that are having trouble finding a job. Many of these unemployed lawyers are people that graduated at the top of their class. They are often people that always did well in school and assumed that a good paying job would await them upon graduation. Fate and timing played a trick on many of them, forcing a rethink on what they would do to support themselves at the same time that the student loans start coming due.
The thing about having a law degree is that unemployment is sometimes nothing but a choice. There are a lot of people that need help and have some money to pay for that help. The fees these folks can pay may not be the Wall Street money that folks imagined going into law school, but it is money that can pay the bills. When I started my firm, I made myself feel better about small fees by recognizing that my time wasn’t really worth anything unless someone was paying for it. In other words, I could proclaim the level of fees I demanded for my time and work but, unless someone was willing to pay for the time, it really wasn’t worth anything.
Every unemployed lawyer is not the same. Some folks have the financial wherewithal to cruise along without the overwhelming pressures of the financial obligations related to family, credit card debt, and student loans. Others, like folks that were in the position of Patti and I, have no choice. When I graduated, Patti still had a year of law school to go and a new born baby to feed. There was no sitting around and waiting for something to come along. At one point in the early days of the James Law Firm, I actually considered getting a job at night to try to support the firm. Those thoughts were fleeting as quickly I realized I could make more as a lawyer than I could loading trucks. Although, I have to admit that the thoughts of getting a “second” job came up more than once.
The thing is, I don’t recall ever actually losing money in the practice of law. I was always able to make money, I just didn’t always make enough money to cover my lifestyle. When I graduated from law school, my initial dreams were not of the fabulous life I would live; I was more reserved. I actually hoped that I could maintain the lifestyle I had acquired on the salary of a law clerk supplemented with student loan money.
I have seen a lot of people go into practice for themselves. The only people that I have seen truly fail were those that did not control their overhead and/or thought they were worth more than what the market was willing to pay. Most folks eventually succeed in making a living. Whatever your skill level, if you stay in practice long enough, you eventually build up a core group of clients that will return to you, if for no reason except they know where your office is located.
It is a tough economy, but it is getting better. If you are an unemployed lawyer, the idea of opening your own office might be a little scary, but why not try? Get something going now, and as the economy improves so should your business. Keep your overhead low and your pride in check. You will do fine. What is the worst thing that can happen? You get some experience and then find a job. How can that be a bad thing?
Experience is the spice of life and is the best way to prepare yourself for the future. Without taking risks, there are few payoffs. You can always play it safe, but where is the fun in that? Remember, it is the journey that you remember, not the arrival. That is true for everyone, especially those of us way up in the CHEAP SEATS!
Bill James is a co-founder of the James Law Firm with offices in Little Rock, Conway and Fayetteville, Arkansas. His primary area of practice is criminal defense. He can be contacted at Bill@JamesFirm.com