1. Hanging Your Own Shingle Georgia Association of Black Women Attorneys Professional Development Academy October 26, 2013 Mawuli Davis, Esq. Davis Bozman Law Jamala S. McFadden, Esq. McFadden, White, Sprattlin & Davis 1

2. Before You Hang Your Shingle … Personal Considerations Are you ready? Is it right for you? Is it the right time? Do you really want to be your own boss? Practical Considerations What will you do? Who will your clients be? How will you get clients? How much will it cost? Foundational Considerations Will you have partners? Will you have office space? Will you need administrative support? 2

3. Experience On-The-Job Training Partnering with an Experienced Attorney Volunteering with Legal Organizations 3 Competency is Your Legal Requirement. Malpractice is Real.

4. Reasons NOT To Start Your Own Law Firm You hate business development You require a steady paycheck You don’t want to work hard You only want to do legal work You are not self- motivated You are inflexible with your schedule 4

5. Reasons To Start Your Own Law Firm You are ready You want to be your own boss You want to handle all aspects of the case You want flexibility in your work schedule You want flexibility in your workspace You want flexibility in choosing your matters 5

6. Rewards and Challenges of Starting Your Own Law Firm Rewards Determine your own destiny No minimum billable hours No internal politics Schedule flexibility Ability to choose your own matters Developing your own brand Challenges No one to look over your work product Limited opportunities to collaborate with other attorneys No Work, No Money The business of law The risk of “Burn Out” 6

7. Steps To Starting A Successful Practice Preparation Learn Your Craft Informational Interviews Business Formation Business plan Identify Practice Areas Other Revenue Streams 1, 5, 10 Year Goals Marketing Plan Develop a Brand Build a Network Business Development Financial Budget Costs of Doing Business Keep your Overhead Low Line of Credit 7

8. Steps To Starting A Successful Practice Successful Practice Preparation Business Plan Marketing Plan Financial Budget 8

9. Steps to Maintaining a Successful Practice Working in Your Law Firm Meeting with clients Doing legal work Professional development Document management Billing Working on Your Law Firm Business development/Marketing Creating systems for your firm Human resources Budgeting Strategic planning 9

10. Resources State Bar of Georgia, Law Practice Management – Natalie Kelly Small Business Development Center Other Lawyers How to Start a Law Practice – Jay G. Foonberg Solo By Choice: How to Be the Lawyer You Always Wanted to Be – Carolyn Elefant 10