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The Top 5 – Opening Your Own Firm

Being your own boss is certainly appealing – but what does it actually take to start and build a small law firm?

  1. Capital. Enough on hand to fund at least six months of operations without relying on any income. 
  2. A business plan. Identify expenses, your competition, and your marketing plan. This outlines your roadmap to success, which should evolve over time. It's a living document that you should consult frequently to keep yourself on the path to success.
  3. A mentor. You will have questions, so find someone you trust and can call when you need help. Most experienced attorneys are happy to share their wisdom; all you have to do is ask.
  4. Insurance.  But do your homework – insurance is a significant expense, and although you can't go without it, you should do your best to get your money's worth.
  5. Clients. When you first start out you may only have a few, so treat them carefully. Always return calls and emails within 24 hours, and give your clients regular status reports on their cases.

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Young Lawyers Division

The ISBA Young Lawyers Division serves as a resource for young lawyers practicing in Illinois to develop, enhance, and foster a balanced professional life. It consists of all ISBA members under age 37 and members admitted to practice under 7 years.

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YLD Hosts ISBA Day

The Young Lawyers Division hosted ISBA Day at the ISBA Mutual office on Thursday, Feb. 15. A panel of young lawyers spoke to law students about how to prepare for and what to expect from life after law school. Topics covered included the most valuable skill they learned in law school, the most difficult workplace situation panelists have encountered as lawyers, how to handle the stress of your first law firm job, finding work-life balance, and more. The discussion opened up to audience questions at the end for a more interactive discussion.

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