A boutique Practice?

thinker

When I decided to start my own practice I was plagued with numerous fears and concerns and questions.

Could I do this?

Did I know enough?

Would I be able to handle the pressure?

Would I actually get clients?

I decided to ignore these voices in my head and push forward.

My thoughts then turned to what type of practice I wanted to start. Should I specialize? Should I have a general practice? After all, in a small country how many options do you have?

I started to do my own research into the types of local firms that existed and the types of law that they practiced. I realized that many firms and many attorneys, who had their own practices or were in chambers, did practice various types of law and had what I would call general practices. Very few espoused to specialize in any one area of law. Interestingly, after I looked at a number of websites and portfolios and had conversations with a few local attorneys I quickly realized that they did indeed specialize in one or two areas of law. What was I to do? boutique

I delved further into the research and discovered the concept of a boutique firm. A boutique firm being a practice with either a sole practitioner or a group of lawyers who have established (or plan to establish) themselves in a particular niche area of the law.

First I learned that lawyers who are intent on starting their own boutique practice need to have the right mindset. They then need to clearly define the practice areas for their new practice, this focus should allow the lawyer to gain experience, knowledge and expertise and allow them to become even more competent in their chosen area(s) of practice instead of being stretched too thin in a vain attempt to do all the matters that may be brought to them.

After I became comfortable with this concept, I got really nervous about identifying the right location for my practice. After all isn’t the secret to a successful business, location, location, location? The more I read, the more I investigated; I realized that the concept of a ‘virtual office’ was taking root and thanks to technology, such a consideration was an actual option. I began to relax just a bit….

I then realized that I had to come up with an appropriate business model and plan, not to mention the right name. I also needed a business model that would allow my practice to be more client-centered and cost-effective. I really had to think this decision through.

To help me decide, I came up with the following list of pros and cons of setting up a boutique practice.

Pros

More client centered,
more hands-on, direct contact between attorney and client,
more cost-effective for clients,
lower operational costs,
an opportunity for the attorney to gain more experience in their chosen area(s) of specialization,
more autonomy for the attorney,
an opportunity for the attorney to develop other business interests, and
an opportunity for the attorney to network with other practitioners and build referral based networks.

Cons

An attorney in private boutique practice is responsible for all aspects of his practice, from the administrative to the legal,
all the pressure to succeed is on one individual or a small group of individuals,
an attorney in private boutique practice has to do much of the work by himself, inclusive of filing documents and preparing bundles,
such a practice comes with an uncertain revenue stream, and
there is greater risk for the attorney.

After much consideration and much contemplation I finally settled on what I felt would be the best fit for me, given what I’d uncovered. I decided to take the plunge, hold my breath and start my own boutique practice.

Here are a few links for you to look at if you’re considering starting your own boutique practice or engaging a boutique practitioner:

https://www.bcgsearch.com/article/900047872/25-Reasons-Why-Boutique-Firms-Are-the-Best-Choice-for-Many-Attorneys-and-Much-Safer-Than-Larger-Law-Firms/

https://legaltrek.com/blog/2016/08/boutique-law-firm-how-to-start-your-commercial-practice/

https://www.thebalancesmb.com/law-4161437

http://www.businessinsider.com/how-i-started-my-own-law-firm-right-after-law-school-2014-1