Photo Credit: Tejeda Law Group
Fresh out of the bar exam, a lot of post-grads will see the world through rose-colored glasses. They don’t call them “baby attorneys” for no reason. New lawyers are idealistic, ready to ride the bull, but don’t know where to start. Depending on the area of law, many attorneys want to go straight into becoming a junior partner in a bigger law firm. Essentially, you are working alongside someone else for a long time (even 10-15 years) before becoming a senior partner. Some, however, take the entrepreneurial route: I want to open my own practice.
Running a firm is every self-starter’s dream. In real estate law, this takes more than the legal expertise. You need to be razor sharp when it comes to the ever-changing real estate market, business basics, risk-taking, money, work ethic, and time. Many solo practitioners might find themselves slaving 24/7 until they establish a set schedule. There will be all-nighters, frustration, and doubt. Sometimes, they may look over and see a colleague making double their net income in a larger real estate firm. Starting out, it’s normal to get the “scares.” When new attorneys ask me for advice, I usually start out with the three A’s of law firm start-ups.
Adhere. Adhere to the rules and limitations. This is programmed into us in law school: Follow the rules! Apply that same logic to your new business. As a real estate attorney, you should be more than familiar with the procedure of obtaining the right business license and permit in your state. On top of that, estimate the cost of your taxes, insurance, and overall start-up. Prepare and know the procedure!
Adapt. Adapt to the times. Like many businesses, a real estate firm can fail if they don’t watch current market trends. If you’re out of the loop, you’re out of the line of traffic when it comes to clientele. Clients will trust an attorney with their house, commercial business, or land if they stay upbeat with day to day economic changes. Technological advances, the best office software, and computers with spyware protection installed—all of these, too, are worth it. Tech adaption is key to any long-running business.
Align. Align with the right legal professionals. “Solo” is an umbrella term in a law practice. You will never be a one-person business. Every solo practitioner needs to take on and manage a crew—paralegals, secretaries, and for a real estate attorney, establishing connections with real estate agents, brokers, and even other real estate attorneys. Competition is high in places like Miami, but knowing and respecting your colleagues is part of the package. Overall, a healthy solo practice is a whole team. Expect to be the leader and run the ship!
When I graduated from St. Thomas University, I worked with the Town of Miami Lakes drafting their contracts. Though grateful to start my career, I still knew that I wanted to start my own practice one day. It wasn’t just a baby attorney’s dream. This is how I pictured my entire life: buying the keys to my business, setting my own schedule, and being the trusty frontrunner. As with any beginning, there will be challenges. There will be setbacks. Stay the course, know the rules, and build your empire!
If you wish to learn more about Roxana Tejeda and the Tejeda Law group, CLICK HERE.
