After I graduated law school in 2001, I suffered through five years of bad bosses and bad jobs. I went from one firm to another trying to find a place where I would fit in and where I would be appreciated. Some places worked out better than others, but ultimately none were the right place for me.
My paralegal at the time convinced me that she and I could open up a successful real estate law firm in the small suburb of Summerville I was living in, just the two of us. She was right. Six years ago this week, we opened our shingle in Main St., Summerville, South Carolina. Real estate agents and mortgage brokers flocked to us after we opened for business. For the first two years 2006-2008, we had more work and closings than time to do it. We expanded to add a paralegal and a receptionist. Things were going well until the crash of 2008.
Things dried up quickly after the crash (the local real estate market and the nationwide depression) late in 2008. Unfortunately, we had to lay off the second paralegal and the receptionist. Things were getting tight. In addition to the market closing down, the Charleston closing law firm mill moved up to Summerville and started a mini-monopoly of the closings in our town. My paralegal had a family to feed herself, so she quit on me before I had to lay her off.
However, I was resilient. I hired the woman who was doing my title searches to be my new paralegal in the office. Some of the clients I had done closings for in the past needed help with foreclosures on other properties. I studied foreclosures and became affiliated with a nationwide network of foreclosure defense attorneys. I now help clients suffering through foreclosure all through South Carolina. Thanks to some luck and hard work, we landed the business of a VA lender and we now do all their closings for Veterans throughout all of South Carolina. I became affiliated with a company that provides employee benefits of legal services and I do wills and Powers of Attorney for eligible employees. I joined a local networking group which has helped my business as well. With these four avenues of business, we have more business than we have time to properly handle.
I will admit things have been tough, especially in 2009 when I was transitioning from just real estate closings to foreclosure defense and wills as well. My practice has been harder for me with more time on the road and a lot more stress with litigation as I try to keep people in their homes. But I know that I am going to make it because failure is not an option. Also, with my foreclosure clients, I am reminded how better off I am than most people. So I have no complaints here. I am going to survive until the economy gets better and then I will start thriving again like I did in 2006-2008 during the real estate boom.
I am glad I opened my firm when I did rather than now. With the economy, it would be much harder now. If someone is thinking about opening a law firm by himself now, I would save six months expenses rather than the three I did six years ago. Make sure you are doing something you love and have clients ready to follow you or have a solid way to get clients. I would not open my own shingle right out of law school at all. Pay your dues and build up some good will and a good reputation like I did. Good luck to all the young lawyers and businessmen out there.
