Going Solo – Some Issues to Consider Much has been written about the opportunities and the challenges of going solo. This tip sheet is intended to identify some of the issues to consider and to get you started on a path to success. General Compliance with the Rules of Professional Conduct http://www.lsuc.on.ca/WorkArea/DownloadAsset.aspx?id=214748615 9 Obtaining a business and H.S.T. number http://www.cra-arc.gc.ca/tx/bsnss/tpcs/gst-tps/rgstrng/menu-eng.html 416.657.0222 Resource Materials phoenix-legal.com “Harmonized Sales Tax”, LSUC Law Practice Topics http://www.lsuc.on.ca/with.aspx?id=2147490126 LSUC Guide to Opening Your Practice http://www.lsuc.on.ca/WorkArea/DownloadAsset.aspx?id=214749116 6 “Independence Day: Starting Your Own Law Firm”, Arlene Reid http://www.cba.org/cba/practicelink/SO/independenceday.aspx “Field Notes for the Suddenly Solo”, Bev Cline http://www.cba.org/cba/practicelink/solosmall_people/fieldnotes.aspx “Starting a New Firm: Top 10 Mistakes to Avoid and Top 10 Tips for Success”, Edward Poll http://www.cba.org/cba/practicelink/SO/starting10tips.aspx Type of Practice Arrangement Sole Proprietorship or Professional Corporation? Law Society Act, R.S.O. 1990, c. L.8, ss. 61.0.1 – 61.0.9, Professional Corporations Professional Liability Insurance Consider whether you should purchase: 350 - 1 First Canadian Place Toronto Board of Trade Tower Toronto, Ontario M5X 1C1 Optional Innocent Party Sublimit Buy-Up Coverage, if practising as a sole practitioner March 18, 2013 1 http://www.lawpro.ca/insurance/insurance_type/Optional_inno cent_Party.asp Innocent Party Sublimit Buy-Up, if practising as a Professional Corporation http://www.lawpro.ca/insurance/insurance_type/innocent_party _sublimit.asp Excess Insurance Coverage http://www.lawpro.ca/insurance/insurance_type/excess.asp 350 - 1 First Canadian Place Toronto Board of Trade Tower Toronto, Ontario M5X 1C1 Life, Health and LTD Insurance Don’t forget to protect yourself and your family by seeking advice from your personal insurance agent or by contacting: 416.657.0222 phoenix-legal.com Canadian Bar Insurance Association http://www.barinsurance.com/ Business and Other Plans Resource materials: “Secrets of the Business of Law – Opening Your Own Office: What Will It Cost?”, Ed Poll, More Secrets of the Business of Law http://www.cba.org/cba/PracticeLink/mf/secrets2.aspx “Don’t throw in the towel yet: seven points for a struggling solo to consider”, Carolyn Elefant, Solo by Choice: How to be the Lawyer You Always Wanted To Be http://www.cba.org/cba/PracticeLink/solosmall_finances/strugglingsol os.aspx “Not If, But When: Prepare a Disaster Recovery Plan Today”, Edward Poll http://www.cba.org/cba/PracticeLink/mf/disaster.aspx “Contingency Planning for Your Practice”, LSUC Law Practice Topics http://www.lsuc.on.ca/with.aspx?id=2147490122 Office and Support How might you work most effectively and efficiently? Do you have the space for a home office and the self-discipline to make that work for you? Do you need the structure and energy of going to an office? March 18, 2013 2 Options to consider: home office purchase or lease individual office space lease an office within another firm lease an office at a business centre, executive office suite or from a law chambers practise “in association with” one or more other lawyers or a firm 350 - 1 First Canadian Place Toronto Board of Trade Tower Toronto, Ontario M5X 1C1 If sharing space, consider your needs first and then seek them out e.g. reception services, IT services, administrative support. Resource materials: 416.657.0222 “Hiring and Working with Support Staff: A Guide for Solo and Small Firm Lawyers”, Janice Mucalov http://www.cba.org/cba/PracticeLink/wwp/supportstaff.aspx phoenix-legal.com “Outsource Administrative Tasks by Hiring a Virtual Assistant”, Edward Poll http://www.cba.org/cba/PracticeLink/wwp/va.aspx “Sharing Office Space”, Lorraine Mallinder http://www.lawyersweekly.ca/index.php?section=article&articleid=11 04 “Sharing Office Space: Tips for Solo Practitioners”, Bev Kline http://www.cba.org/cba/practicelink/solosmall_finances/sharedspace.a spx Fees Resource materials: “Name your Price: How to set and discuss fees in a solo or small firm practice” http://www.cba.org/cba/PracticeLink/solosmall_finances/nameprice.as px Bookkeeping and Trust Account Requirements Resource materials: LSUC Bookkeeping Guide http://www.lsuc.on.ca/WorkArea/DownloadAsset.aspx?id=214749053 7 “Trust Accounts”, LSUC Law Practice Topics March 18, 2013 3 http://www.lsuc.on.ca/with.aspx?id=2147490140 “How to Open and Manage a Trust Account”, LSUC Practice Area Resources http://www.lsuc.on.ca/For-Lawyers/Manage-Your-Practice/FinancialManagement/Billing/Collections/Trust-Accounts/How-to-Open-andOperate-a-Trust-Account/ “How to Reconcile a Trust Account”, LSUC Practice Area Resources http://www.lsuc.on.ca/For-Lawyers/Manage-Your-Practice/FinancialManagement/Billing/Collections/Trust-Accounts/How-to-Reconcile-aTrust-Account/ Marketing 350 - 1 First Canadian Place Toronto Board of Trade Tower Toronto, Ontario M5X 1C1 416.657.0222 Resource materials: phoenix-legal.com “Marketing Strategy for the Sole or Small-Firm Practice”, Ed Poll http://www.cba.org/CBA/practicelink/solosmall_marketing/mstrtgy.as px “Without a trace: the perils of not having a website”, Debra Bruce http://www.cba.org/cba/PracticeLink/solosmall_marketing/webperils.a spx “Solos Who Blog”, Cynthia Kirkby http://www.cba.org/CBA/PracticeLink/tips/soloblog.aspx Technology You may want to consider using the services of a technology consultant for assistance with tasks like selecting, installing, configuring and training you in hardware (e.g. PCs, printers, scanners, smart phones and tablets), software (e.g. practice management, accounting, time tracking and voice recognition) and services in the cloud (e.g. Hosted Exchange email accounts, document syncing across devices and automated data backups). An example of such services is Adavius Inc. at www.adavius.com. Resource materials: “Technology for the Solo, Home or Mobile Office: Networking and Data Protection”, Christopher Pike http://www.cba.org/cba/PracticeLink/SO/smallfirmnetworks.aspx March 18, 2013 4 “Technology for the Solo, Home or Mobile Office: Mobile Computing”, Christopher Pike http://www.cba.org/cba/PracticeLink/tayp/mobilecomputing.aspx “An Office Can Be Virtual, but Client Service Can’t”, Edward Poll http://www.cba.org/CBA/PracticeLink/CS/virtual.aspx “Technology Practice Guideline”, LSUC Law Practice Topics http://www.lsuc.on.ca/For-Lawyers/Manage-YourPractice/Technology/Technology-Practice-Management-Guideline/ 350 - 1 First Canadian Place Toronto Board of Trade Tower Toronto, Ontario M5X 1C1 416.657.0222 phoenix-legal.com This tip sheet was created by Janine Denney-Lightfoot, Consultant, Phoenix Legal Inc. Copyright © 2013 March 18, 2013 5