LookBeforeYouLeapIntotheFreelanceBusiness

Look Before You Leap Into the Freelance Business
Carole Bruno You may frequently entertain dreams of freelancing. It is a thought that you may entertain at one time or another in your career. You may want the freedom of working at home, while raising a family. Perhaps, working in an office has burned you out; you feel like you have hit the “glass ceiling.” Maybe, you have an unleashed entrepreneurial spirit and dream of having your own office or partner with other paralegals. However, freelancing is only for the highly experienced paralegal and the business-minded. Having excellent organizational and office managerial skills, and some accounting acumen are necessary to managing a successful freelance business. If you do not have enough experience, you may face assignments that you cannot handle. You will be on your own, without team support and mentors. Furthermore, you must have varied experience in your specific area of law in order to handle challenges that you will inevitably face. How much experience depends upon the depth of your experience, but hanging out your shingle without a minimum of five years experience borders on foolishness? Equally important, before opening a freelance paralegal business, you must be a well-funded paralegal. Without enough capital to pay your living expenses, plus start-up costs and your ongoing business expenses, you will find yourself living from assignment to assignment. If you are married and your spouse has an income, it may be easier. You must be able to carry your accounts receivables anywhere from 60 to 180 days or more. If you are married, this might make matters easier. To get a business loan, which is more difficult today, you should have a business plan and a marketing plan. You can get help from SCORE, a small business administration program whereby retired executives can assist you. Assuming you have the business savvy, you can find plenty of help on the Internet or from books on business and marketing. These are only three of criteria you should consider before even thinking of going into business for yourself. Consider the Pros and Cons, and then you can make your decision with your eyes wide open. PROS You will meet many new people and learn much. Each job assignment will be a new challenge. You can set your own hours – make your own schedule. In time, you may become prosperous. You may expand your business, hire additional personnel, and provide additional services. You may become active in your local business community as an entrepreneur You may teach paralegals. Enjoy flexible hours and work when you want. You will gain experience in marketing and public relations. You can apply your organizational skills. You can become a leader in the paralegal profession. You may get published more easily. Work independently will give you more variety. Respect will come easily to you as a business person. You may become an expert and a sought after public speaker. You will develop business skills that will help you in your future. CONS Your income will be unstable and unpredictable. It will probably take you up to five years before your business is stable. You will need to pay for your own health and dental insurance. Recordkeeping will be a priority. Besides doing the paralegal work, you must devote significant time to marketing. You may work much longer hours. The unauthorized practice of law (URL) and the paralegal’s code of ethics should always be your foremost concern. Deadlines may be more difficult to adhere to without firm support. Working alone may become your new way of business. Establishing your own retirement fund will be your responsibility Self-motivation, self-discipline, promptness, and organization will be your most important skills. Your assignments may be limited, because resources that are available to in-house paralegals, such as WestLaw® and LexisNexis® may not be available unless you can come into the office. You will need to create a conflict of interest database; software is available for this. With the guidance of your client firm, you must examine conflict of interest issues against your database of parties that you have handled for your previous clients. Now that you have your eyes opened to the harsh realities of being in business, do not be discouraged. If you know, what you are up against and know who you are and that you have what it takes, then accept the challenges, do your homework, take plenty of time to prepare before sending out your brochure, and march forward with confidence.

Carole Bruno

You may frequently entertain dreams of freelancing. It is a thought that you may entertain at one time or another in your career. You may want the freedom of working at home, while raising a family. Perhaps, working in an office has burned you out; you feel like you have hit the “glass ceiling.” Maybe, you have an unleashed entrepreneurial spirit and dream of having your own office or partner with other paralegals.

However, freelancing is only for the highly experienced paralegal and the business-minded. Having excellent organizational and office managerial skills, and some accounting acumen are necessary to managing a successful freelance business. If you do not have enough experience, you may face assignments that you cannot handle. You will be on your own, without team support and mentors. Furthermore, you must have varied experience in your specific area of law in order to handle challenges that you will inevitably face. How much experience depends upon the depth of your experience, but hanging out your shingle without a minimum of five years experience borders on foolishness?

Equally important, before opening a freelance paralegal business, you must be a well-funded paralegal. Without enough capital to pay your living expenses, plus start-up costs and your ongoing business expenses, you will find yourself living from assignment to assignment. If you are married and your spouse has an income, it may be easier. You must be able to carry your accounts receivables anywhere from 60 to 180 days or more. If you are married, this might make matters easier.

To get a business loan, which is more difficult today, you should have a business plan and a marketing plan. You can get help from SCORE, a small business administration program whereby retired executives can assist you. Assuming you have the business savvy, you can find plenty of help on the Internet or from books on business and marketing.

These are only three of criteria you should consider before even thinking of going into business for yourself. Consider the Pros and Cons, and then you can make your decision with your eyes wide open.

PROS

You will meet many new people and learn much.
Each job assignment will be a new challenge.
You can set your own hours – make your own schedule.
In time, you may become prosperous.
You may expand your business, hire additional personnel, and provide additional services.
You may become active in your local business community as an entrepreneur
You may teach paralegals.
Enjoy flexible hours and work when you want.
You will gain experience in marketing and public relations.
You can apply your organizational skills.
You can become a leader in the paralegal profession.
You may get published more easily.
Work independently will give you more variety.
Respect will come easily to you as a business person.
You may become an expert and a sought after public speaker.
You will develop business skills that will help you in your future.

CONS

Your income will be unstable and unpredictable.

It will probably take you up to five years before your business is stable.

You will need to pay for your own health and dental insurance.
Recordkeeping will be a priority.
Besides doing the paralegal work, you must devote significant time to marketing.
You may work much longer hours.
The unauthorized practice of law (URL) and the paralegal’s code of ethics should always be your foremost concern.
Deadlines may be more difficult to adhere to without firm support.
Working alone may become your new way of business.
Establishing your own retirement fund will be your responsibility
Self-motivation, self-discipline, promptness, and organization will be your most important skills.
Your assignments may be limited, because resources that are available to in-house paralegals, such as WestLaw® and LexisNexis® may not be available unless you can come into the office.

You will need to create a conflict of interest database; software is available for this. With the guidance of your client firm, you must examine conflict of interest issues against your database of parties that you have handled for your previous clients.

Now that you have your eyes opened to the harsh realities of being in business, do not be discouraged. If you know, what you are up against and know who you are and that you have what it takes, then accept the challenges, do your homework, take plenty of time to prepare before sending out your brochure, and march forward with confidence.