The Solo Practice Sustainability Guide
Is Your Practice Paying You Properly?
A Solo Practice Sustainability Guide about paying yourself as a solo lawyer, profitability, owner return, independence and whether your practice is paying you properly.
Being paid is different from being profitable.
A solo law firm owner is both working in the practice and owning it.
Part of what you receive is compensation for the work you perform.
There is also a legitimate question about the return being generated from ownership and investment.
This guide looks at what your solo practice is really paying you, including:
compensation for your work and return on ownership;
what you might reasonably be paid elsewhere;
the value of independence, autonomy and flexibility;
revenue and margin;
lifestyle and growth-focused solo practice;
how dependent the practice is on you; and
retaining and reinvesting profit.
Spoiler alert
There are no simple universal numbers
The purpose is to understand the economics of your practice and the bargain you have made as a solo law firm principal.
Important things like what is your practice really paying you? What is it requiring from you in return?