Twin Cities Estate Planning Networking

Networking, an essential ingredient in the recipe for success when starting a law firm.  One of the first pieces of advice I received from solo attorneys is that networking is the best and fastest way to grow your business.  To some networking is an arduous task that akin to pulling teeth (with apologies to my dentist father).  Fortunately for me networking is a rather enjoyable endeavor. 

When broken down networking consists of meeting people and making new professional contacts.  For me it has been as simple as taking an attorney or other professional out to lunch or coffee.  Just today I met with Mario Lucarelli,  a fiancial planner whom I met through my mens golf league.  Mario is a young and energetic person at Waddell & Reed, with a real passion for assisting people with their finances and I believe we our relationship will be mutually beneficial. 

Financial planning goes hand in hand with estate planning in that together the services provide the client with a complete financial program.  Having just an estate plan or a finaicial plan really only assures that you are half prepared for your future.  Don’t get me wrong, if someone only has an estate or financial plan they are leaps and bounds ahead of the general public.  But just being ahead of the curve in that respect really isn’t enough.  You need to complete the planning circle by preparing for your finaicial future, including death.

The Law Office of James T. Anderson has arrived

After countless office visits and coversations with attorneys I have successfuly rented office space.  I am renting space in the office building of a local attorney, Bill Vincent.  The office is a perfect combination of an affordable space, good location and a helpful experienced attorney.  The space is relatively modest but will fulfill all of my needs as a start up law firm. 

My grandfather once told me that you should live close to where you work.  I have taken that advice to heart as my new office is about a 10 minute drive from my home.  Such a short commute is pretty rare in the Twin Cities.  Many people spend 3o minutes to an hour driving to their work, each way! 

The address of my office is 17736 Excelsior Blvd.  Minnetonka, MN 55345.  It is located near the intersection of highway 7 and 101 in the southwest corner of Minnetonka.  I will have quick access to downtown Minneapolis as well as the western suburbs.  One of the reasons why I like this location so much is the ample parking.  Until I moved to the Twin Cities I had always taken parking for granted, but my law school education opened my eyes to the cost and annoyance of parking downtown.  I think my clients will appreciate the free parking just feet from the building. 

 Renting the space was easy, but moving in to the office has proven to be another story.  I am fortunate enough to have a good friend from law school (Brian Gray) available to help me move my newley purchased desk into the office.  The desk was purchased through craigslist for a song and a dance.  But little did I know the desk would not prove easy to move.  That thing must weigh 250 pounds.  On top of that the desk is actually two desks connected by a leaf, making a u shape.  Once we broke down the desk in to its 3 primary parts the heavy lifting began.  Being the proud male that I am I thought Brian and I could move it with ease, that was a mistake in judgment.  After much consternation, sweating, grunting and effort we were able to move the desk in to my office.  I am now of the opinion that I will have that desk as long as I rent the office as I do not wish to repeat the process of lugging that behemoth a second time.  Without Brian I would likely be trapped underneath the monstrosity in the frigid winter of Minnesota.

Now that the furniture has been moved in I am turning to finalizing my bank accounts for my firm.  Again a friend of mine was able to assist me in setting up my business checking account and IOLTA trust account for the firm.  Andrew Zuidema of Wells Fargo made the process painless and easy.  As soon as my malpractice insurance comes through all I have left to do is find clients.

Apparently clients do not just flock to a new law office all by themselves.  I guess you have to let them know that you exist and how you can help them.  To that end I will be meeting with a financial planner I met through a summer mens golf league to discuss the possibility of referrals.  He is a great guy and has expressed an interest in working with an estate planner that he knows and trusts and I am to be that estate planner. 

Even though this move in and planning process has been quite time consuming and has required a lot of effort it has proven to be both fun and exciting.  The reality of what I am doing is finally hitting me.  I am about to realize my dream of working for myself and fulfilling the needs of my clients all in one shot.  From the onset of my legal training I have wanted to be the kind of attorney that clients are happy to engage.  Estate planning should be a positive and empowering experience for clients.  I look forward to clearing up the mystery of estate planning and assisting them in planning for their future with a personalized experience.

Office Space 180

At the time of the last post I was leaning towards a virtual office, but now I have pulled a 180 and will likely lease a physical office.  In the past week I have visited around 12 office in the Twin Cities metro area, most being physical offices with a few virtual offices. 

The physical office that I am most excited about is in a convenient location in Minnetonka, MN.  The solo attorney that owns the building has offered to assist me in getting my practice off the ground.  This mentor relationship will be a huge boost to my solo venture.  Apart from providing practical advice I believe it will also help in avoiding the feeling of isolation that can burden solo attorneys.  Just having another lawyer across the hall to talk to about a variety of situations will  assist me in ways that I probably can’t even imagine.

In a few weeks time I hope to be able to report on my new office space and everything that goes with my new space. 

Office Space Search

The general public appears to have a rather cynical opinion of lawyers.  They are often seen as overly litigious and combative.  My search for office space has proven otherwise.  Every lawyer that I have been in contact with has been extremely gracious and helpful in assisting me find office space that will suit my needs.  Trust and professionalism are common themes when discussing lease options for the various offices.  Most of the lease agreements that I have seen are simple one page documents more akin to a letter of understanding.  I had expected to be asked to sign multi-page documents outlining rules, regulations and contingencies.

Starting my estate planning firm in Minneapolis has renewed my faith in the legal and professional community.  I have several more office visits this week and am sure that these attorneys will be as easy to work with as everyone else with whom I have come in to contact.

As of the time of this post I am still leaning toward a virtual office presence instead of a full time physical office.  The virtual office presence would allow me to provide high quality professional services to my clients with low overhead costs.  (Experienced solo attorneys have cautioned me that high overhead costs is the main reason that start up solos fail.)  Clients need not worry that I do not have a full time physical office as conference room time is available through all of these services. 

There are conflicting schools of thoughts when it comes to what clients expect in a law office and how they perceive the office space.  Once theory says that clients want their attorney to have an expensive looking office that projects a aura of an experienced and successful attorney.  The competing theory states that clients will view an expensive and fancy office space as costly overhead that will be reflected in the fees they pay.  Right now I subscribe to the latter.  Clients know their attorney completed law school and have passed the bar exam and are deemed competent to practice law by the state.  I believe that since my clients will be of more modest means they will appreciate the fact that I am keeping overhead costs low and can pass the savings on to them. 

I continue to be excited with the process of starting up my estate planning firm in Minneapolis and look forward to the wrapping up this start up process.

Fax Number

The first question that I had when deciding on how to handle faxes is do I need a separate line from the phone company.  Originally I assumed that I would need to purchase a fax machine and set up a new line for that machine.  I did some research, looked into the prices and as I was about to purchase a brand new fax machine I was turned on to online fax services.  These companies provide a local fax number for receiving faxes and send you a PDF or TIFF of a fax sent to you by email.

The choice between a conventional fax machine and the online service was a no-brainer.  The online services are cheaper and I can send and receive faxes anywhere I have internet access.  I narrowed my choices down to GreenFax, Metro Hi Speed.  The decision was made based solely on economics.  Metro Hi Speed was the same monthly charge as GreenFax, but Metro included more incoming and outgoing fax pages. 

As an estate planner in Minneapolis I am committed to a paperless office.  I should mention that a “paperless” is a bit of a misnomer as you can never be truley paperless, you can only strive to use less paper.  Non-sequitars aside I look forward to testing out Metro Hi Speed. 

Business Cards

Business cards, so small yet oh so important.  Your business cared can tell a potential client a lot about your firm with just a few words.   I contemplated creating my own but quickly realized that a professionals help is needed.  Luckily a good friend of mine, Laura Negen is a graphic designer and she has agreed to help me out.  Laura works at Hansen Advertising in Willmar Minnesota (coincidentally my hometown).  She has come up with some great ideas and I am looking forward to completing this project and getting my business cards printed.

Published in: on January 13, 2008 at 10:29 pm Leave a Comment
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The trials and tribulations of a start up solo law firm

This space is dedicated to chronicle my efforts to start my own law firm in Minneapolis, MN.  I will be practicing estate planning, probate and real estate transactions.  I plan to write about everything from choosing a suitable office to picking letter head.  I hope you enjoy riding along with me as I get this thing up and running.

 More to certainly come later.

Published in: on January 12, 2008 at 4:52 pm Leave a Comment
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