Going solo certainly has its rewards. You are the big cheese (the only cheese) all day, every day. Yet the pleasures of being one’s own boss carry hefty responsibilities. Veterans of the solo and small firm scene caution new graduates to gird themselves for the rigors of being out on their own.

The realities of today’s tight legal market dictate that some lawyers will go solo by necessity rather than choice. Many, however, choose to ditch law firm life for a firm of their own.

Whatever your reasons for hanging out a shingle, you’ll be more likely to welcome the challenges of solo practice if you have a keen business sense in addition to legal acumen.

"You have to practice law and run your business, too," says William Hogan III, vice chair of the ABA General Practice, Solo, and Small Firm Section and chair of its young lawyers committee.

The time factor is one of the biggest payoffs and biggest challenges of small-firm or solo practice. You have complete control over your time, but time can be your enemy if you don’t manage it well.

"The fact that you have control over your time goes both ways," Hogan says, noting that solos have to run the business, bring in the business, and do the work.

But you—not the lawyer in the corner office—are the boss. "The work that you do you get compensated for," says Hogan, a partner in a small Boston firm. "You have the opportunity to control overhead. You have the opportunity to control time."

When you’re in a very small law firm, things can be magnified, says George Ripplinger, chair of the General Practice, Solo, and Small Firm Section. When one lawyer out of 10 has a bad month, it hurts—but it really hurts when one lawyer out of two does so, says Ripplinger, who employs one associate at his Belleville, Ill., firm. "There are a lot of good things about the freedom, but it does have its price," he says.

Certain kinds of practice lend themselves to going solo more readily than others, Ripplinger says, ticking off criminal law, personal injury, family law, and small-business representation. His practice involves major civil litigation on the plaintiff’s side.

Mass tort actions can be difficult for solo practitioners, Ripplinger adds, although he points out that solos might serve as local counsel for larger out-of-state firms. To compete in the marketplace, he advises, expect to be available 24/7 at the beginning.

Ripplinger and other practitioners do not recommend going solo right after graduation. Get in at least one to three years with a good mentor, he suggests. Ripplinger recalls his early days with a small firm, where he learned the ropes: "I was lucky enough to have a guy in his 40s and a guy in his 60s who I could go to and say ‘now what?’"

Money is going to be a major concern, especially because you might not be making much of it when you first launch your practice. Jay Foonberg, author of the ABA’s How to Start and Build a Law Practice, advises lawyers to establish a cash reserve to tide them over during that tough first year and during lean times, a workable budget, and a business plan for developing the practice.

Ripplinger emphasizes finances, too. "Have a good credit rating," he says. "If you’re going to hang out a shingle, you’re going to need credit ... unless you’re independently wealthy." He counsels young lawyers to be realistic and patient about initial earnings. It took three months for his new practice to turn a profit.

Another financial strategy is to have a base gig that brings in a steady stream of income while you develop a client base. K. William Gibson, chair of the ABA Law Practice Management Section, complements his small plaintiff-side practice in Clackamas, Ore., with work as a mediator and arbitrator in personal injury cases. While the litigation work generally operates on a contingency-fee basis, he gets paid either by the hour or by the case for his alternative dispute resolution (ADR) work, which is good for cash flow.

Gibson advises potential solos to take a good look at themselves before going it alone. "You have to understand your own tolerance for risk," he says. "If you’re risk averse, you probably need to get a job."

Ellen Tilles also mixes ADR with the solo practice niche, advising corporate in-house counsel on regulatory issues, especially workers’ compensation. Tilles works out of two rooms she set up as office space in her Hollywood, Fla., home. She solved the problem of having no colleagues to brainstorm with by becoming active with the ABA, where she chairs the solo and small firm committee of the Tort and Insurance Practice Section.

Joe Crosthwait, who practiced solo from the 1970s until five years ago (he’s now a partner in a small firm in Midwest City, Okla.), tells new graduates they should cultivate a skill other than law to secure a niche in the marketplace as a solo. Experience in fields like accounting or engineering, or having an MBA, are boons, he says. Among his other tips that students can adopt now: Take practical, skills-oriented courses, work full or part time for a lawyer, learn about business management, and learn about law office management.

See and be seen, Crosthwait adds, saying it’s a good idea for solos to "hang out around the courthouse." Get involved with bar associations at every level, he says, because going to bar functions can be an effective information-gathering, networking, and marketing tool.

Crosthwait opened shop in the town where he grew up and where his father was a doctor. That’s where he learned that a good bedside manner is key. To this day, Crosthwait says, he still gets referrals from his very first client.

He made himself visible in the community by sending out announcements, joining the Rotary Club, and teaching business law at a local community college. "You get out and hustle," he says.

The tip that Crosthwait got when he started out is a simple one: Always carry a briefcase, and always be in a hurry.

And don’t be afraid to ask for help. There are plenty of lawyers out there who’ve been there.

Another must-join ABA section for prospective solos and small-firm practitioners is the Law Practice Management Section . Even larger-firm lawyers will find the section’s publications and other information on office technology, legal writing, networking, and other topics helpful. The section’s web site advertises useful books for sale, including Jay Foonberg’s bible for solos, How to Start and Build a Law Practice. In addition, all student members of the section receive the e-mail newsletter, LawPractice.news. Membership is free for law student members of the ABA.

Additional networking and mentoring opportunities in the ABA are available through the Tort and Insurance Practice Section and its solo and small firm committee, which posts newsletters tailored for its membership on the committee’s web site. Law student members of the ABA can join TIPS for just $5 a year.

Finally, check out the web site of the Standing Committee on Solo and Small Firm Practitioners, a clearinghouse of ABA resources. One of the committee’s popular offerings is Solosez, a web message board anyone can join by visiting www.abanet.org/ solo/solosez.html. Solosez allows practitioners to pose questions, offer advice, and share information on everything from bankruptcy law to marketing to computer glitches.