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Striking out on your own shouldn't mean striking out
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| Joseph A. Hennessey of Newman, McIntosh & Hennessy, LLP, presented ethical tips for lawyers setting up independent intellectual property practices during the April conference presented by the Section of Intellectual Property Law. |
Leaving a firm and establishing an independent intellectual property practice is a big step. To make sure striking out on your own doesn't lead to striking out, it's helpful to take a look at how lawyers who have taken the leap to establish their own intellectual property firms have fared. Some of the lawyers who have succeeded in making the transition along with a consultant, who works with lawyers considering doing so, offered pointers during a panel discussion at the 22nd Annual Intellectual Property Law Conference in Arlington,Va.
When moving from an established firm to an independent practice, a critical step is determining what ethics rules apply, pointed out Joseph A. Hennessey of Newman, McIntosh & Hennessy, LLP. He noted that the ABA has extensive resources available at http://www.abanet.org/cpr/links.html#States that can assist lawyers in establishing their practices.
Hennessey served on the panel program, "Striking Out on Your Own—How to Start and Run a Successful IP Practice," during the April Conference sponsored by the Section of Intellectual Property Law. Joining Hennessey on the panel were Reid Trautz, American Immigration Lawyers Association; Patricia Hong, Plumsea Law Group, Bethesda, Md.; and Lisa Dunner, Dunner Law, Washington, D.C., who acted as both moderator and panelist during the session.
In addition to ethical obligations to clients, a lawyer has obligations to the public that include being careful about such things as how shared office space might compromise confidentiality. Lawyers also have obligations to loved ones who might indirectly share any initial risk involved in moving from an established practice to an independent one. When it comes to loved ones, Hennessey's advice is to "engage them in your decision-making."
There's a fine line between being brave and being crazy, said Hong in speaking about her personal experiences. She and Dunner each consulted with advisors in setting up their own intellectual property firms. They also discussed how and where they found clients. Back to top
"There's no one roadmap to establishing a firm," said Hong. To underscore her statement she and Dunner discussed their different approaches to setting up their firms. Hong prefers to keep the cost of maintaining her firm to a minimum, saying that this is one instance where real estate is not critical and where it's not about location, location, location. Dunner, however, said she believed that, if you're a solo, image is important.
Hong and Dunner told the audience that processes such as buying and leasing equipment, developing a docketing system, handling accounting issues and maintaining professional liability insurance were critical in establishing an independent practice.
Taking a broad look at making the transition, Trautz explained that it's important to remember that when you strike out on your own, you're "not just an associate." A lawyer's role—when opening a firm—expands to being an entrepreneur, manager and technician, he said, noting that lawyers should ask themselves, "What do I want my practice to look like?" He encouraged would-be independents to develop a business plan and offered suggestions on what a lawyer can do in the present to begin the move to his or her own practice.
The Intellectual Property Law Conference brought together 600 attendees, an increase of 250 over 2006 attendance.
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© 2007 American Bar Association
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