Sunday, September 28, 2014

The Cost of Running a Small Town Solo Practice

In its 2013 report, The Impact of Law School Debt on the Delivery of Legal Services, The Illinois State Bar included this appendix listing the costs to start and run a solo practice in downstate Illinois. It is based on the estimates of one practicing downstate lawyer:

Startup Costs

Computer, Printer & Copier $800

Phone $250

Second-hand Desk $200

Chairs (one executive and two client) $400

Office Supplies $200

$1500 monthly salary for 6 months $9,000

Operating Expenses for 3 months $8,520

Total $19,370

 

Monthly Operating Expenses

Office Space Rental $600

Phones $190

Internet Access $40

Legal Research (Westlaw or Lexis) $500

Malpractice Insurance $300

Office Supplies $100

Liability Insurance $50

Medical Insurance (covering attorney and family) $700

Practice Management Software $60

Advertising $300

ISBA Membership for Atty in 3d Year Admission $6

Total Monthly Expenses $2,846

Total Yearly Expenses $34,152

 

Thought you might be interested. I’m sure the numbers would be much higher in other locations.

(ljs)

 

https://lawprofessors.typepad.com/legal_skills/2014/09/the-cost-of-running-a-small-town-solo-practice.html

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