2020 - What a Year to Start a Practice

  • January 22, 2021
  • Ben Fulton, principal lawyer

Going solo is a time of uncertainty at the best of times. The initial few months present challenges for seasoned professionals, experienced with the law, but not necessarily the ins and outs of running the actual practice. Setting up client accounts and ensuring that the mixed trust account bears interest that is forwarded to the Law Foundation of Ontario is just the tip of the iceberg.

Most people reading this will be familiar with the annual reporting requirements, currently undergoing some reform to have a unified date, instead of separate dates for Continuing Professional Development (CPD), The annual report, and the civil reporting requirement. This seems good, one date instead of three. This might reduce some of that feeling of being overwhelmed that is certainly not unique when it comes to setting up practice.

The general consensus within the business community is that it takes one to two years for a business to really grow legs. The first year is a time for putting everything back into the business and expecting the business to grow. Generally speaking business advisors will tell you to have alternate plans for income, even if it is just living off credit, while the business takes it’s time to pick up. But what does it look like when that first year is 2020?