Building My Practice: Update I

Everything happens at once, it seems, when starting up a business because one thing dovetails into the next. Here are some of my administrative formation tales, including how I saved (or tried to save) money.

1) Formation Paperwork. I can't save money there. Haha. It was not too expensive, cost a couple hundred bucks. That has to be processed. I presume I will receive a certificate in the mail when it is completed.

2) Bank Accounts. The state of Virginia has detailed requirements on managing accounts, including exactly how to maintain the ledgers. They can be found in the Rules of Professional Conduct at the VA Bar website. I had to use a bank that was willing to promise several things, including where it will send any interest on my escrow account and the requirement to notify the Virginia bar in the event that a check is dishonored against my account. The young man who opened this account told me he had never done this before for a law firm and he was on and off the phone with the bank's legal department throughout our meeting with questions. It took him over two hours to set up my accounts.

3) I am counting down items to be able to (re)-order business cards. New address? Check. Phone Number? Check. Fax Number? Check. Website? Pending. Email address that contains the website in it? Pending. Speaking of fax numbers, I am using a toll-free number through myfax.com which costs about $10/month.

4) Office Furniture. I am almost there. I'm just sorely hurting for some lateral filing cabinets, upon which I plan to place an all-in-one printer that I bought from someone on Craigslist ($20). A neighbor helped me transport and assemble a bookcase, which I already have filled with books. The building is loaning to me a desk and chair, which turned out to be very nice! When you rent office space, always ask the building manager if they have furniture in storage.

5) Office Supplies. Last night I purchased from someone on Craigslist the following items: desk tray, yellow sticky pads, pens, stapler with extra box of staples, scotch tape dispenser, box of paper clips, 10 or so assorted sizes of binder clips, ruler, wastebasket, plastic floor pad for chair. Total cost = $17. To give you an idea of the value here, a brand new stapler cost between $10 and $20 and a plastic floor pad for your chair goes for $35-$80 at Staples. Otherwise, I still had office supplies remaining from a previous business I had. I also purchased a box of xerox paper for $25 -- it was $40 with a $15 rebate. I also purchased a desk calendar last night for $5.

6) Diplomas/Licenses. Another neighbor hung these up for me.

7) Books. The American Immigration Lawyers Association (AILA) is having a sale on immigration publications while supplies last and until November 30, 2009. So I ordered the pertinent books which I believe I will need. My total was $450.

8) Name Plate for door. Pending.

I never thought I would say this but thank god for document review work. I am very concerned with finances right now. I will go under if I do not have income soon. I plan to ask my mother for a check for Christmas instead of gifts. I have a hard time focusing on generating clients when my office is still in disarray. It is certainly coming together, but I am not there yet. I will keep you posted.