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Last fall during OCI, two of the firms that I interviewed with were small patent prosecution shops. One of them had too much work, but they were making tons of money. The other shop was a lifestyle firm, with 1650/yr billing requirements and lower pay, but you made market rates if you billed to 2000. I talked with the founding partners of both firms, and they told me stories of how they successfully founded the firm.

Now I'm thinking that sometime far after I graduate, I may do the same. Does anyone have stories of failed solos to help put this in perspective? Stories from all fields of law are welcome. I will do patent lit or pros.

define "failed"

Failed as in they tried to start their own small shop, but they were unable to continue to do so at some point for lack of revenue or personal satisfaction.

Solos don't so much "fail" around here (Southern New Mexico) because there's enough criminal defense and PI work to go around but what DOES happen is that a lawyer will get by for fifteen years or so then realize he has not made any provision for retirement. That's when the panic sets in and it isn't a pretty sight. Or, even worse, some major medical problem shows up bringing big bills and no income for some period of time. That's what "desperation" really looks like. Horrible.

Anyone considering hanging a shingle needs a proper, written business plan and revenue/expense projections. And insurance. Lots of insurance.