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LAW OFFICE MANAGEMENT going it Time for The depths of a recession may offer the perfect opportunity for setting up your own shop — at least in certain practice areas. BY KEVIN MARRON t may fl y in the face of conventional wisdom, but for James Scott there is no better time to launch a solo prop- erty law practice than in the depth of a recession and real estate slump. It's a belief that Scott, a Hamilton, Ont., lawyer, is now putting to the test for a second time. He first hung up his shingle in 1989 and built up a thriving practice during the recession of the early 1990s, winding it up in 2005 in order to go into semi-retirement. But late last year, as real estate and financial markets began to tumble, he decided it was time to start up again. "There's less competition. A lot of people will exit the market thinking there's no business. That was my experience in 1989 and I believe it will be the same now," says Scott, who believes there will be enough action in house sales this summer, albeit at lower prices, for him to be in a pos- ition to add at least one other lawyer to his practice later this year. Only time will tell whether Scott's business plan will pan out. But the ques- www. tion of whether or not it makes sense to open a solo practice in a recession is one that many lawyers are pondering at a time when law firms are struggling to find enough work to keep partners and associates busy. Of course, much depends on your area of practice. If you specialize in labour and employment or collections, there can be no better time to open or expand a practice, while there is always less work for business lawyers in a slow economy. And although people still mag.com APRIL 2009 17 JEREMY BRUNEEL