CBA National: Starting your own firm

Sandra Komassi interviewed Omar Ha-Redeye for the CBA National – Student edition on how to run a solo practice:

Business structure

 

Will you be a sole proprietor, or do you plan to form a partnership? The choice between the two will have an impact on a number of other factors, including the kind of office space you’ll need, and what kind of bank accounts you’ll need to set up. Both options have their pros and cons, says Omar Ha-Redeye, a lawyer based in Toronto.

“Most people starting out go with a sole proprietorship. You can decide to open a new bank account or use your personal account, except when trust funds are involved. If you use your personal account, the Bar will have access to it during verifications,” says Ha-Redeye. “Partnerships have their own advantages, such as shared risks and expenses. However, this might entail a certain loss of flexibility. Partnership agreements vary considerably, and it is important to have a well-drafted document.”

 

Mentoring and networking

 

According to Omar Ha-Redeye, the essential elements of any success are finding a good mentor and forging solid connections with experienced members of the Bar. “Professional associations like the Canadian Bar Association offer excellent opportunities to develop these relationships. In my experience, most lawyers who join volunteer organizations do so because they are concerned about the future of the legal profession. As a result, they are more likely to help young practitioners.”