Malpractice Insurance

I found a source for malpractice insurance for young lawyers in California: Lawyer's Mutual Insurance Company. LMIC offers a "Strong Start Program" for solos in practice less than three years with premiums starting at only $500 in year one, scaling up to $3,785 in year six. Adding this $500 into my estimated expenses for year one brings the current total up to $7,537.50. Looks like my ongoing expenses in year six forward will be close to $10K on average.

Advertising expenses still need to be added in, but I haven't yet decided on my marketing plan. I'm still wanting to start slowly to build up my experience before I start promoting myself to the general public, but plan to open up to walk in business sometime in 2006.