There are very few requirements for a business to be incorporated in a given state. The business must usually have a registered agent in that state, but rarely are there requirements to construct an office or actually engage in commercial transactions. [1] From the outset, it seems as though finding the best location to incorporate a business would be quite simple. This prediction, however, could not be farther from the truth. Finding the right place to "set up camp" is a long and crucial process; but if done properly, the initial research can lead to the creation of a business that uses state law to its advantage rather than demise. [More]

At first glance, it looks as though lawyers and entrepreneurs don't have much in common. The legal profession "offers a low-risk (if high-stress) means to a long, relatively well-paid, and tightly-controlled career at a privately-held law firm or government position." [1] The path of an entrepreneur, on the other hand, offers a high-risk means to a career with no guarantees or definite returns on investment. [2] Yet, more than ten percent of the CEOs in the Forbes 500, a list of the 500 largest public companies in the United States, are former lawyers. [3] How did this happen? According to Gregg Engles, former lawyer and current CEO of Dean Foods, Inc., the discrepancy is simple. [4] "Many lawyers let knowledge of risk paralyze them. They focus exclusively on risk, while entrepreneurs focus primarily on opportunity. The person who can simultaneously perceive the opportunity and the risk has a competitive advantage." [5] [More]

The word is out--as of 2007, big law firms have boosted their starting salaries to as high as $160,000. [1] Moreover, NALP has released its employment statistics for the Class of 2006, boasting a 90% employment rate for new graduates. [2] If these statistics sound too good to be true, it's because they are. The much publicized "BigLaw" salary only accounts for 14% of new-graduate salaries. [3] In fact, 42% of new graduates last year received less than $55,000. [4] What does this mean? It means that graduates, who don't attend top-tier law schools and don't score at the top of their class, are struggling to find jobs that will cover both living expenses and law-school debts; which can exceed well over $100,000. With job prospects looking grim, many recent graduates are turning to solo practice, hoping to create the dream career and salary that nearly dissolved when reality first set in. [More]