There is an interesting article on ABAJournal.com entitled "The Secrets of Million-Dollar Solos" by G.M. Filisko and Margaret Graham Tebo. It profiles four attorneys who are the sole principal in firms that generate more than $1 million in revenue annually. I know several professionals who would love to fly solo but don't believe they could survive financially. This link is for them.
There are good lessons here for many professional service firms - not just law firms. From the intro:
Solo practitioners are a unique breed. It takes guts to strike out on your own and carry the burden of your success on your shoulders alone. Thousands of solos across the country meet that challenge every year and make a comfortable living while ably serving their clients.
Only a few, however, are able to put together that rare formula that propels their revenue beyond the million-dollar mark, year after year. Though the formula isn’t the same for every million-dollar solo, some ingredients are common to most.
They’re smart businesspeople who pay as much attention to building the financial blocks of a strong practice as they do to representing their clients well. They’re also very selective in taking on clients. And their passion for what they do is palpable.
Hat Tip to My Shingle.