A dual-purpose stand and method for supporting photographic equipment is disclosed. The stand is able to be used as a monopod or a tripod. A retaining device is provided on the stand. The retaining device is selectively engaged to lock a leg assembly provided on the stand in a collapsed or closed position when the stand is to be used as a monopod. The retaining device is disengaged when the stand is to be used as a tripod. When the retaining device is disengaged, the stand will automatically become a tripod when placed on a support surface. The stand's legs will automatically move to an extended or open position when the stand is set down on the support surface and the legs will automatically move back to a collapsed or closed position when the stand is lifted from the support surface.