What’s Worrying You Most About Going Out Solo As A Lawyer?

Going Out Solo As A Lawyer - Common Fears, Risks And How To Prepare

It is one of the most common questions we ask lawyers who are thinking about starting their own firm.

It really gets to the real issues very quickly.

The answers are usually pretty expected.

Will I go broke?
Who will give me work?
How will I manage cash flow?
Will I ever make the sort of money I am making now?
Do I have enough experience?
What if I am not ready?
What if I fail?
What if something goes wrong?
How do I even set up a law practice properly?
What does it cost?
What does it involve?
Should I specialise?
Should I stay broad?
How will I grow it?
How big do I want it to become?

Same tunes. Same broken record essentially - valid questions though.

The above questions also tell you something important - there is not a lot of positive self-talk around going out to practice on your own.

The Lawyer Lens Of Risk

This in itself is not surprising. Lawyers are trained to think through a lens of risk.

We are taught to identify problems, test assumptions, and look for what could go wrong. Everything that could go wrong at that ! On one hand, that mindset has value as it protects clients, sharpens judgment and keeps people out of avoidable trouble.

However when it comes to going out solo, that same mindset can also trap people in hesitation.

Don’t get me wrong, many of the fears are real.

Sadly, some of these worries cannot be fully resolved until you actually make the move. That is just the truth of it.

The reality is that you do not get total certainty first and then act. Usually, you prepare as well as you can, and then at some point you decide. That said, there is a great deal you can do before taking the leap.

Preparation Is Key

You can think carefully about whether the work you are doing now, or have done previously, can be leveraged into a viable solo practice.

You can assess which practice areas make sense commercially, professionally, and personally.

You can look hard at what is likely to remain viable in the years ahead, including in light of AI and the broader changes reshaping legal practice.

You can test whether there is a realistic path to a steady flow of matters. That question is a big one - where will the work come from?

Who is likely to refer matters to you?
What relationships do you already have?
What reputation have you built?
What problems are you actually well placed to solve?
Is there enough demand that you can actually convert into paid work?

You can also get clear about readiness.

Do you have enough experience?
Do you know enough to deliver confidently in the areas you propose to practise in?
Where are your gaps? What support will you need?
What external expertise do you need to tap into?

Then there are the more practical questions, and they matter more than many people first realise.

How exactly do you set up a law practice?

What are the regulatory and compliance requirements?
What insurance is needed?
Do I need an office? What other infrastructure do you need?
What systems and technology should you use?
How should you approach pricing?
Then comes the big question that sits underneath a lot of the others - will you be able to pay yourself, and when?

Going In With Your Eyes Open

That is why the questions around going solo should be taken seriously.

Not to frighten yourself out of it but to approach it properly.

A lot of these concerns were mine too.

At some point, though, I had had enough.

I knew I wanted my own law firm.

It became a now or never proposition.

So I took the plunge with zero guarantees.

Looking back, it was probably equal parts courage, naivety, and stupidity. However I never looked back.

That does not mean every day was easy. It does not mean every decision was right and it does not mean the risks were imaginary.

For me, it just meant that the move had to be made.

So for lawyers considering the same path now, the better approach is not endless circling. It is clear-eyed preparation.

If you are thinking seriously about going out solo, we have a number of resources at that may help:

A self-assessment you can work through online.

A guide called When Is The Right Time To Go Out Solo As A Lawyer?

A comprehensive checklist covering the many issues that need to be considered when starting a law practice.

Next Steps

If you’re serious about going solo and want experienced judgement on timing, risk, and sequencing, the next step is a private strategy session with Paul Ippolito.