Is going solo worth it? I reflect on starting my own law practice, why lawyers choose independence, the challenges involved and whether I have any regrets.
People often ask me if I have any regrets about going out on my own and setting up a law practice.
The answer is simple.
No.
From experience, I have found that it takes a certain entrepreneurial mindset, something most lawyers do not naturally possess but may develop over time by working closely with clients and seeing the business world firsthand.
Why Lawyers Decide To Go Solo
Some lawyers have always dreamt of starting their own firm, but for most, the shift happens gradually, often for a strong motivating reason.
More often than not, it is necessity that pushes them - feeling stifled in their role, overlooked for partnership, financially undervalued despite the fees they generate, or struggling with an unsustainable work-life balance.
Eventually, the decision to go solo becomes clear and non-negotiable.
There is no real alternative.
Preparing To Set Up Your Own Law Practice
Setting up a law firm is not an overnight move.
In my view, it takes about 6 to 12 months of preparation - sorting out structures, finances, compliance and everything else that comes with being in business.
It requires a deliberate mindset, a fair bit of strategic thinking, adequate financial backing, expert guidance and, above all, the determination to make it work and succeed.
The Realities Of Running Your Own Law Firm
Running a law practice was once described to me as being on an endless rollercoaster - a constant balancing act where the ups and downs are dramatic and often unexpected.
A great analogy, may I say.
On one side, you gain financial rewards, flexibility and autonomy.
On the other, you take on personal risk and ongoing responsibility.
If you are going into it for the money alone, you are mistaken.
If you are going into it expecting fewer hours, likewise.
Would I Do It Again?
For me, however, considering everything, it remains one of the best professional decisions of my life.
And yes I would make the same decision again.
