Starting Your Own Law Practice
People often ask me if I regret going out on my own as a solicitor and setting up a law practice ?
The straight answer? No.
That said, it takes a certain entrepreneurial mindset - something most lawyers don’t naturally start with but can develop over time by working closely with their firms, clients, and by seeing the business world firsthand.
Why Lawyers Decide To Start Their Own Law Firm
Before Starting Your Own Law Practice
Starting your own law firm requires more than legal experience and a willingness to work independently.
Before taking the plunge, there are several important questions to address:
Practice positioning - what legal services will you offer, and who will your ideal clients be?
Viability - how much capital will you need, what will your operating costs be, and when can you expect to become profitable?
Regulatory - what practising, insurance, trust accounting and compliance requirements will apply?
Marketing - where will your clients come from?
Systems - what technology, processes and support will you need?
Are you prepared for the uncertainty, responsibility and freedom that come with running your own practice?
These decisions all deserve some serious attention before you commit to establishing a solo law practice.
Common Reasons Lawyers Go Solo
Some lawyers have always dreamt of starting their own firm.
For most, though, the shift happens gradually, usually triggered by a strong motivating reason.
Feeling stifled in your role and wanting autonomy
Overlooked for partnership opportunities
Financially undervalued despite the fees you generate
Struggling with an unsustainable work-life balance
At some point, the decision to go solo just becomes clear and non-negotiable.
There’s no real alternative.
How Long Does It Take To Set Up A Law Firm?
Setting up a law firm is not an overnight move.
The Preparation Timeline
In my view, it takes several months of preparation - putting structures in place, securing finance, ensuring regulatory compliance, and taking care of everything else that comes with starting and running a business.
The Rollercoaster Of Running A Solo Practice
Running a practice has been described to me as being on an endless rollercoaster - a balancing act where the highs and lows are dramatic and often unexpected.
A fair analogy, I’d say.
The Upside Of Going Solo
Financial reward
Flexibility
Autonomy
The Challenges Of Going Solo
Personal risk
Lifelong responsibility
Variable workflow and variable cashflow
What It Really Takes To Succeed
It requires, in my view:
the right mindset
a clear strategy
solid financial backing
expert guidance
determination and grit
For me however, it remains one of the best professional decisions of my life.
If you're considering starting your own law practice, you may also find our article Questions To Ask Yourself Before Starting A Solo Law Practice useful. It explores the practical, financial and professional decisions worth considering before making the move.
Thinking About Starting Your Own Firm?
Let’s talk about where you want to go next and how to get there.
Our especially written guide for intending solo lawyers When Is The Right Time To Go Out On Your Own? is out and will help you make that decision with a clear head and more confidence.
Get It Here
Next Steps
If you’re serious about going solo and want experienced judgement on timing, risk, and sequencing, the appropriate next step is a strategy session.
