Do I Regret Starting My Own Law Practice?

People often ask me if I regret going out on my own as a solicitor and setting up a law practice here in Sydney, Australia.

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

Some lawyers have always dreamt of starting their own firm.

For most, though, the shift happens gradually, usually triggered by a strong motivating reason.

Common Reasons Lawyers Go Solo

• 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

But for me, it remains one of the best professional decisions of my life.

Thinking About Starting Your Own Firm?

Let’s talk about where you want to go next and how to get there.

If you’re a solicitor considering the opportunity, reach out to me for a free initial consultation - which can be after hours or on the weekend.

Paul Ippolito is Principal of Ippolito Advisory. Paul is available for media enquiries, speaking and consulting. You can contact him here.