The Pros & Cons Of Starting Your Own Law Firm
Feeling stifled in your current role?
Undervalued?
No work-life balance?
No future that you can see?
Not being paid what you are worth?
No work/life balance?
Been looked over for partnership?
Promised partnership and it never comes?
Want legal career independence?
These are the main reasons many lawyers think about going solo and eventually do!
It's a big decision for lawyers to make to go out on their own with plenty of things to consider.
Most lawyers can launch their own practice within 3 to 6 months.
Why Starting Your Own Legal Practice May Be A Good Idea
Starting your own law firm is a popular solution to transitioning from working for others.
The decision to go solo comes with its own set of considerations and is not a decision made lightly.
Is self employment the right thing for you?
Do you have ability to self motivate?
It is a serious question that needs earnest weighing up.
On one hand, you get the financial rewards, flexibility and autonomy.
One the other, you have a lifetime of balancing risk and personal responsibility.
It requires a certain mindset as I said - a more entrepenaurial one.
You will also need to know how to do business development like never before.
You will learn to be a financial manager to the same calibre as you are one as a lawyer!
Networking will also become part of your day to day life.
So when is the right time to go out solo in your lawyer career - is a vexed question?
How do you ever know if going solo is the right thing for you to do?
The answers to the above range from right now, all the way to never!
As I said above, you also have to have a certain aptitude, self confidence and mindset to going out on own.
What are the first steps to starting my own law firm?
It does take time - about 6 - 12 months, a fair bit of planning and a fair part of execution on your part, but you are not alone.
